Technology
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.
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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.
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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.
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With projected growth to $86.14 billion by 2031, the Mainframe Modernization Services Market represents a significant opportunity for software and services providers, system integrators, investors, industry stakeholders and end users. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
Related Report Titles:
Application Modernization Services Market Size and Forecasts (2021 – 2031)Application Modernization Tools Market to Reach US$ 36.86 Bn at a CAGR of 18.7% in 2027Cloud Migration Services Market Statistics Report – Size, Share & Forecast 2030Cloud Migration Market Size and Forecasts (2021 – 2031)Cloud Computing Services Market Size and Forecasts (2021 – 2031)Cloud Computing Market Share, Size and Trends| 2028Artificial Intelligence Market Size and Forecasts (2021 – 2031)
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.
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Thermaltake Black Friday and Cyber Monday Sale Offers Savings of Up to 250 Dollars on Gaming PCs and 35 Percent on PC Cases Starting November 21
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November 14, 2024By
Shop Exclusive Deals on Gaming Desktops, PC Cases, Coolers, and Power Supplies at Amazon, Best Buy, Newegg, and Thermaltake website for a Limited Time Through December 2
WALNUT, Calif., Nov. 14, 2024 /PRNewswire-PRWeb/ — Thermaltake, a global leader in PC gaming hardware, is excited to announce its highly anticipated Black Friday and Cyber Monday sales event, running from November 21 to December 2, 2024. Just in time for the holiday season, this event offers exclusive discounts on around 60 top-rated gaming products, including savings of up to 35 percent on PC cases and up to 250 dollars off select gaming desktops. Customers can also take advantage of additional deals on cooling solutions, power supplies, and accessories.
Highlighting this promotion are flagship prebuilt gaming desktops powered by the latest Intel® Core processors and NVIDIA® GeForce RTX™ 40 series graphics cards, premium PC cases, cooling fans, and AIO liquid coolers. These unbeatable offers will be available through major online retailers, including Amazon, Best Buy, Newegg, and Thermaltake Website, providing gamers and enthusiasts the perfect opportunity to upgrade their setups with high-performance, reliable gear just in time for the holidays.
“Thanksgiving, Black Friday, and Cyber Monday have become a celebrated tradition for shoppers across the nation. Thermaltake is excited to be part of this festive season, offering an array of special deals as a token of appreciation to our valued customers and the gaming community,” said Michael Guo, Vice President of Thermaltake USA. “We invite every gamer to take advantage of these special offers. Our promotion, available through major e-tailers like Amazon, Best Buy, and Newegg, offers a great opportunity for enthusiasts to enhance their gaming experience.”
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Thermaltake Technology was established in 1999 and has been marketed worldwide under the Thermaltake brand name ever since. With the mission to “Deliver the perfect user experience,” Thermaltake has since become the leading brand in Gaming Computer Hardware: from chassis, power supply units, cooling systems, and memory modules to gaming PCs, gaming peripherals, and gaming furniture. Thermaltake is the leader in the PC DIY, Case Mod & Gaming Market and is the number one choice for Gamers, Modders & PC DIY Enthusiasts worldwide.
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Agora Launches Smart Questionnaire to Simplify the Onboarding and Subscription Process For Real Estate Investors
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The new tool converts complex signature documents into personalized, interactive, and simple questionnaires.
NEW YORK, Nov. 14, 2024 /PRNewswire/ — Agora, a leading real estate investment management platform with offices in New York City and Tel Aviv, is announcing the launch of its Smart Questionnaire. This tool is designed to help real estate LPs complete subscription agreements, and ultimately empower GPs to raise capital faster. Agora’s Smart Questionnaire reduces the complexity of the subscription process, helping convert complex signature documents into simple, personalized interactive questionnaires.
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Transforms Complex Documents: Converts subscription documents into simple, interactive questionnaires that investors can complete with ease.Personalizes Content for Investors: Allows GPs to create interactive, pre-filled questionnaires that are simple and efficient for LPs to complete.Facilitates Seamless Collaboration: Supports multi-user input, allowing LPs, GPs, family offices, and others to complete sections collaboratively.Supports Efficient Revisions: Allows investors to correct only the necessary fields without redoing the entire form, minimizing back-and-forth.Streamlines Key Processes: Simplifies creation and completion of subscription agreements, operating agreements, and limited partnership agreements, making onboarding faster and more user-friendly.
“Agora has cracked the code for investor onboarding with our Smart Questionnaire. The tool turns complex subscription agreements into digital, interactive questionnaires that investors can complete in a few clicks,” stated Lior Dolinski, Co-Founder and Chief Product Officer of Agora. “This solution not only simplifies the process for investors but also enhances collaboration between LPs and GPs, creating a smoother, more efficient experience for real estate investment firms.”
