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Mainframe Modernization Services Market Skyrockets to $86.14 Billion by 2031 Dominated by Tech Giants – Accenture, Capgemini and Cognizant | The Insight Partners

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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:

AccentureCapgeminiCognizantAmazon Web Services, Inc.Infosys LimitedFujitsuHCL Technologies LimitedWipro DigitalIBMEnsonoTata Consultancy Services LimitedAtos SEHexaware Technologies LimitedMicrosoftDXC Technology CompanyEPAM Systems, Inc.Innova SolutionsOracle; MphasisSoftware 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.’

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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.

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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.

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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: ankit.mathur@theinsightpartners.com 
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/mainframe-modernization-services-market

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ERCO Seoul Unveils State-of-the-Art Experience Centre

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ERCO’s new Experience Centre in Seoul invites industry professionals to experience the future of lighting design. This immersive space offers exclusive workshops, demonstrations, and insights into the latest trends, showcasing ERCO’s commitment to elevating architectural projects.

SEOUL, South Korea, Nov. 14, 2024 /PRNewswire/ — ERCO, a global leader in architectural lighting, is excited to announce the relocation of its Seoul office to a modern, state-of-the-art facility. This move reflects ERCO’s dedication to providing exceptional service and innovative lighting solutions to its valued customers in South Korea.

The new office, located at #103, 33, Dosan-daero 27-gil, Gangnam-gu, Seoul 06032, offers enhanced accessibility and convenience for customers and partners. This strategic relocation underscores ERCO’s commitment to expanding its presence and supporting the growing demand for architectural lighting in the region.

A highlight of the new office is the immersive ERCO Experience Centre. This innovative space showcases ERCO’s latest lighting technologies and solutions. Visitors can witness firsthand how ERCO’s lighting systems seamlessly integrate with architecture to create stunning and functional spaces. The Experience Centre is an inspiring hub for architects, designers, and lighting professionals to explore the possibilities of ERCO’s lighting, gain inspiration for their projects, and foster creative collaboration.

Lim Chul-Hoon, Branch Manager of ERCO Seoul, “We’re thrilled to unveil the new ERCO Experience Centre in Seoul. This relocation allows us to provide an even better experience for our clients. The Centre is a space where they can truly experience the transformative power of ERCO’s lighting solutions and how they can elevate their architectural designs.”

Jack Tan, Asia Pacific Managing Director at ERCO, added, “The relocation and Experience Centre demonstrate ERCO’s ongoing commitment to pushing boundaries and exceeding customer expectations across the region. This state-of-the-art facility showcases our dedication to providing industry-leading lighting solutions. We’re excited to welcome our clients for an immersive experience of ERCO’s capabilities.”

Architects, designers, and lighting professionals interested in attending a lighting workshop or exploring the Experience Centre can contact ERCO Seoul at +82 2 596 3366 or info.kr@erco.com.

About ERCO

ERCO is a global leader in high-quality, digital architectural lighting. Founded in 1934, this family-owned company operates in 55 countries with independent sales organizations and partners.

ERCO views light as the fourth dimension of architecture, thus an essential element of sustainable architecture. By contributing to better societies and buildings while preserving the environment, ERCO Greenology® combines ecological responsibility with technological innovation.

ERCO develops, designs, and manufactures luminaires at its light factory in Lüdenscheid, Germany. Focusing on photometric optics, electronics, and sustainable design, ERCO’s products are used in a variety of applications, including: Work and Culture, Community and Public/Outdoor, Contemplation, Living, Shop and Hospitality.

ERCO lighting experts collaborate with architects and designers worldwide to create highly precise, efficient, and sustainable lighting solutions that bring projects to life.

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SOURCE ERCO Lighting

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Suvoda Awarded US Patent for its eCOA Software Architecture

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Low-code, no-code approach accelerates eCOA questionnaire design and deployment, taking questionnaire creation, licensing, and localization off the critical path 

PHILADELPHIA, Nov. 14, 2024 /PRNewswire/ — Suvoda, a global clinical trial technology company specializing in complex studies in therapeutic areas like oncology, central nervous system (CNS), and rare diseases, announced the receipt of a patent from the US Patent Office for the Suvoda Questionnaire Definition Language (SQDL), part of the software architecture of its eCOA (electronic Clinical Outcome Assessment) product. 

