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Australia Industry Vertical Modernization Services Market By Type (Industry Vertical Portfolio Assessment, Cloud Industry Vertical Migration, Industry Vertical Replatforming, Industry Vertical Integration, Industry Vertical Retirements); By Industry Vertical (BFSI, IT and Telecom, Retail and E-commerce, Healthcare, Others); By Deployment Mode (On-Premises, Cloud); By Enterprise Size (Small and Medium Enterprises [SMEs], Large Enterprises) – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

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Published: | Report ID: 72975 | Report Format : PDF
REPORT ATTRIBUTE DETAILS
Historical Period 2019-2022
Base Year 2023
Forecast Period 2024-2032
Australia Industry Vertical Modernization Services Market Size 2023 USD 13.79 million
Australia Industry Vertical Modernization Services Market, CAGR 14.95%
Australia Industry Vertical Modernization Services Market Size 2032  USD 42.04 million

Market Overview

The Australia Industry Vertical Modernization Services market is projected to grow from USD 13.79 million in 2023 to USD 42.04 million by 2032, reflecting a compound annual growth rate (CAGR) of 14.95%.

The Australia Industry Vertical Modernization Services market is driven by the increasing demand for digital transformation across various industries, including manufacturing, retail, and healthcare. As organizations strive for enhanced operational efficiency, automation, and customer engagement, the adoption of modern technologies such as cloud computing, AI, and IoT is on the rise. Additionally, government initiatives to support digital innovation and the need to stay competitive in a rapidly evolving market further fuel the demand for modernization services. A key trend is the growing emphasis on industry-specific solutions tailored to meet the unique challenges of each sector. Companies are increasingly leveraging these services to integrate new technologies into their existing infrastructure, ensuring scalability, security, and better decision-making. With businesses aiming to optimize workflows and improve customer experiences, the market is expected to witness significant growth, driven by both technological advancements and shifting industry demands.

The Australia Industry Vertical Modernization Services market exhibits a strong presence across key regions, with major cities like Sydney, Melbourne, Brisbane, Perth, and Adelaide driving demand. These regions are characterized by diverse industries such as finance, healthcare, IT, mining, and retail, all of which are increasingly adopting digital transformation solutions to remain competitive. Key players in the market include global IT and consulting giants such as Infosys, TCS (Tata Consultancy Services), Wipro, HCL Technologies, and Accenture, alongside prominent players like IBM and Capgemini. These companies offer a wide range of services, including cloud migration, automation, and AI integration, to support businesses in various sectors. With a focus on enhancing operational efficiency and enabling innovation, these players play a crucial role in the modernization efforts of Australian industries, helping them streamline processes, improve customer experiences, and stay ahead in an increasingly digital landscape.

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Market Insights

  • The Australia Industry Vertical Modernization Services market was valued at USD 13.79 million in 2023 and is projected to reach USD 42.04 million by 2032, growing at a CAGR of 14.95%.
  • Key drivers include the growing demand for cloud migration, automation, and AI solutions across various industries.
  • The adoption of cloud-based platforms is rapidly increasing, enabling businesses to scale and optimize operations.
  • Integration of emerging technologies like AI and IoT is enhancing service offerings, particularly in sectors like manufacturing and healthcare.
  • The competitive landscape features global players such as Infosys, TCS, Accenture, and IBM, competing to provide industry-specific modernization solutions.
  • Market restraints include high initial investment costs and the complexity of integrating legacy systems with new technologies.
  • Regionally, New South Wales and Victoria lead the market, driven by a high concentration of technology-driven industries.

Market Drivers

Industry-Specific Solutions and Customization

As industries seek tailored solutions to meet their specific challenges, the demand for industry-specific modernization services has increased. Service providers are now focusing on offering customized solutions that address the unique needs of verticals such as manufacturing, healthcare, logistics, and retail. For instance, NTT DATA offers application modernization services that include cloud-native reengineering and DevSecOps transformation to help businesses innovate and reduce costs. By leveraging cutting-edge technologies and offering specialized services, providers ensure that businesses can achieve maximum benefits, including better resource management, improved supply chain efficiencies, and optimized customer experiences. This trend of customization is further propelling the growth of the market.

Growing Demand for Digital Transformation

The increasing need for digital transformation across various industries is a significant driver of the Australia Industry Vertical Modernization Services market. Organizations are rapidly adopting modern technologies such as cloud computing, AI, and IoT to streamline operations, enhance productivity, and deliver personalized customer experiences. As industries seek to digitize legacy systems, modernization services offer the necessary solutions to facilitate the integration of innovative technologies, allowing businesses to stay competitive in a digital-first world.

Government Initiatives and Digital Policies

Government initiatives and policies aimed at promoting digital innovation play a crucial role in driving the demand for industry vertical modernization services. Australian government efforts to support the adoption of emerging technologies through funding programs and incentives have encouraged businesses to invest in modernization solutions. For example, the Australian Government’s Data and Digital Government Strategy aims to deliver simple, secure, and connected public services through world-class data and digital capabilities. These initiatives not only foster the growth of digital infrastructure but also help organizations enhance operational efficiencies, which is particularly crucial for industries like healthcare, manufacturing, and retail.

