Mainframe Modernization Services Market is expected to reach US$ 86.14 Billion by 2031

Digital Transformation Across the Globe to Fuel Mainframe Modernization Services Market Growth During Forecast Period 

According to our latest study, “Mainframe Modernization Services Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Services, Enterprise Size, End-Use Industry, and Geography," the market was valued at US$ 33.55 billion in 2023 and is expected to reach US$ 86.14 billion by 2031; it is estimated to record a CAGR of 12.5% from 2023 to 2031. The report includes growth prospects owing to the current mainframe modernization services market trends and their foreseeable impact during the forecast period.

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, around 75% of start-ups in Canada will have a digital-first strategy by 2024. Moreover, over 50% of SMEs reorganized 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.

Mainframe Modernization Services Market Analysis — by Geography

Source: The Insight Partners Analysis

The rapid evolution of new digital technologies, combined with increasing customer demands and ongoing disruptive market forces, is driving companies to prioritize digital transformation. Digital transformation places significant demands on existing applications and data, requiring modernization and integration into a heterogeneous technology landscape, including cloud and mainframe.

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; and Software AG are among the key players profiled in the mainframe modernization services market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem.

The report includes the mainframe modernization services market forecast by services, enterprise size, and end-use industry. Based on services, the mainframe modernization services market is segmented into application modernization, cloud migration, and data modernization. In terms of revenue, the application modernization segment held the largest mainframe modernization services market share in 2023.

The scope of the mainframe modernization services market report focuses on North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). North America dominated the market in 2023, followed by Europe and APAC.

In Asia Pacific, China held the largest mainframe modernization services market share in terms of revenue. China is the largest manufacturing center in the world; It produces about 36% of the world's electronics, including smartphones, computers, cloud servers, and telecommunications infrastructure. To further increase production capacity and efficiency, the Chinese government and manufacturers are continuously working to introduce new technologies. This increasing technology adoption in the manufacturing industry operations is expected to increase the demand for mainframe modernization services, as it can help manufacturers manage their IT operations more effectively. Additionally, China is experiencing tremendous growth in the digitalization of various sectors. As per the data from the State Council (the People's Republic of China), the output of core industries in the digital economy reached 10% of China's overall GDP in 2023. The country is also experiencing growing technological advancements. Artificial intelligence technologies, particularly Al foundation models, are evolving rapidly and drastically changing the real and digital world. Al increases productivity and gives new impetus to the growth of several companies in China. Therefore, the above factors are expected to increase the demand for mainframe modernization services in China during the forecast period

Contact Us
 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com