Agora’s Smart Questionnaire offers the opportunity to enhance investors’ experiences with personalized workflows, simplify and speed up onboarding and investor commitments, and make for easier collaboration – similar to many of its other tools designed specifically for real estate professionals. Further, the launch of the Smart Questionnaire comes shortly after the launch of Agora’s Report Builder, a first-of-its-kind tool that helps real estate professionals create custom reports for clients, such as distribution notices, quarterly reports, and more, and is similar to website-building tools such as Wix or Squarespace, incorporating drag-and-drop functionality and dynamic fields. Additionally, Agora also launched its Waterfall Tool, which helps professionals navigate waterfall distributions – a method of allocating capital gains or returns among investors.
Book a demo to learn more about Agora here: https://agorareal.com/
About Agora:
Agora, a fintech and SaaS company based in New York City and Tel Aviv, offers an innovative real estate investment management platform designed for modern real estate investment businesses. This comprehensive software solution combines technology, automation, and real estate expertise to streamline investment management. Agora transforms how firms raise and preserve capital, delivering a seamless, efficient experience for both managers and investors by automating back-office tasks, enhancing investor satisfaction, and providing advanced tools to optimize operational efficiency. Core services include investor portals, CRMs, data rooms, automated investor onboarding, and expert CPA for bookkeeping and tax management, giving clients comprehensive control over their financial operations. Additionally, Agora delivers powerful data insights, enabling clients to make informed, data-driven decisions across a wide range of asset classes, including multifamily, residential, industrial, office, agriculture, and debt and equity funds.
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Millimeter Wave Technology Market is expected to generate a revenue of USD 14.8 Billion by 2031, Globally, at 9.5% CAGR: Verified Market Research®
Published
3 minutes agoon
November 14, 2024By
Verified Market Research® a leading provider of business intelligence and market analysis is thrilled to announce the release of its comprehensive and authoritative report on the, “Millimeter Wave Technology Market Size and Forecast.” This in-depth market research report is designed to provide industry leaders, decision-makers, and technology experts with critical insights into the expanding world of millimeter wave technology, emphasizing its pivotal role in future communication and industrial applications.
LEWES, Del., Nov. 14, 2024 /PRNewswire/ — The Global Millimeter Wave Technology Market Size is projected to grow at a CAGR of 9.5% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 2.6 Billion in 2024 and is expected to reach USD 14.8 Billion by the end of the forecast period.
The global market for millimeter wave technology is on a trajectory of substantial growth, driven by the surge in demand for high-speed, data-intensive communication networks, particularly in 5G and beyond. Our report offers a complete view of the market landscape, covering key segments, competitive dynamics, emerging trends, and the opportunities that lie ahead.
Key Insights and Opportunities:
Market Trends: Analysis of current trends driving the adoption of millimeter wave technology, including its increasing integration in telecommunications, automotive radar systems, and industrial automation.Technology Landscape: In-depth examination of advancements in millimeter wave components such as antennas, transceivers, and sensors that are reshaping the industry.Competitive Analysis: Insightful profiling of leading companies and their market strategies, innovation roadmaps, and R&D investments.Regional Insights: Comprehensive coverage of market dynamics in North America, Europe, Asia-Pacific, and other regions, highlighting the growth potential in developing and mature markets.Future Outlook: Forecasting market size, potential challenges, and opportunities to help businesses navigate this rapidly evolving sector.
This report is a crucial resource for professionals involved in the fields of telecommunications, semiconductor manufacturing, defense, and IoT (Internet of Things), providing actionable intelligence to drive informed strategic decisions. Companies seeking to stay ahead of the curve will find detailed competitor benchmarking, key investment pockets, and insights into technology partnerships that can lead to competitive advantages.
Why Industry Leaders Should Consider This Report:
Gain a clear understanding of the market’s growth drivers and restraints.Uncover new revenue streams in the dynamic millimeter wave technology space.Benchmark your position against industry competitors and recognize areas for improvement.Make data-driven investment decisions backed by a reliable forecast and detailed market analysis.