Increasing Focus on Operational Efficiency and Cost Reduction

Another key driver of the market is the growing focus on operational efficiency and cost reduction. Businesses across Australia are looking for ways to optimize processes and reduce operational costs without compromising on quality or customer satisfaction. Modernization services enable companies to automate processes, eliminate inefficiencies, and leverage data-driven insights for better decision-making. As organizations strive to enhance their competitive edge, investing in modernization services has become a strategic priority to achieve long-term sustainability and profitability.

Market Trends

Adoption of Cloud-Based Solutions

One of the prominent trends driving the Australia Industry Vertical Modernization Services market is the increasing adoption of cloud-based solutions. As businesses transition from on-premise systems to cloud platforms, modernization services are crucial for ensuring seamless migration and integration. Cloud solutions offer enhanced scalability, flexibility, and cost-efficiency, allowing organizations to scale their operations based on demand. For instance, the Australian government’s “Secure Cloud Strategy” has accelerated cloud adoption, emphasizing scalable services and improved accessibility. This trend is particularly prevalent across sectors such as retail, manufacturing, and healthcare, where cloud technology enables more efficient data management, collaboration, and real-time analytics.

Integration of Artificial Intelligence and Automation

The integration of artificial intelligence (AI) and automation into industry verticals is another significant trend shaping the market. AI-powered tools and automation technologies are being utilized to streamline operations, enhance decision-making, and improve customer experiences. By incorporating these advanced technologies into their existing systems, businesses can automate repetitive tasks, predict market trends, and optimize workflows. This trend is evident in industries such as manufacturing, where automation improves production efficiency, and in healthcare, where AI supports diagnostic processes and patient management.

Focus on Cybersecurity and Data Protection

As organizations modernize their infrastructures, ensuring robust cybersecurity and data protection has become a critical focus. With the increasing reliance on digital systems, businesses are prioritizing the protection of sensitive information and maintaining compliance with industry regulations. Modernization services now incorporate advanced cybersecurity measures, including data encryption, secure cloud infrastructure, and identity management solutions, to safeguard organizational data. This growing focus on cybersecurity is driving demand for services that help businesses protect themselves from potential threats while undergoing digital transformation.

Rise of Industry-Specific Customization and Tailored Solutions

The trend of providing industry-specific customization and tailored solutions has gained momentum in the Australia Industry Vertical Modernization Services market. Service providers are moving beyond one-size-fits-all solutions to offer highly specialized services designed for the unique needs of individual sectors. For instance, in the healthcare industry, modernization services are being tailored to streamline patient data management and ensure compliance with health regulations, while in retail, solutions focus on improving customer engagement and inventory management. This shift toward vertical-specific solutions allows businesses to achieve greater efficiency and better align their operations with industry standards and demands.

Market Challenges Analysis

High Initial Investment Costs

One of the key challenges in the Australia Industry Vertical Modernization Services market is the high initial investment required for digital transformation. Many businesses face financial constraints when it comes to modernizing their legacy systems, as the cost of implementing advanced technologies, training employees, and migrating data can be substantial. For smaller and medium-sized enterprises, these upfront expenses can pose a significant barrier to adopting modernization services. While the long-term benefits, such as increased efficiency and reduced operational costs, may justify the investment, the initial financial outlay remains a critical challenge for businesses in various sectors.

Complexity of Integration and Change Management

Another significant challenge is the complexity associated with the integration of new technologies into existing infrastructure. Modernizing legacy systems requires careful planning and execution to ensure compatibility and minimize disruptions to ongoing operations. The process of integrating new software, hardware, and automation tools with outdated systems can be technically complex, requiring specialized expertise. For instance, the Australian Department of Industry, Science and Resources noted that nearly half of Australian businesses engaged in innovative activities faced significant integration challenges. Additionally, businesses often struggle with change management, as employees must adapt to new systems and workflows. Without proper training and support, the adoption of modern solutions can encounter resistance, potentially leading to inefficiencies and delays in achieving the desired outcomes of the modernization process.

Market Opportunities

Expansion of Small and Medium Enterprises (SMEs)

The increasing adoption of modernization services by small and medium enterprises (SMEs) presents a significant market opportunity for the Australia Industry Vertical Modernization Services sector. SMEs, which have traditionally been slow to embrace digital transformation due to resource constraints, are now recognizing the long-term benefits of modernization. As cloud-based solutions become more affordable and accessible, SMEs in various industries—such as retail, manufacturing, and healthcare—are increasingly investing in modernization services to remain competitive. Service providers can tap into this growing demand by offering scalable, cost-effective solutions tailored to the needs of SMEs, helping them improve operational efficiency, enhance customer experiences, and streamline business processes.