The patent demonstrates the power of Suvoda eCOA: expedited questionnaire creation, translation, localization, and deployment so clinical trial sponsors can launch their studies more efficiently. While eCOA is traditionally a bottleneck in clinical trial implementation, Suvoda eCOA and its SQDL tool enable sponsors to deliver high quality questionnaires in a matter of hours, instead of days.  

“This recognition by the US Patent Office is a testament to the ingenuity, creativity, and technical excellence of our team. Many claim to offer similar capabilities, but Suvoda’s patented technology enables us to truly deliver on our promises. Suvoda eCOA accelerates questionnaire implementation in a regulatory compliant manner, which is crucial for the efficiency and success of clinical trials,” said Jagath Wanninayake, CEO of Suvoda. 

The patented architecture offers several key benefits: 

Easy eCOA questionnaire creation: Suvoda eCOA allows non-engineers to define eCOA questionnaires using a simple low-code/no-code approach, while maintaining rigorous regulatory compliance. It includes a real-time preview of each question, language, and layout configuration to improve feedback and productivity.

Accelerate development by parallel processing: Questionnaire definition, licensing, translation, and layout occur concurrently and are decoupled from the study build.

Localization partners work directly in Suvoda eCOA, previewing translations in real-time and minimizing back-and-forth with Suvoda and the sponsor. 

Simplified mid-study questionnaire updates: Questionnaires can be easily modified while maintaining the validated state of the eCOA system, so that mid-study changes do not delay data collection.

Efficient questionnaire and component reuse: Suvoda eCOA allows questionnaires, where permitted, to be stored and reused in an accessible and organized way and allows for compatibility with newly updated devices without affecting system validation. 

“The SQDL architecture fundamentally changes how eCOA questionnaires are created by supporting parallel construction of translations and layouts. We have patented the core of what we do, supporting a powerful no-code/low-code definition layer that enables an ecosystem of tools—like real-time, device-accurate previews and screenshot generation—that can improve eCOA implementation and deployment,” explained Andrew McVeigh, Suvoda’s Chief Architect. 

Suvoda eCOA is part of a comprehensive suite of clinical trial solutions, including IRT (Interactive Response Technology), eConsent, and the recently launched ePatient. Unified on the purpose-built Suvoda technology platform, these products support clinical trial sponsors in the most urgent moments of their studies, enabling them to enhance operational efficiency, reduce site-burden, transform patients’ trial journeys, and help advance human health. 

For more information about Suvoda and its innovative eCOA solution, visit https://www.suvoda.com/products/ecoa.  

About Suvoda:
Suvoda is a global clinical trial technology company specializing in complex, life-sustaining studies in therapeutic areas like oncology, central nervous system, and rare diseases. Founded in 2013 by experts in eClinical technologies, Suvoda empowers clinical trial professionals to manage the most urgent moments in the most urgent trials through advanced software solutions delivered on a single platform. Headquartered outside Philadelphia, Suvoda also maintains offices in Portland, OR, Barcelona, Spain, Bucharest and Iasi, Romania, and Tokyo, Japan. The company’s Net Promoter Score (NPS) consistently exceeds the technology industry average, contributing to the company being selected by trial sponsors and contract research organizations (CROs) to support more than 1,500 trials across more than 85 countries. To learn more, visit suvoda.com. Follow Suvoda on LinkedIn

CONTACT: marketing@suvoda.com

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SOURCE Suvoda LLC

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9Pay Presents All-in-One Efficient Financial Solution at Singapore FinTech Festival

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HANOI, Vietnam, Nov. 14, 2024 /PRNewswire/ — From November 6 to 8, 9Pay showcased comprehensive payment services in Vietnam to businesses at the Singapore FinTech Festival 2024. 9Pay’s participation at one of the largest global Fintech events has attracted significant attention from companies and industry experts.

