Wilmington, Delaware, United States, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Growth of the mainframe modernization services market is fueled by constantly expanding data modernization market size, and the trend is propelled by IT infrastructure transformation. In several nations, adoption of digital economy has reinforced a number of favourable mainframe modernization trends. The mainframe modernization services market is projected to expand at a CAGR of 16.8% during the forecast period of 2022–2031.
Stridently, migrating from legacy to modern mainframe systems also entails a few mainframe modernization challenges that service providers are focusing on. Particularly, this includes numerous risks associated with loss of data and functionality and risks of downtimes. Of note, solutions that help manage mainframe operations in-house are gathering traction among customers in end-use industries. They are increasingly adopting mainframe modernization tools to achieve the objectives.
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Key Findings of Study
- Adoption of Cloud-Focused Strategies by Enterprises Propelling Growth: Rise in popularity of cloud native applications has catalysed the uptake of cloud solutions. Enterprises of all sizes and scales are keen on adopting cloud-driven business models to stay competitive, thus bolstering the revenue streams in the mainframe modernization services market.
- Demand for Scalable and Agile IT Solutions in Multiple Industries Drives Growth Prospects: Service providers are tapping into the vast demand for mainframe modernization solutions that help mitigate risk and boost agility and flexibility. In the backdrop of dynamically changing nature of mainframe workloads, businesses are keenly seeking solutions that endow them competitive edge over others. Of note, they are harnessing mainframe modernization to reduce cost of maintenance and operations associated with the legacy applications.
Mainframe Modernization Services Market: Drivers
- Growing adoption of cloud computing and big data technology especially cloud computing by small- and medium-scale enterprises is a key market driver.
- Steadily increasing trend of shifting toward advanced mainframe technology infrastructure in wide spectrum of business and industrial sectors is a key pivot for commercialization of mainframe modernization solutions. Emphasis toward tool standardization is a key factor spurring the demand for mainframe modernization.
- Changing business practices are steering the rapid transformation of IT infrastructure, thereby expanding the avenue for players in the mainframe modernization services market.
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Mainframe Modernization Services Market: Regional Growth Dynamics
North America held a major share of the global market in 2021, and is anticipated to remain remarkably lucrative during the forecast period. Robust uptake of cloud-based solutions across enterprises in the region is propelling revenue generation.
Asia Pacific is witnessing enormous profitable avenues for various market players. The growth is led by widespread demand for mainframe modernization solutions mainly by the small and medium enterprises. Awareness of the benefits of the solution to attain agility and support digital innovation in the business models are creating massive growth opportunities for market players.
Mainframe Modernization Services Market: Competition Landscape
The study found that key players have been leaning on expansion of product portfolio to cater to the current and emerging requirements of customers in various end-use industries. Solutions that help ease transition of migration time and reduce operational costs form one of the key value propositions for mainframe modernization companies to capture into in order to boost their growth in mainframe modernization services market.
Some of the key market players are TATA Consultancy Services, Software AG, Oracle Corporation, Mphasis Ltd., Innova Solutions, IBM Corporation, Fujitsu Limited, DXC Technology, Dell EMC, Cognizant, Capgemini SE, Atos Syntel Inc., and Accenture plc.
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Mainframe Modernization Services Market Segmentation
- Service Type
- Application Modernization
- Transformation Consulting
- Business Re-architecture
- Automated Migration
- Others
- Cloud Migration
- Cloud Advisory
- Cloud Engineering
- Cloud Migration & Modernization
- Data Modernization
- Data Migration
- Data Consolidation
- Data Transformation
- Data Governance
- Application Modernization
- Enterprise Size
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- End-user
- IT and Telecom
- Banking, Financial Services, and Insurance (BFSI)
- Retail
- Healthcare
- Government
- Media & Entertainment
- Manufacturing
- Education
- Others (Automotive, Transportation & Logistics)
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Countries Covered
- U.S.
- Canada
- Mexico
- Germany
- U.K.
- France
- Spain
- Italy
- China
- India
- Japan
- ASEAN
- Saudi Arabia
- UAE
- South Africa
- Brazil
- Argentina
About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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