Emerging Technologies and Industry-Specific Solutions

The continuous development of emerging technologies, such as artificial intelligence (AI), the Internet of Things (IoT), and blockchain, offers significant opportunities for the market. By incorporating these advanced technologies into industry-specific solutions, service providers can deliver enhanced value to businesses across sectors. For example, AI and machine learning can be leveraged to optimize manufacturing processes, while IoT devices can improve supply chain visibility and asset management in logistics. Additionally, sectors like healthcare and finance present growing opportunities for vertical modernization services, where customized solutions can address unique challenges such as regulatory compliance, data security, and patient management. By focusing on industry-specific solutions and integrating the latest technological advancements, service providers can expand their market reach and cater to a broader range of client needs.

Market Segmentation Analysis:

By Type

The Australia Industry Vertical Modernization Services market is segmented by type, with each service catering to specific business needs. Industry Vertical Portfolio Assessment helps businesses evaluate their existing infrastructure and identify modernization opportunities. Cloud Industry Vertical Migration focuses on transferring legacy systems to the cloud, enabling improved scalability, flexibility, and cost efficiency. Industry Vertical Replatforming involves upgrading systems to more advanced platforms, ensuring better performance and integration with new technologies. Industry Vertical Integration services help unify disparate systems, improving workflow efficiency and data management. Lastly, Industry Vertical Retirements facilitate the decommissioning of outdated systems, ensuring businesses remain agile and secure. These services are crucial for businesses undergoing digital transformation, as they ensure smooth transitions and optimize operational processes.

By Industry Vertical

The market is also segmented based on industry verticals, with key sectors such as BFSI (Banking, Financial Services, and Insurance), IT and Telecom, Retail and E-commerce, Healthcare, and others. In the BFSI sector, modernization services help enhance security, customer experience, and compliance with regulations. The IT and Telecom industry benefits from cloud migration and integration services to improve network efficiency and service delivery. Retail and E-commerce companies leverage modernization for better customer insights, inventory management, and personalized experiences. In Healthcare, the focus is on modernizing patient management systems, improving data security, and ensuring compliance with healthcare regulations. Other industries, including manufacturing and logistics, also benefit from modernization services, enabling them to enhance operational efficiencies and stay competitive in an increasingly digital market. Each sector has unique needs, driving demand for customized modernization solutions.

Segments:

Based on Type:

  • Industry Vertical Portfolio Assessment
  • Cloud Industry Vertical Migration
  • Industry Vertical Replatforming
  • Industry Vertical Integration
  • Industry Vertical Retirements

Based on Industry Vertical:

  • BFSI
  • IT and Telecom
  • Retail and E-commerce
  • Healthcare
  • Others

Based on Deployment Mode:

  • On-Premises
  • Cloud

Based on Enterprise Size:

  • Small and Medium Enterprises (SMEs)
  • Large Enterprises

Based on the Geography:

  • New South Wales
  • Victoria
  • Queensland
  • Western Australia (WA)
  • South Australia

Regional Analysis

New South Wales and Victoria

New South Wales (NSW) and Victoria dominate the Australia Industry Vertical Modernization Services market, collectively accounting for over 50% of the total market share. NSW leads with the largest share of approximately 30%, driven by the presence of Sydney, the country’s financial and technological hub. This region’s strong economic performance and the high concentration of industries such as finance, healthcare, and IT contribute significantly to the demand for modernization services. Victoria, with its capital city Melbourne, holds around 22% of the market share, benefiting from its diverse industries and progressive stance on digital transformation. The growing need for industry-specific modernization services in sectors like retail, education, and healthcare drives growth in Victoria, making it a key player in the market.

Queensland

Queensland holds a notable market share of approximately 18% in the Australia Industry Vertical Modernization Services market. The state’s growing demand for modernization services stems from its expanding sectors, including healthcare, mining, agriculture, and tourism. The regional economic diversity, particularly in cities like Brisbane, contributes to the increasing need for digital transformation, with companies adopting cloud-based solutions, automation, and AI technologies to improve operational efficiencies. The rise of the agriculture and manufacturing sectors in Queensland further boosts the demand for tailored modernization services, ensuring the region’s significant share in the market.

Western Australia (WA)

Western Australia (WA) commands around 14% of the Industry Vertical Modernization Services market, driven by its strong mining, energy, and resources sectors. The city of Perth is a central hub for these industries, which rely on advanced technological solutions to optimize operations and ensure compliance with regulations. The demand for automation, AI tools, and cloud technologies is growing in the mining and energy industries, as companies seek to increase efficiency and reduce costs. The state’s emerging focus on healthcare and agriculture also contributes to WA’s increasing share, positioning it as a significant regional market.

South Australia

South Australia holds a smaller but steadily growing market share of about 8% in the Industry Vertical Modernization Services market. The state’s emphasis on industries like defense, manufacturing, and clean energy drives the demand for digital transformation solutions. With Adelaide emerging as a hub for defense technology and innovation, the region sees consistent growth in modernization services tailored to this sector. South Australia’s commitment to advanced manufacturing and sustainable practices also generates demand for cloud migration, automation, and other modernization services. While its market share is smaller compared to the other regions, South Australia remains a crucial player in the overall market due to its industry diversification and continued focus on technological advancement.

