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Recent research has estimated that the IT outlay on Enterprise Application Development will reach $429 billion in 2021, which signifies a 7.2% growth from last year. The enterprise software market has experienced fabulous growth in recent years, with its revenue doubling up between 2009 and 2019. This makes it evident that enterprises have consistently invested in building and modernizing applications.

A global survey of IT leaders found that investing in an application modernization strategy or digital transformation is set to increase by 46% in 2022-23. The survey also found that 79% of enterprises have significantly improved end-user experiences through legacy system modernization approaches.

The post-pandemic world will embrace technology much faster than it was previously forecasted to. But the breakneck pace of tech adoption will be focused on a few innovations that would readily yield tangible benefits as the world grapples with the problem of reviving the economy. This post will delineate the megatrends in technology and the possibility of a more immediate adoption globally.

A legacy application (app) refers to any outdated technology that needs to be replaced or updated. According to a recent study, one-third of all businesses continue using legacy apps that are over a decade old. Also, one-fifth of all companies have specific applications that haven't changed for over 15 years.