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The Research Report is Updated with 2022 Base Year, 2023 Estimated year and Forecast till 2033 with Market Insights.
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The global Application Modernization Services market is expected to grow with a steady CAGR in the coming years. The market growth can majorly be characterized by the surge in the number of technical innovations over the past two decades that has been taking place in the information technology industry. Several industrial and residential applications had been witnessing a boost in the combined use of Internet of Things (IoT) and Artificial Intelligence (AI) technologies, which therefore is projected to drive the growth of the global Application Modernization Services market over the next decade. Since 2018, the spending on IoT had been increasing by about USD 38 Billion Y-o-Y. Further, in the year 2020, this spending touched close to USD 750 Billion and is further projected to cross USD 1 Trillion by the end of 2022. On the other hand, several end-use industries have been witnessing digital transformation which is also projected to have a positive impact on the growth of the Application Modernization Services market in the coming years. Further, with the rising adoption of Industry 4.0 and Industry 5.0, the market is poised to touch significant heights in the coming decade. For instance, it is expected that Industry 4.0 could unlock cost-of-quality between 15-25% and also reduce machine downtime by 28-48%. Also, the cost of inventory-holding is expected to reduce by 13-18%.
The global Application Modernization Services market is also predicted to grow on the back of surge in transformation of business models, supported majorly by the increase in adoption of advanced telecommunication services, such as 5G. It is expected that by the end of 2022, the adoption of 5G would cross 1 Billion. Further, it is expected that a total of over 4060 Million smartphone subscribers of 5G is expected to be recorded by the end of 2027. In addition to this, the increasing share of shipments of 5G enabled smartphones, which is projected to register a share of close to 70% by the end of 2023, is also estimated to contribute to the growth of the market in the coming years. On the basis of region, the leading telecom markets around the globe are spread across the regions of North America, Europe and the Asia Pacific.
We provide a comprehensive analysis of the scope of the market, including the yearly growth of the Application Modernization Services market by revenues, market segments and gain indicators that are driving the growth of the market. Our report also points out the dominant market trends and opportunities that are available, including market restraints that may impact the growth of the market. The global Application Modernization Services market is anticipated to register significant absolute $ opportunity value in 20XX as compared to the value attained in 20XX.
The global Application Modernization Services market study compiles a thorough run-down about plausible business opportunities and risk evaluation outcome by calculating supply and demand risks likely to determine the upcoming growth trajectory of the Application Modernization Services market. Also, a dedicated portion has been tagged in the report to gauge the co-dependence and regression analysis, underlining the equation between dependent and independent variables. Additionally, the market report also offers readers an impeccable overview of the series of micro and macro-economic factors that maneuver growth probabilities of the global Application Modernization Services market.
Research and Development Expenditure (% of GDP), Selected Countries and World, 2000-2020 (Selected Years)
One of the other significant factors anticipated to drive the growth of the Application Modernization Services market is the increasing expenditure on research, which is helping businesses to bring in advanced technological products. For instance, according to the statistics by the World Bank, the research and development expenditure as a share of GDP increased in China and the United States grew from 2.06% and 2.78% respectively in the year 2015 to 2.4% and 3.45% respectively in the year 2020. In addition to this, rising investment by telecom organizations is also projected to add to the growth of the Application Modernization Services market in the coming years. For instance, the operator capex by telecom operators is projected to cross USD 600 Billion globally by the end of 2025. This would represent about 85% of the share of the investments on 5G as compared to other technology mix.
On the other hand, the Application Modernization Services market is also projected to grow on account of the increasing trade on ICT goods globally. As per the statistics released by the United Nations Conference on Trade & Development (UNCTAD), the share of ICT goods as a percentage of total trade increased from 10.78% in the year 2014 to 14.04% in the year 2020. Amongst these, The Asian region garnered the highest share of 25.77% in the year 2021, followed by Americas with 7.13% in the same year. Further, amongst the Asian sub-regions, Eastern-Asia registered the highest percentage of total trade for ICT goods with 29.80% in the year 2021, followed by South-Eastern Asia with 22.45% in the same year.
Value of International Trade (Exports) in ICT Services, World and Selected Regions (in USD at Current Prices in Millions), 2005-2020 (Selected Years)
Besides this, the growth of the Application Modernization Services market can also be attributed to the surge in GDP of nations globally, backed by strong economic reforms and supportive policies of the government of nations that are favorable for businesses to expand their offering of their products and services worldwide. In the other statistics by the World Bank, the GDP (PPP) of the world grew from 89.63 Trillion (in current international $) in the year 2010 to 146.71 Trillion in the year 2021. Further, in the United States, China, and Germany, the GDP (PPP) registered in the year 2021 was 23 Trillion (in current international $), 27.31 Trillion, and 4.82 Trillion respectively, which witnessed an increase from 15.05 Trillion, 12.38 Trillion, and 3.19 Trillion respectively in the year 2010.
A separate section in the report highlights regional scenario in market which includes North America (further segregated into U.S. and Canada).
The report further includes a section on European region which is further segmented on a country/regional level including Germany, U.K., France, Italy, Spain, BENELUX, Netherlands, NORDIC, Poland, Hungary, Russia, Turkey, and Rest of Europe.
In the Asia Pacific Application Modernization Services market, the report studies China, India, South Korea, Indonesia, Malaysia, Japan, Australia, New Zealand and Rest of Asia Pacific. In the Latin America section, an in-depth analysis on Mexico, Brazil, Argentina and Rest of Latin America is covered. Middle East and Africa region have been further identified for the Application Modernization Services market demand and segregated into Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East and Africa.
A complete section on competitive landscape provides an understanding of the companies in current strategic report based upon various parameters which includes overview of the company, business strategy, major product offerings, key performance indicators, risk analysis, recent development, regional presence and SWOT analysis. There is a separate section which has been provided on the market share of key players in this market, as well as the competitive positioning of the players.
Note: The above figure is the sample and is used for illustration purpose only
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