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Key Player Analysis

  • Infosys
  • TCS (Tata Consultancy Services)
  • Wipro
  • HCL Technologies
  • Tech Mahindra
  • Fujitsu
  • Accenture
  • IBM Corporation
  • Cognizant
  • Capgemini

Competitive Analysis

The competitive landscape of the Australia Industry Vertical Modernization Services market is dominated by global IT and consulting giants. Leading players such as Infosys, TCS (Tata Consultancy Services), Wipro, HCL Technologies, Tech Mahindra, Fujitsu, Accenture, IBM Corporation, Cognizant, and Capgemini are at the forefront, providing a wide array of services aimed at helping businesses optimize their digital transformation journeys. These companies offer solutions in cloud migration, automation, AI, and data analytics, each targeting industries like finance, healthcare, IT, and retail. These key players differentiate themselves through their strong technological expertise, extensive portfolios, and global reach. For instance, Accenture and IBM are recognized for their deep industry insights and advanced technological capabilities in cloud services and AI integration, while TCS and Infosys excel in providing tailored solutions that cater to specific industry verticals. For example, Infosys’ work with the Australian Taxation Office to modernize their IT systems demonstrates their ability to deliver customized solutions for government agencies. The growing trend of AI-powered solutions and data analytics further strengthens the competitive position of these companies. Despite the strong competition, the market remains fragmented, with each player leveraging its unique strengths in technology and customer relationships. As the demand for modernization services continues to rise, these companies are focusing on strategic partnerships, innovation, and regional expansion to maintain their competitive edge in the Australian market.

Recent Developments

  • In August 2024, Capgemini signed an agreement to acquire Syniti, one of the leading companies in the enterprise data management software and services including platform and migration services. This acquisition will strengthen Capgemini’s data-driven solutions, especially for large-scale SAP transformations like the shift to SAP S/4HANA.
  • In June 2024, Cognizant expanded its partnership with Cengage Group. This move highlights the trend of modernizing educational platforms by integrating advanced technologies to enhance digital learning experiences, reflecting the broader push towards modernizing application infrastructures across sectors.
  • In January 2024, IBM Corporation acquired application modernization capabilities from Advanced, increasing IBM Consulting’s offerings in mainframe application and data modernization services. The acquisition is intended to enhance IBM’s ability to provide a comprehensive range of options for modernizing mainframe applications, aligning with the abilities of IBM Watsonx Code Assistant for Z, a generative AI-assisted tool designed to expedite mainframe application modernization.
  • In January 2024, Accenture acquired Work & Co, enhancing its capabilities in creating innovative digital products. This acquisition reflects the increasing importance of blending design and technology to modernize applications, helping clients improve user experiences and stay competitive in the digital age.

Market Concentration & Characteristics

The Australia Industry Vertical Modernization Services market exhibits moderate concentration, with several leading global players dominating the landscape. Companies such as Infosys, TCS, Wipro, Accenture, and IBM hold substantial market shares, primarily due to their broad service portfolios, extensive technological expertise, and strong client relationships. These players cater to a wide array of industries, offering tailored solutions in cloud migration, automation, AI integration, and data analytics. While these major players lead the market, the presence of numerous small to medium-sized service providers ensures a degree of fragmentation, providing opportunities for specialized firms to target niche sectors or offer innovative solutions that meet specific industry needs. The market is characterized by rapid technological advancements, particularly in the adoption of AI, machine learning, and the Internet of Things (IoT), which are reshaping the way businesses approach modernization. Service offerings are becoming increasingly integrated, with providers focusing on end-to-end solutions that combine multiple technologies to optimize business operations. Additionally, there is a growing emphasis on sustainability and data security, as companies look to modernize while adhering to regulatory requirements. The competitive environment fosters continuous innovation, with providers focusing on differentiated offerings and industry-specific expertise to maintain a competitive edge in this dynamic market.

Report Coverage

The research report offers an in-depth analysis based on Type, Industry Vertical, Deployment Mode, Enterprise Size and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.

Future Outlook

  1. The Australia Industry Vertical Modernization Services market is expected to experience significant growth, driven by increased demand for digital transformation solutions.
  2. Cloud migration and automation will continue to be key drivers of modernization as businesses seek to improve efficiency and scalability.
  3. Artificial intelligence (AI) and machine learning technologies will play an increasingly important role in driving innovation and operational optimization across industries.
  4. Data analytics and business intelligence solutions will gain more prominence as organizations look to make data-driven decisions.
  5. Increased focus on cybersecurity and data privacy will create demand for secure modernization services in industries like healthcare and finance.
  6. Small and medium-sized enterprises (SMEs) will increasingly adopt modernization services, broadening the market’s customer base.
  7. The healthcare industry will see substantial growth in modernization, especially in improving patient management systems and integrating new technologies.
  8. There will be a surge in modernization efforts across the retail sector to enhance customer experience and optimize supply chain management.
  9. Regional diversification will continue, with New South Wales and Victoria leading, while other regions like Queensland and Western Australia show strong growth potential.
  10. Strategic partnerships, acquisitions, and innovations will drive competition, with players focusing on differentiated offerings and industry-specific solutions.

