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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2 weeks agoon
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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”.
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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.
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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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Contact Person: Ankit Mathur
E-mail: ankit.mathur@theinsightpartners.com
Phone: +1-646-491-9876
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Technology
Neopets Turns 25: A Virtual World that Shaped Generations
Published
58 minutes agoon
November 25, 2024By
Childhood Dreams Become Reality as Gaming Icon Comes to Life
LOS ANGELES, Nov. 25, 2024 /PRNewswire/ — Neopets, the virtual universe that defined countless millennial childhoods, is breaking through screens and into reality as it celebrates its 25th anniversary! Fans are invited to dive back into the magical world of Neopia like never before. In honor of 25 years of shared joy, Neopets is launching a vibrant lineup of real-world events, pop-up gatherings, and tasty collaborations, sparking what fans are calling “The Neopian Renaissance.” These festivities offer a unique opportunity for devoted fans – who have kept the spirit of Neopia alive for a quarter-century – to connect face-to-face. It’s an open invitation for both old longtime players and new friends to unite and create new memories together.
(Download Full Media Pack & Detailed List of the Cities Here)
Dominic Law, CEO of Neopets, shared his thoughts on this milestone: “As Neopets marks its 25th anniversary, I can’t help but marvel at my own journey. Once, I was just another kid trading items and staying up late for quests, using Neopets to keep bonds alive with friends across oceans as I moved from Canada to Hong Kong. Today, I’m living a childhood dream, stewarding the very world that shaped my youth. This milestone celebrates more than just a game – it honors millions of friendships forged in Neopia, countless adventures shared, and a community that has made this virtual world feel like home. As we look to the next 25 years, I’m grateful to our passionate fans and partners who keep the magic of Neopets alive.
Virtual to Reality: Neopets Transforms 25-years of Digital Friendships
With fans spread across the globe; we are thrilled to support offline events throughout November. The love and enthusiasm from our community have been truly overwhelming, with close to 300 dedicated fans applying to host gatherings around the globe. These local celebrations have brought Neopets’ magic off the computer and into the real-world, creating a unique opportunity for fans to meet in person, many for the first time ever, bonding over the special place Neopets has in their heart. It’s heartwarming to see people who grew up exploring Neopia together reconnect, reliving cherished childhood memories while making new ones with their lifelong virtual companions. Participants bonded over cosplay contests, trivia challenges, and gaming sessions, crafting unforgettable experiences that elevated shared nostalgia to a whole new level.
These gatherings have become more than just meetups; they’re a phenomenon transcending online friendships from screens to long-lasting connections. They also stand as a testament to the enduring power of Neopets as a virtual companion in people’s lives for 25 years. With over 5,000 attendees across 40 cities, the response has been nothing short of extraordinary, bringing fans together to share stories and unforgettable memories. We have heard many incredibly heartwarming stories, but one that has stood out to us the most have been from our San Jose event host and Community Ambassador, Kay. She shared that Neopets has always been more than just a game; it’s a community that feels like family. Her daily interactions with her guildmates in Omneo have brought laughter, support, and friendships. “They make me laugh, they support me, they are lifelong friends. Many of them I’ve met in real life, but I leapt at the opportunity to get to know my Neopian neighbors better”. This event was also a touching tribute to a family tradition that began when her little sister introduced her to Neopets in 2000, “I’ve been making neofriends ever since”.
The incredible response from our meetups has inspired us to keep the celebrations going, with the next big gathering set for Asia at the Anime Festival Asia (AFA) – the largest anime convention in the region – this November in Singapore. Building on the success of our fan-led events, we’re bringing the celebratory spirit overseas, giving more fans the chance to be part of the magic. At AFA, Neopets will come to life with interactive experiences, exclusive merchandise, and spaces for fans to connect in person, celebrating their shared love for the game in a festive and immersive setting. It’s a chance to celebrate, shop, and meet others who share a love for the game.
From Pixels to Plates: Neopets Takes Over Fan-Favorite F&B brands
For fans who missed out on in-person events, or those craving even more ways to celebrate, Neopets has teamed up with some of the most popular food, and beverage spots to add a dash of Neopia to daily life. Get ready to set Instagram feeds ablaze with cult-favorite food spots to create photo-worthy experiences that are already generating waitlists:
Tsun Scoops (November 17 – December 14) in Garden Grove, CA, will serve limited-edition ice cream flavors inspired by Neopia, alongside Neopets-branded cups, spoons, and collectible merchandise.Yifang Taiwan Fruit Tea (November 25 – December 25) will transform nine California locations into Neopian outposts with themed drinksand exclusive cup sleeves, featuring characters like Kacheek and Aisha.It’s Boba Time (May 2025) in 100 locations across the US will feature Neopets-themed décor and giveaways, making every visit a mini Neopian party with collectible pins and stickers.
These partnerships are designed to be more than a simple treat; they’re a chance for fans to live in the world of Neopets in a whole new way and make every sip, spoonful, or visit a small, delightful toast to the game.
