Mainframe Modernization Services Market Skyrockets to $86.14 Billion by 2031 Dominated by Tech Giants - Accenture, Capgemini and Cognizant | The Insight Partners
The global mainframe modernization services market is set for explosive growth, with projections indicating a surge to $86.14 billion by 2031. This remarkable expansion, driven by rising adoption of mainframe modernization services and increasing digital transformation across the globe.
NEW YORK, Nov. 12, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, "Mainframe Modernization Services Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Services (Application Modernization, Cloud Migration, and Data Modernization), Enterprise Size (Large Enterprises and SMEs), End-Use Industry (IT and Telecom, BFSI, Healthcare, Manufacturing, Retail, Education, and Others), and Geography".
For Detailed Market Insights, Visit: https://www.theinsightpartners.com/reports/mainframe-modernization-services-market
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the mainframe modernization services market comprises a vast array of services enterprise size, end users and geography which are expected to register strength during the coming years.
For More Information and To Stay Updated on The Latest Developments in The Mainframe Modernization Services Market, Download The Sample Pages: https://www.theinsightpartners.com/sample/TIPRE00028613/
Market Overview and Growth Trajectory:
Mainframe Modernization Services Market Growth: According to an exhaustive report by The Insight Partners, the Mainframe Modernization Services Market is experiencing significant growth, driven by digital transformation across the globe and growing adoption of cloud computing. The market, valued at $33.55 billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 12.5% during 2023–2031.
Technological Innovations: The integration of AI and machine learning is emerging as a key trend in the mainframe modernization services market, transforming how organizations approach legacy system modernization. Mainframe users nowadays are searching for ways to leverage AI and machine learning to enhance availability and performance, proactively detect problems, and accelerate application releases and DevOps procedures. Artificial intelligence, generative AI and machine learning can help accelerate mainframe modernization services. AI and ML technologies can analyze vast amounts of legacy code and data, helping to streamline the modernization process. These tools can automatically identify dependencies, assess code quality, and even suggest optimization strategies. This not only accelerates the modernization timeline but also reduces the risk of errors that can occur during manual code analysis.
The Rise in Adoption of Mainframe Modernization Services in Various Sectors: The IT and telecom sector experienced significant growth with the integration of emerging technologies such as the Internet of Things (IoT), automation, machine learning, and artificial intelligence (AI). Technologically advanced companies are prioritizing mainframe modernization services for the efficient operation of the systems. The mainframe modernization services help in migrating the mainframe applications to the cloud applications using API, microservices, and DevOps. Mainframe systems combine high-performance hardware, software tools, and large individual programmed applications that need modernization services for efficient operation.
Stay Updated on The Latest Mainframe Modernization Services Market Trends: https://www.theinsightpartners.com/sample/TIPRE00028613/
Digital Transformation Across the Globe: Digital technologies are transforming communications, business, health, education, finance, etc. The COVID-19 pandemic increased the adoption of digital technologies and enhanced productivity. Digitization saved many companies during the pandemic by adapting to remote work cultures and online operations. Developing economies such as India, China, South Africa, Brazil, and Argentina are adopting advanced digital technologies in various sectors, such as healthcare, manufacturing, energy and power, and IT & telecom, to enhance productivity and economic growth. For instance, the Digital India initiatives launched by the Indian government improved the online infrastructure and increased internet accessibility in most of the rural areas. According to Cisco, by 2024, around 75% of start-ups in Canada will have a digital-first strategy. Moreover, over 50% of SMEs re-organized their company structure in Canada. Such rising adoptions of digital technologies have increased the demand for robust IT infrastructure and are driving the mainframe modernization services market.
Geographical Insights: North America dominated the mainframe modernization services market in 2023. Europe is the second-largest contributor to the global mainframe modernization services market, followed by Asia Pacific.
Mainframe Modernization Services Market Segmentation, Applications, Geographical Insights:
- Based on services, the mainframe modernization services market is segmented into application modernization, cloud migration, and data modernization. The application modernization segment dominated the market in 2023.
- By enterprise size, the market is bifurcated into SMEs and large enterprises. The large enterprises segment dominated the market in 2023.
- In terms of end-use industry, the market is segmented into IT and telecom, BFSI, retail, healthcare, government, media and entertainment, manufacturing, education, and others. The IT and telecom segment held the largest market share in 2023.
- The mainframe modernization services market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
Purchase Premium Copy of Global Mainframe Modernization Services Market Size and Growth Report (2023-2031) at: https://www.theinsightpartners.com/buy/TIPRE00028613/
Key Players and Competitive Landscape:
The Mainframe Modernization Services Market is characterized by the presence of several major players, including:
- Accenture
- Capgemini
- Cognizant
- Amazon Web Services, Inc.
- Infosys Limited
- Fujitsu
- HCL Technologies Limited
- Wipro Digital
- IBM
- Ensono
- Tata Consultancy Services Limited
- Atos SE
- Hexaware Technologies Limited
- Microsoft
- DXC Technology Company
- EPAM Systems, Inc.
- Innova Solutions
- Oracle; Mphasis
- Software AG
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
Mainframe Modernization Services Market Recent Developments and Innovations:
- 'Accenture Federal Services had been awarded the US Army's Enterprise Application Modernization and Migration (EAMM) contract with a potential value of US$ 127 million. Accenture Federal Services will use its cloud migration and modernization approach to perform large-scale application assessments, migrations, and modernizations to the cloud.'