CHAPTER NO. 1 : INTRODUCTION 20

1.1.1. Report Description 20

Purpose of the Report 20

USP & Key Offerings 20

1.1.2. Key Benefits for Stakeholders 20

1.1.3. Target Audience 21

1.1.4. Report Scope 21

CHAPTER NO. 2 : EXECUTIVE SUMMARY 22

2.1. Industry Vertical Modernization Services Market Snapshot 22

2.1.1. Australia Industry Vertical Modernization Services Market, 2018 – 2032 (USD Million) 23

CHAPTER NO. 3 : GEOPOLITICAL CRISIS IMPACT ANALYSIS 24

3.1. Russia-Ukraine and Israel-Palestine War Impacts 24

CHAPTER NO. 4 : INDUSTRY VERTICAL MODERNIZATION SERVICES MARKET – INDUSTRY ANALYSIS 25

4.1. Introduction 25

4.2. Market Drivers 26

4.2.1. Increasing adoption of cloud-based technologies 26

4.2.2. Growing need for enhanced scalability and flexibility in IT infrastructure 27

4.3. Market Restraints 28

4.3.1. High costs associated with legacy system transformation 28

4.4. Market Opportunities 29

4.4.1. Rising demand for AI-driven modernization solutions 29

4.5. Porter’s Five Forces Analysis 30

4.6. Buying Criteria 31

CHAPTER NO. 5 : IMPORT EXPORT ANALYSIS 32

5.1. Import Analysis by Australia 32

5.1.1. Australia Industry Vertical Modernization Services Market Import Volume/Revenue, By Australia, 2018 – 2023 32

5.2. Export Analysis by Australia 33

5.2.1. Australia Industry Vertical Modernization Services Market Export Volume/Revenue, By Australia, 2018 – 2023 33

CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 34

6.1. Demand Analysis by Australia 34

6.1.1. Australia Industry Vertical Modernization Services Market Demand Volume/Revenue, By Australia, 2018 – 2023 34

6.2. Supply Analysis by Australia 35

6.2.1. Australia Industry Vertical Modernization Services Market Supply Volume/Revenue, By Australia, 2018 – 2023 35

CHAPTER NO. 7 : PRODUCTION ANALYSIS 36

7.1. Production Analysis by Australia 36

7.1.1. Australia Industry Vertical Modernization Services Market Production Volume/Revenue, By Australia, 2018 – 2023 36

CHAPTER NO. 8 : PRICE ANALYSIS 37

8.1. Price Analysis by Type 37

8.1.1. Australia Industry Vertical Modernization Services Market Price, By Type, 2018 – 2023 37

8.1.2. Australia Type Market Price, By Type, 2018 – 2023 37

CHAPTER NO. 9 : RAW MATERIALS ANALYSIS 38

9.1. Key Raw Materials and Suppliers 38

9.2. Key Raw Materials Price Trend 38

CHAPTER NO. 10 : MANUFACTURING COST ANALYSIS 39

10.1. Manufacturing Cost Analysis 39

10.2. Manufacturing Process 39

CHAPTER NO. 11 : ANALYSIS COMPETITIVE LANDSCAPE 40

11.1. Company Market Share Analysis – 2023 40

11.2. Value Chain Analysis 40

11.2.1. Australia Industry Vertical Modernization Services Market: Company Market Share, by Volume, 2023 41

11.2.2. Australia Industry Vertical Modernization Services Market: Company Market Share, by Revenue, 2023 42

11.2.3. Australia Industry Vertical Modernization Services Market: Top 6 Company Market Share, by Revenue, 2023 42

11.2.4. Australia Industry Vertical Modernization Services Market: Top 3 Company Market Share, by Revenue, 2023 43

11.3. Australia Industry Vertical Modernization Services Market Company Volume Market Share, 2023 44

11.4. Australia Industry Vertical Modernization Services Market Company Revenue Market Share, 2023 45

11.5. Company Assessment Metrics, 2023 45

11.5.1. Stars 45

11.5.2. Emerging Leaders 45

11.5.3. Pervasive Players 45

11.5.4. Participants 45

11.6. Start-ups /SMEs Assessment Metrics, 2023 45

11.6.1. Progressive Companies 46

11.6.2. Responsive Companies 46

11.6.3. Dynamic Companies 46

11.6.4. Starting Blocks 46

11.7. Strategic Developments 47

11.7.1. Acquisitions & Mergers 47

New Product Launch 47

Australia Expansion 47

11.8. Key Players Product Matrix 48

CHAPTER NO. 12 : PESTEL & ADJACENT MARKET ANALYSIS 49

12.1. PESTEL 49

12.1.1. Political Factors 49

12.1.2. Economic Factors 49

12.1.3. Social Factors 49

12.1.4. Technological Factors 49

12.1.5. Environmental Factors 49