Stay ahead of the curve in the ever-evolving Millimeter Wave Technology Market. For more information or to request a sample copy of the report, please visit: https://www.verifiedmarketresearch.com/download-sample?rid=3287
Browse in-depth TOC on “Global Millimeter Wave Technology Market Size“
202 – Pages
126 – Tables
37 – Figures
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2021-2031
GROWTH RATE
CAGR of 9.5% from 2024 to 2031
BASE YEAR FOR VALUATION
2024
HISTORICAL PERIOD
2021-2023
FORECAST PERIOD
2024-2031
QUANTITATIVE UNITS
Value in USD Billion
REPORT COVERAGE
Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis
SEGMENTS COVERED
ComponentFrequency BandProductLicense TypeEnd-User
REGIONS COVERED
North AmericaEuropeAsia PacificLatin AmericaMiddle East & Africa
KEY PLAYERS
Qualcomm Technologies, Inc., NEC Corporation, L3 Technologies, Inc.,, Millimeter Wave Products Inc.,, Keysight Technologies
CUSTOMIZATION
Report customization along with purchase available upon request
Global Millimeter Wave Technology Market Overview
Rising Demand for High-Speed Data Transmission: The increase in mobile data traffic and the expansion of 5G networks are driving the Millimeter Wave Technology Market. Rapid data transfer is essential for facilitating next-generation communication. This transition facilitates uninterrupted streaming, IoT integration, and smart city development, increasing investment in millimeter wave technologies, improving network efficacy, and creating a profitable market for telecoms companies.
Advancements in Automotive and Autonomous Technologies: The automotive and autonomous vehicle industries are progressively integrating millimeter wave technologies to improve radar and communication systems. These technologies provide accurate object identification, collision prevention, and lane guidance. As the automotive sector advances towards autonomous driving solutions, millimeter wave technology becomes crucial, facilitating market growth. Manufacturers and suppliers in automotive electronics are anticipated to witness significant demand growth.
Growth in Military and Defense Applications: Military and defense sectors are heavily investing in advanced millimeter wave technology for secure and high-speed communication, radar systems, and surveillance. Its superior bandwidth and low interference make it ideal for defense communications. The focus on modernizing defense capabilities in developed and developing nations is expected to drive market growth. Defense contractors and technology developers will find abundant opportunities in this evolving sector.
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High Infrastructure and Equipment Costs: Notwithstanding its benefits, the substantial initial expenses associated with millimeter wave technology infrastructure hinder widespread implementation. The establishment of network infrastructure and specialized equipment requires substantial expenditure, constraining market entry in price-sensitive areas. Companies must evaluate the advantages relative to the significant investment, which may impede market expansion for cost-sensitive sectors such as telecommunications and manufacturing.
Signal Attenuation Challenges: Millimeter wave signals are prone to attenuation, particularly when encountering obstructions like buildings, trees, or inclement weather. This constraint affects the efficacy of the device in densely populated or difficult areas. Mitigating signal loss necessitates increased network densification and the installation of repeaters, hence complicating deployment and escalating expenses. Service providers must devise strategies to alleviate these constraints for sustained market expansion.
Limited Availability of Spectrum: The Millimeter Wave Technology Market is hindered by the restricted availability of spectrum, essential for 5G and high-frequency applications. Regulatory constraints and rivalry for spectrum allotment among companies may impede expansion initiatives. Telecommunications companies and allied sectors encounter challenges in obtaining adequate spectrum to sustain their services, which may affect the velocity and magnitude of future installations.
Geographical Dominance
North America occupies a preeminent position in the Millimeter Wave Technology Market, propelled by early 5G implementation, substantial R&D investment, and a flourishing technological ecosystem. The involvement of critical stakeholders and a robust defense sector further enhances progress. This regional supremacy propels technological advancements and establishes global benchmarks, stimulating demand for millimeter wave solutions internationally. North America’s leadership encourages investment in other regions, enhancing total market growth.
Key Players
The “Global Millimeter Wave Technology Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Qualcomm Technologies, Inc., NEC Corporation, L3 Technologies, Inc., Millimeter Wave Products Inc., Keysight Technologies.
Millimeter Wave Technology Market Segment Analysis
Based on the research, Verified Market Research has segmented the global Millimeter Wave Technology Market into Component, Frequency Band, Product, License Type, End-User and Geography.
Millimeter Wave Technology Market, by ComponentFrequency Sources & Related ComponentsCommunication & Networking ComponentsMillimeter Wave Technology Market, by Frequency Band24-57 GHz57-95 GH2Millimeter Wave Technology Market, by Vehicle TypeScanning SystemsRadar and Satellite Communication SystemsMillimeter Wave Technology Market, by License TypeLight LicensedUnlicensedMillimeter Wave Technology Market, by End UserCellular & TelecomConsumer & CommercialMillimeter Wave Technology Market, by GeographyNorth AmericaU.SCanadaMexicoEuropeGermanyFranceU.KRest of EuropeAsia PacificChinaJapanIndiaRest of Asia PacificROWMiddle East & AfricaLatin America
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Millimeter Wave Technology Market is expected to generate a revenue of USD 14.8 Billion by 2031, Globally, at 9.5% CAGR: Verified Market Research®
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