Mainframe Modernization Services Market To Reach USD 1134.51 Million By 2028, At A CAGR of 3.3%| Valuates Reports
BANGALORE, India, Feb. 6, 2023 /PRNewswire/ -- Mainframe Modernization Services Market is segmented by type (Application Modernization, Cloud Migration, Data Modernization), by Application (Small and Medium Enterprises (SMEs), Large Enterprises): Global Opportunity Analysis and Industry Forecast, 2021-2031. It is published in Valuates Reports under the Software Category.
The global Mainframe Modernization Services Market size is projected to reach USD 1134.51 Million by 2028, from USD 953.71 Million in 2022, at a CAGR of 3.3% during 2022-2028.
Major factors driving the growth of the Mainframe Modernization Services Market
The expansion of many nations' digital economies has been a major factor in raising end-user demand for mainframe technology. The covid-19 pandemic has had a favorable effect on the global mainframe modernization services market since businesses now need more than ever to alter their IT infrastructure in order to develop highly effective, adaptable, and agile it systems and processes.
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TRENDS INFLUENCING THE GROWTH OF THE MAINFRAME MODERNIZATION MARKET
For businesses that wish to spend less time managing their computing systems and more time using them to foster innovation, legacy systems are often complex and difficult to change. Because of this, more businesses are implementing mainframe modernization in order to utilize and adopt contemporary new technologies without having to do away with their existing legacy systems. this factor is expected to drive the growth of the mainframe modernization services market
The need to adopt new technologies like cloud computing, big data analytics, and linked devices is one of the key forces for the mainframe modernization market. Modernizing their old systems is crucial for forward-thinking businesses that want to take advantage of the most cutting-edge analytics platforms and economical, scalable cloud services available today. For example, to more quickly convert db2 mainframe data to a Hadoop ecosystem like Cloudera where data from many sources can be merged and analyzed, many businesses invest in mainframe modernization.
Some businesses pursue mainframe modernization programs to cut it costs and boost operational efficiency since mainframe systems get more expensive and are difficult to maintain with time. companies are also interested in mainframe modernization since it is becoming increasingly difficult to find developers and administrators with the knowledge and experience necessary to deploy and manage mainframes. Many mainframe professionals are retiring or are about to retire, and mainframe operating systems are written in hard-to-support languages. Another possibility is that a mainframe vendor will stop providing support for particular systems. This factor is expected to drive the growth of the mainframe modernization market.
With more people working remotely and more cloud usage, the world has advanced. enterprise enterprises are progressively updating their mainframe environments to stay up with evolving customer wants and business requirements. " This trend highlights the need for integration and optimization, and for businesses to obtain the best future business results, modernizing will be implemented using a hybrid cloud strategy. This factor is expected to drive the growth of the mainframe modernization market.
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MAINFRAME MODERNIZATION MARKET SHARE ANALYSIS:
North America, which accounted for a sizable portion of the worldwide market in 2021, is expected to continue to be extremely profitable during the projected period. The region's businesses are using cloud-based solutions extensively, which is boosting income growth. numerous market companies are seeing enormously lucrative opportunities in the Asia pacific. The demand for mainframe modernization solutions, particularly from small and medium-sized businesses, is driving the increase.
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Key Companies:
- Accenture
- Atos Syntel
- Capgemini SE
- Cognizant
- Dell EMC
- DXC Technology
- EPAM Systems
- Fujitsu Limited
- Hexaware
- IBM Corporation
- Infosys Limited
- Innova Solutions
- Microsoft Corporation
- Mphasis
- Oracle Corporation
- Software
- TATA Consultancy Services
- Wipro
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