12.1.6. Legal Factors 49

12.2. Adjacent Market Analysis 49

CHAPTER NO. 13 : INDUSTRY VERTICAL MODERNIZATION SERVICES MARKET – BY TYPE SEGMENT ANALYSIS 50

13.1. Industry Vertical Modernization Services Market Overview, by Type Segment 50

13.1.1. Industry Vertical Modernization Services Market Revenue Share, By Type, 2023 & 2032 51

13.1.2. Industry Vertical Modernization Services Market Attractiveness Analysis, By Type 52

13.1.3. Incremental Revenue Growth Opportunity, by Type, 2024 – 2032 52

13.1.4. Industry Vertical Modernization Services Market Revenue, By Type, 2018, 2023, 2027 & 2032 53

13.2. Industry Vertical Portfolio Assessment 54

13.3. Cloud Industry Vertical Migration 55

13.4. Industry Vertical Replatforming 56

13.5. Industry Vertical Integration 57

13.6. Application Retirements 58

CHAPTER NO. 14 : INDUSTRY VERTICAL MODERNIZATION SERVICES MARKET – BY INDUSTRY VERTICAL SEGMENT ANALYSIS 59

14.1. Industry Vertical Modernization Services Market Overview, by Industry Vertical Segment 59

14.1.1. Industry Vertical Modernization Services Market Revenue Share, By Industry Vertical, 2023 & 2032 60

14.1.2. Industry Vertical Modernization Services Market Attractiveness Analysis, By Industry Vertical 61

14.1.3. Incremental Revenue Growth Opportunity, by Industry Vertical, 2024 – 2032 61

14.1.4. Industry Vertical Modernization Services Market Revenue, By Industry Vertical, 2018, 2023, 2027 & 2032 62

14.2. BFSI 63

14.3. IT and Telecom 64

14.4. Retail and E-commerce 65

14.5. Healthcare 66

14.6. Others 67

CHAPTER NO. 15 : INDUSTRY VERTICAL MODERNIZATION SERVICES MARKET – BY DEPLOYMENT MODE SEGMENT ANALYSIS 68

15.1. Industry Vertical Modernization Services Market Overview, by Deployment Mode Segment 68

15.1.1. Industry Vertical Modernization Services Market Revenue Share, By Deployment Mode, 2023 & 2032 69

15.1.2. Industry Vertical Modernization Services Market Attractiveness Analysis, By Deployment Mode 70

15.1.3. Incremental Revenue Growth Opportunity, by Deployment Mode, 2024 – 2032 70

15.1.4. Industry Vertical Modernization Services Market Revenue, By Deployment Mode, 2018, 2023, 2027 & 2032 71

15.2. On-Premises 72

15.3. Cloud 73

CHAPTER NO. 16 : INDUSTRY VERTICAL MODERNIZATION SERVICES MARKET – BY ENTERPRISE SIZE SEGMENT ANALYSIS 74

16.1. Industry Vertical Modernization Services Market Overview, by Enterprise Size Segment 74

16.1.1. Industry Vertical Modernization Services Market Revenue Share, By Enterprise Size, 2023 & 2032 75

16.1.2. Industry Vertical Modernization Services Market Attractiveness Analysis, By Enterprise Size 76

16.1.3. Incremental Revenue Growth Opportunity, by Enterprise Size, 2024 – 2032 76

16.1.4. Industry Vertical Modernization Services Market Revenue, By Enterprise Size, 2018, 2023, 2027 & 2032 77

16.2. Small and Medium Enterprises (SMEs) 78

16.3. Large Enterprises 79

CHAPTER NO. 17 : INDUSTRY VERTICAL MODERNIZATION SERVICES MARKET – AUSTRALIA ANALYSIS 80

17.1. Type 80

17.1.1. Australia Industry Vertical Modernization Services Market Revenue, By Type, 2018 – 2023 (USD Million) 80

17.2. Australia Industry Vertical Modernization Services Market Revenue, By Type, 2024 – 2032 (USD Million) 80

17.3. Industry Vertical 82

17.3.1. Australia Industry Vertical Modernization Services Market Revenue, By Industry Vertical, 2018 – 2023 (USD Million) 82

17.3.2. Australia Industry Vertical Modernization Services Market Revenue, By Industry Vertical, 2024 – 2032 (USD Million) 82

17.4. Deployment Mode 83

17.4.1. Australia Industry Vertical Modernization Services Market Revenue, By Deployment Mode, 2018 – 2023 (USD Million) 83

17.4.2. Australia Industry Vertical Modernization Services Market Revenue, By Deployment Mode, 2024 – 2032 (USD Million) 83

17.5. Enterprise Size 84

17.5.1. Australia Industry Vertical Modernization Services Market Revenue, By Enterprise Size, 2018 – 2023 (USD Million) 84