- 'Fujitsu announced the Japan market launch of its successful modernization automation service 'Fujitsu PROGRESSION,' building on a proven track of over 50 global use cases in which it migrated legacy systems to the Fujitsu mainframe 'GS21 Series.' 'Fujitsu PROGRESSION' is a service that automatically converts script written in COBOL into Java or C# while preserving the functionality of applications built on mainframes. It delivers modernization services for end-to-end support, from drafting migration plans based on customer systems audits to asset migration through to testing and operation.'
For Region-Specific Market Data, Check Out Brief Sample Pages: https://www.theinsightpartners.com/sample/TIPRE00028613/
Mainframe Modernization Services Market Drivers, Challenges, Future Outlook and Opportunities:
In terms of revenue, North America dominated the mainframe modernization services market share, followed by Europe and APAC. According to the International Trade Administration, the US accounts for one-third of the US$ 5 trillion worldwide information technology (IT) market, making it the world's largest. In addition, the IT sector supports the employment of 12.1 million people and contributes ~US$ 1.9 trillion to the US value-added GDP. Furthermore, according to CompTIA, there are over 557,000 software and IT service companies in the US. As per the International Trade Administration, the ICT industry in Canada comprises more than 43,200 businesses. The majority of these companies operate in the computer services and software sectors. The industry is primarily made up of small businesses, with ~35,500 employing fewer than ten people. There are nearly 100 significant companies, including subsidiaries of international multinational corporations, that employ more than 500 people. Having such a big IT industry in the region is raising the need for mainframe modernization services. According to the Canada Health Infoway, Canadians are embracing digital health services, and it is also estimated that the demand for digital healthcare services will increase in the coming year. According to an online survey conducted in November 2022 with 12,445 Canadians, 94% of Canadians were interested in accessing digital health services. Thus, growing digitization in the healthcare sector is projected to raise the need for mainframe modernization services.
Cloud computing adoption is a strategic move by companies to reduce costs, mitigate risks, and achieve scalability of database functions. Industries such as healthcare, marketing & advertising, retail, finance, and education are highly benefitted from the adoption of cloud computing. For instance, due to digital and social consumer behavior and the rising demand for accessible and secure electronic health records (EHRs), hospitals, clinics, and other medical institutions are increasingly utilizing cloud computing for document storage, marketing, and human resources management. In addition, efficient expense management, human resources, and customer communications are the key business needs of financial organizations, driving the need for cloud computing for placing their email platforms and marketing tools on the cloud. According to the Flexera 2022 State of the Cloud Report, the Americas has 63% heavy cloud users, 23% moderate cloud users, and 14% light cloud users.
For In-Depth Market Forecasts and Analysis, Request PDF Brochure: https://www.theinsightpartners.com/sample/TIPRE00028613/
Modernized mainframe systems seamlessly integrate with other systems, applications, and data sources, enabling the creation of new business models and revenue streams. Additionally, modernization helps companies address the challenges of an aging workforce, reduce maintenance and operational costs, and improve system performance and scalability. In December 2022, AWS partnered with IBM to drive the mainframe modernization. Through this partnership, organizations bridge the gap by leveraging a hybrid strategy (e.g., mainframe modernization), integrating on-premises mainframe with cloud development, and beginning to leverage the scalability and agility benefits of cloud computing.
Conclusion:
The concept of modernization has expanded as companies explore different approaches to deliver robust enterprise-level IT services, from interface and platform updates to data management and language innovation. This trend toward more comprehensive modernization strategies has recently gained momentum. Over the past year, both new and established players have consolidated their presence in this market, indicating the potential of this space for significant returns. The movement among providers represents a decisive and positive change and promotes healthy debate within the industry.
Key factors driving the growth of the mainframe modernization services market include the rise in the adoption of mainframe modernization services in various sectors, digital transformation across the globe, and the growing adoption of cloud computing. However, challenges faced by IT companies in mainframe modernization are the key restraints in the market. Nevertheless, the growth of the data analytics industry across the globe is expected to create opportunities for the key players operating in the mainframe modernization services market. Furthermore, an increase in investment toward the transformation of IT infrastructure to provide efficient operation and services to consumers is expected to be the key future trend in the mainframe modernization services market from 2023 to 2031.
Need A Diverse Region or Sector? Customize Research to Suit Your Requirement: https://www.theinsightpartners.com/inquiry/TIPRE00028613/
With projected growth to $86.14 billion by 2031, the Mainframe Modernization Services Market represents a significant opportunity for software and services providers, system integrators, investors, industry stakeholders and end users. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
Related Report Titles:
- Application Modernization Services Market Size and Forecasts (2021 - 2031)
- Application Modernization Tools Market to Reach US$ 36.86 Bn at a CAGR of 18.7% in 2027
- Cloud Migration Services Market Statistics Report - Size, Share & Forecast 2030
- Cloud Migration Market Size and Forecasts (2021 - 2031)
- Cloud Computing Services Market Size and Forecasts (2021 - 2031)
- Cloud Computing Market Share, Size and Trends| 2028
- Artificial Intelligence Market Size and Forecasts (2021 - 2031)
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
E-mail: [email protected]
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/mainframe-modernization-services-market
Logo: https://mma.prnewswire.com/media/2520492/The_Insight_Partners_Logo.jpg
SOURCE The Insight Partners
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article