The growing need for improving the technology infrastructure of many businesses around the world coupled with the integration of next-gen technologies such as the Internet-of-Things (IoT), Big Data, AI, SaaS, and others to offer considerable growth opportunities to the mainframe modernization services market during the forecast period of 2021-2031.
Due to the COVID-19 pandemic, upgrading the existing technology infrastructure has become a crucial aspect. Furthermore, many merchants and retailers gravitated toward the eCommerce marketplace as the pandemic started. Hence, these factors are expected to generate opportunities in the mainframe modernization services market during the forecast period.
Transparency Market Research (TMR) has conducted an extensive analysis on various factors etched with the growth of the mainframe modernization services market. According to the analysts at TMR, the global market for mainframe modernization services is expected to expand at a CAGR of 16.6% during the forecast period of 2021-2031. The global mainframe modernization services market is prognosticated to reach US$ 108.9 Bn by 2031.
The evolving business needs during the COVID-19 pandemic is boosting the demand for mainframe modernization services to a great extent. Numerous financial services organizations are analyzing their respective mainframe application portfolios so that they can make them better to fulfill the growing business needs. A holistic approach to modernization including re-hosting, data migration, and graphical user interface (GUI) by the players in the mainframe modernization services market will help yield the desired business outcome. Players in the mainframe modernization services market are also focusing on increasing the awareness about the modernization strategy for an efficient transformation in addition to the host of evaluation criteria such as maintainability.
Banking and Finance Sector to Witness Extensive Demand for Mainframe Modernization Services
The IT & telecom sector is already benefitting from the mainframe modernization services. These sectors are generating substantial revenues for the global market. However, another important sectors that are making inroads into the mainframe modernization services market is the finance & banking sector. According to the TMR analysis, the BFSI sector is prognosticated to emerge as the highest revenue generator after the IT & telecom sector. Thus, these factors are likely to have a profound impact on the growth of the mainframe modernization services market.
Adoption of Connected Ecosystem in Telecom Industry to Generate Substantial Revenue Streams
Depending on the current state of a legacy application, different levels of complexity of system modernization are needed. Some legacy systems may need remediation or even migration to a standards-based connected ecosystem. Thus, these aspects are projected to boost the growth of the mainframe modernization services market to a great extent.
Many companies are gaining awareness about the harms caused due to operational disruptions. With the adoption of an incremental approach, the risk of operational disruption is low. Modern techniques such as Application Programming Interface (API) exposure from legacy applications to the external world enhances application quality and help create a connected ecosystem in financial institutions. These factors have a positive impact on the growth of the mainframe modernization services market.
Some of the well-entrenched players in the mainframe modernization services market are Infosys Limited, Accenture plc, Fujitsu Limited, DXC Technology, Microsoft Corporation, TATA Consultancy Services, Dell EMC, Atos Syntel Inc., TATA Consultancy Services, and Capgemini SE.
Global Mainframe Modernization Services Market – Segmentation
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