17.5.2. Australia Industry Vertical Modernization Services Market Revenue, By Enterprise Size, 2024 – 2032 (USD Million) 84

CHAPTER NO. 18 : COMPANY PROFILES 85

18.1. Infosys 85

18.1.1. Company Overview 85

18.1.2. Product Portfolio 85

18.1.3. Swot Analysis 85

18.1.4. Business Strategy 86

18.1.5. Financial Overview 86

18.2. TCS (Tata Consultancy Services) 87

18.3. Wipro 87

18.4. HCL Technologies 87

18.5. Tech Mahindra 87

18.6. Fujitsu 87

18.7. Accenture 87

18.8. IBM Corporation 87

18.9. Cognizant 87

18.10. Capgemini 87

List of Figures

FIG NO. 1. Australia Industry Vertical Modernization Services Market Revenue, 2018 – 2032 (USD Million) 23

FIG NO. 2. Porter’s Five Forces Analysis for Australia Industry Vertical Modernization Services Market 30

FIG NO. 3. Australia Industry Vertical Modernization Services Market Import Volume/Revenue, By Australia, 2018 – 2023 32

FIG NO. 4. Australia Industry Vertical Modernization Services Market Export Volume/Revenue, By Australia, 2018 – 2023 33

FIG NO. 5. Australia Industry Vertical Modernization Services Market Demand Volume/Revenue, By Australia, 2018 – 2023 34

FIG NO. 6. Australia Industry Vertical Modernization Services Market Supply Volume/Revenue, By Australia, 2018 – 2023 35

FIG NO. 7. Australia Industry Vertical Modernization Services Market Production Volume/Revenue, By Australia, 2018 – 2023 36

FIG NO. 8. Australia Industry Vertical Modernization Services Market Price, By Type, 2018 – 2023 37

FIG NO. 9. Raw Materials Price Trend Analysis, 2018 – 2023 38

FIG NO. 10. Manufacturing Cost Analysis 39

FIG NO. 11. Manufacturing Process 39

FIG NO. 12. Value Chain Analysis for Australia Industry Vertical Modernization Services Market 40

FIG NO. 13. Company Share Analysis, 2023 41

FIG NO. 14. Company Share Analysis, 2023 42

FIG NO. 15. Company Share Analysis, 2023 42

FIG NO. 16. Company Share Analysis, 2023 43

FIG NO. 17. Industry Vertical Modernization Services Market – Company Volume  Market Share, 2023 44

FIG NO. 18. Industry Vertical Modernization Services Market – Company Revenue Market Share, 2023 45

FIG NO. 19. Industry Vertical Modernization Services Market Revenue Share, By Type, 2023 & 2032 51

FIG NO. 20. Market Attractiveness Analysis, By Type 52

FIG NO. 21. Incremental Revenue Growth Opportunity by Type, 2024 – 2032 52

FIG NO. 22. Industry Vertical Modernization Services Market Revenue, By Type, 2018, 2023, 2027 & 2032 53

FIG NO. 23. Australia Industry Vertical Modernization Services Market for Industry Vertical Portfolio Assessment, Revenue (USD Million) 2018 – 2032 54

FIG NO. 24. Australia Industry Vertical Modernization Services Market for Cloud Industry Vertical Migration, Revenue (USD Million) 2018 – 2032 55

FIG NO. 25. Australia Industry Vertical Modernization Services Market for Industry Vertical Replatforming, Revenue (USD Million) 2018 – 2032 56

FIG NO. 26. Australia Industry Vertical Modernization Services Market for Industry Vertical Integration, Revenue (USD Million) 2018 – 2032 57

FIG NO. 27. Australia Industry Vertical Modernization Services Market for Application Retirements, Revenue (USD Million) 2018 – 2032 58

FIG NO. 28. Industry Vertical Modernization Services Market Revenue Share, By Industry Vertical, 2023 & 2032 60

FIG NO. 29. Market Attractiveness Analysis, By Industry Vertical 61

FIG NO. 30. Incremental Revenue Growth Opportunity by Industry Vertical, 2024 – 2032 61

FIG NO. 31. Industry Vertical Modernization Services Market Revenue, By Industry Vertical, 2018, 2023, 2027 & 2032 62

FIG NO. 32. Australia Industry Vertical Modernization Services Market for BFSI, Revenue (USD Million) 2018 – 2032 63

FIG NO. 33. Australia Industry Vertical Modernization Services Market for IT and Telecom, Revenue (USD Million) 2018 – 2032 64

FIG NO. 34. Australia Industry Vertical Modernization Services Market for Retail and E-commerce, Revenue (USD Million) 2018 – 2032 65

FIG NO. 35. Australia Industry Vertical Modernization Services Market for Healthcare, Revenue (USD Million) 2018 – 2032 66

FIG NO. 36. Australia Industry Vertical Modernization Services Market for Others, Revenue (USD Million) 2018 – 2032 67

FIG NO. 37. Industry Vertical Modernization Services Market Revenue Share, By Deployment Mode, 2023 & 2032 69