Singapore FinTech Festival (SFF) 2024 is organized by the Monetary Authority of Singapore in collaboration with the Association of Banks in Singapore for the 9th time at the Singapore EXPO Convention & Exhibition Center. The event attracted 65,000 participants from 134 countries and regions, including more than 3,400 government and regulatory attendees across 665 central banks, regulatory institutions, and other government organizations.

For 9Pay, attending SFF 2024 in Singapore is a strategic step to strengthening its position in fintech in Southeast Asia and the world. Coming for the first time as an official exhibitor of this famous financial event, 9Pay was welcomed warmly by many financial professionals and clients, as a trusted fintech company in Vietnam. This has contributed to strengthening the position of Vietnam’s financial technology industry in the international area, demonstrating that Vietnamese fintech enterprises are ready to compete and integrate into regional and global marketplaces.

The State Bank of Vietnam’s 2024 report highlights Vietnam as a top FDI destination, ranking 25th globally and outpacing regional peers like Indonesia, the Philippines, and Thailand. Key drivers include Vietnam’s large domestic market, robust consumer spending, and proactive government reforms that streamline processes and bolster foreign trade. Improved technology infrastructure has made sectors like e-commerce, fintech, logistics, education, and tourism particularly attractive. With deep market insight, 9Pay, a licensed payment intermediary, has empowered numerous companies to thrive in Vietnam by offering seamless, all-in-one payment solutions.

As the leading payment service provider, 9Pay has established powerful partnerships with international PSPs and Remittances, allowing partners to receive payments seamlessly and facilitating smooth money transfers to Vietnamese beneficiaries. Typical instances include e-commerce platforms expanding in Vietnam that can easily collect payments and promote growth, and an online education provider that integrated 9Pay’s localized payment solution, simplifying tuition payments for Vietnamese students while improving user experience.

Boost Business Efficiency with Collection – Disbursement and Payment Gateway Service

The 9Pay Collection and Pay-Out Service offers several standout benefits for partners aiming to expand and operate efficiently in Vietnam. One of key strengths is the Localized Banking Advantage, enabling partners to use 9Pay as a local bank account for seamless collection and disbursement, simplifying operations and enhancing financial workflows.

Additionally, there are lots of new cross-border payment regulations this year. Companies need to thoroughly understand and strictly comply with these regulations to ensure legal and stable business operations. Expert Tax Advisory for smooth market entry of 9Pay will provide partners with crucial insights into their tax obligations, easing compliance and fostering confident growth in the Vietnamese market.

With a cost-efficient fee structure, 9Pay helps partners minimize transaction expenses, allowing for better cost management and increased profitability. The service also tackles the complexities of cross-border transactions through optimized FX rates and transparent fees, providing live exchange rates and clear pricing to ensure predictable, competitive costs and address currency fluctuation challenges.

Another significant advantage of 9Pay is its 24/7 dedicated support, offering reliable assistance even on weekends and holidays to promptly resolve issues and maintain smooth operations.

The leading fintech company in digital financial innovation and cross-border payments in Vietnam

Throughout the event, the 9Pay team had valuable individual meetings with decision-makers as well as took part in in-depth discussion sessions led by industry experts. With significant expertise regarding the future of the Fintech sector, including topics such as Next-Gen Transactions, Digital Assets, AI, and Quantum, 9Pay has new directions for its product development roadmap.

Furthermore, with many new cross-border payment rules this year, 9Pay is dedicated to giving professional help to educate businesses on regulatory requirements, best practices, and platform capabilities that ensure smooth, compliant transactions. For better guidance and support on payment solutions in Vietnam, businesses can connect with 9Pay experts here.

Building on its success at the SFF, 9Pay is set to advance Vietnam’s fintech sector globally by providing seamless, compliant, and cost-effective cross-border payment solutions. With a commitment to deepening APAC partnerships and adapting to evolving regulations, 9Pay empowers businesses to grow confidently in Vietnam and beyond, positioning itself as a leader in the future of global fintech.

 

 

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