FIG NO. 38. Market Attractiveness Analysis, By Deployment Mode 70

FIG NO. 39. Incremental Revenue Growth Opportunity by Deployment Mode, 2024 – 2032 70

FIG NO. 40. Industry Vertical Modernization Services Market Revenue, By Deployment Mode, 2018, 2023, 2027 & 2032 71

FIG NO. 41. Australia Industry Vertical Modernization Services Market for On-Premises, Revenue (USD Million) 2018 – 2032 72

FIG NO. 42. Australia Industry Vertical Modernization Services Market for Cloud, Revenue (USD Million) 2018 – 2032 73

FIG NO. 43. Industry Vertical Modernization Services Market Revenue Share, By Enterprise Size, 2023 & 2032 75

FIG NO. 44. Market Attractiveness Analysis, By Enterprise Size 76

FIG NO. 45. Incremental Revenue Growth Opportunity by Enterprise Size, 2024 – 2032 76

FIG NO. 46. Industry Vertical Modernization Services Market Revenue, By Enterprise Size, 2018, 2023, 2027 & 2032 77

FIG NO. 47. Australia Industry Vertical Modernization Services Market for Small and Medium Enterprises (SMEs), Revenue (USD Million) 2018 – 2032 78

FIG NO. 48. Australia Industry Vertical Modernization Services Market for Large Enterprises, Revenue (USD Million) 2018 – 2032 79

List of Tables

TABLE NO. 1. : Australia Industry Vertical Modernization Services Market: Snapshot 22

TABLE NO. 2. : Drivers for the Industry Vertical Modernization Services Market: Impact Analysis 26

TABLE NO. 3. : Restraints for the Industry Vertical Modernization Services Market: Impact Analysis 28

TABLE NO. 4. : Australia Industry Vertical Modernization Services Market Revenue, By Type, 2018 – 2023 37

TABLE NO. 5. : Key Raw Materials & Suppliers 38

TABLE NO. 6. : Australia Industry Vertical Modernization Services Market Revenue, By Type, 2018 – 2023 (USD Million) 80

TABLE NO. 7. : Australia Industry Vertical Modernization Services Market Revenue, By Type, 2024 – 2032 (USD Million) 80

TABLE NO. 8. : Australia Industry Vertical Modernization Services Market Revenue, By Industry Vertical, 2018 – 2023 (USD Million) 82

TABLE NO. 9. : Australia Industry Vertical Modernization Services Market Revenue, By Industry Vertical, 2024 – 2032 (USD Million) 82

TABLE NO. 10. : Australia Industry Vertical Modernization Services Market Revenue, By Deployment Mode, 2018 – 2023 (USD Million) 83

TABLE NO. 11. : Australia Industry Vertical Modernization Services Market Revenue, By Deployment Mode, 2024 – 2032 (USD Million) 83

TABLE NO. 12. : Australia Industry Vertical Modernization Services Market Revenue, By Enterprise Size, 2018 – 2023 (USD Million) 84

TABLE NO. 13. : Australia Industry Vertical Modernization Services Market Revenue, By Enterprise Size, 2024 – 2032 (USD Million) 84

 

Frequently Asked Questions

What is the current size of the Australia Industry Vertical Modernization Services Market?

The Australia Industry Vertical Modernization Services market was valued at USD 13.79 million in 2023 and is projected to grow to USD 42.04 million by 2032, reflecting a compound annual growth rate (CAGR) of 14.95%.

What factors are driving the growth of the Australia Industry Vertical Modernization Services Market?

The growth is driven by the increasing demand for digital transformation across industries such as manufacturing, retail, and healthcare. Key factors include the adoption of cloud computing, AI, and IoT for enhanced operational efficiency, government initiatives supporting digital innovation, and the need for customized, industry-specific solutions to remain competitive.

What are the key segments within the Australia Industry Vertical Modernization Services Market?

Key segments include:
• By Type: Industry Vertical Portfolio Assessment, Cloud Industry Vertical Migration, Industry Vertical Replatforming, Industry Vertical Integration, and Industry Vertical Retirements.
• By Industry Vertical: BFSI, IT and Telecom, Retail and E-commerce, Healthcare, and Others.
• By Deployment Mode: On-Premises and Cloud.
• By Enterprise Size: Small and Medium Enterprises (SMEs) and Large Enterprises.

What are some challenges faced by the Australia Industry Vertical Modernization Services Market?

Challenges include high initial investment costs, which can deter smaller businesses, and the complexity of integrating modern solutions with legacy systems. Additionally, change management and the need for employee training to adapt to new technologies remain significant obstacles.

Who are the major players in the Australia Industry Vertical Modernization Services Market?

Major players include Infosys, TCS (Tata Consultancy Services), Wipro, HCL Technologies, Tech Mahindra, Fujitsu, Accenture, IBM Corporation, Cognizant, and Capgemini. These companies offer a wide range of tailored modernization services, including cloud migration, automation, and AI integration, across various industries.

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