As Neopets celebrates 25 years, this milestone year shows how much love the community has for the brand, and it’s just the beginning. From local fan-led events and global conventions to delicious treats, Neopets is building on its iconic IP to bring the Neopian experience into everyday life. With a renewed focus on being the ultimate virtual companion and a source of joy and nostalgia, Neopets is here to stay, ready to grow and inspire the next generation of fans for years to come.
About Neopets
Founded in 1999, Neopets is the first digital native virtual pet platform that has captured the hearts of over 150 million players worldwide. Under new leadership since July 2023, Neopets has launched a robust revival, bringing back 100+ classic mini-games, introducing new storylines, and expanding into mobile gaming. Through strategic partnerships in collectibles, merchandise, and tabletop gaming, Neopets bridges digital and physical experiences while maintaining its core values of creativity and community. Now celebrating its 25th anniversary, Neopets continues to evolve as an inclusive entertainment brand that connects generations of players through shared adventures in Neopia.
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SOURCE Neopets
Technology
Plus Power Battery Storage Project Wins Public Service Company of New Mexico Award
Published
58 minutes agoon
November 25, 2024By
The 150 MW / 600 MWh project will support grid reliability and economic development in New Mexico, while moving New Mexico toward its clean energy goals
Win represents Plus Power’s 6th announced market and 3rd large tolling agreement
THE WOODLANDS, Texas, Nov. 25, 2024 /PRNewswire/ — Today, Plus Power announced that its 150 MW / 600 MWh Corazon Energy Storage project was awarded a 20-year contract by Public Service Company of New Mexico (PNM), subject to regulatory approvals, in response to the utility’s 2026-2028 Generation Resources Request for Proposals. The RFP was issued in 2022 and sought projects that will help serve growing energy demand in New Mexico as it transitions to zero-carbon energy by 2045. PNM filed with the New Mexico Public Regulation Commission for approval of the project on Nov. 22, 2024.
If approved, Corazon Energy Storage, located in Albuquerque, will begin construction in 2026, with an anticipated commercial operation date in late 2027. The facility will enhance grid reliability by storing excess energy and injecting it back into the grid during peak hours in the evening, weather events, and unexpected demand. Plus Power and PNM signed a tolling agreement, by which Plus Power retains ownership of the facility while PNM can charge and dispatch energy according to its needs.
Corazon Energy Storage will help integrate New Mexico wind and solar energy. PNM, the largest utility in New Mexico, has identified battery energy storage as a key component in its plan to make its electric generation 100-percent carbon-free by 2040, five years ahead of the state’s goal. Corazon will interconnect to the grid at Pajarito Substation, which is located centrally to PNM’s system, to store and dispatch energy from renewable resources.
Corazon Energy Storage will also provide much-needed capacity to support PNM’s customer load requirements.
“We are excited to support PNM customers’ energy demand needs while it works to transition to clean, affordable energy. Our project will help to ensure the reliability and sustainability of New Mexico’s electricity system,” said Brandon Keefe, executive chairman and CEO of Plus Power. “We look forward to a long partnership with PNM and the surrounding community.”
With Corazon Energy Storage, Plus Power is expanding its presence in the Southwest and entering its sixth state market. An industry-leading developer, owner, and operator of standalone battery energy storage assets, the company’s portfolio includes 10 GW of projects in 28 states and Canada. It owns seven operating facilities located in Arizona, Texas, and Hawaii, and two facilities under construction in Maine and Massachusetts, that total 1,650 MW / 4,150 MWh.
Plus Power’s 185 MW / 565 MWh Kapolei Energy Storage facility on Oahu, Hawaii is the most advanced grid-scale battery energy storage system in the world and is helping Hawaiian Electric replace the capacity of a retired coal power plant less than a mile away. Its 250 MW / 1,000 MWh Sierra Estrella Energy Storage facility, located in Avondale, AZ, is currently the largest standalone battery in Arizona and its Rodeo Ranch Energy Storage facility, sized up to 300 MW / 600 MWh, is the largest standalone battery in ERCOT.
About Plus Power
The Plus Power team is accelerating the deployment of transmission-connected battery energy storage throughout the United States. Plus Power develops, owns, and operates standalone battery energy storage systems that provide capacity, energy, and ancillary services, enabling the rapid integration of renewable generation resources. Headquartered near Houston, with offices in San Francisco, Chicago, and Miami, Plus Power operates at the nexus of energy, technology, and finance. For more information, visit www.pluspower.com.
Contact:
Polly Shaw
pshaw@pluspower.com
+1-415-577-5763
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SOURCE Plus Power
Technology
Open Networking & Edge Summit 2025 Heads to London, Alongside KubeCon + CloudNativeCon Europe, March 31 – April 1, 2025
Published
58 minutes agoon
November 25, 2024By
Celebrating over a decade of thought leadership in open networking, the Open Networking and Edge Summit (ONE Summit) has served tens of thousands of attendees from across 5 continents and 200+ countries, from Enterprise, Cloud and Telecom EcosystemsLF Networking will also host the Cloud Native Telco Day on April 1 as part of KubeCon + CloudNativeCon EuropeThe open networking & edge industry will gather alongside the cloud native ecosystem to shape the future of Domain-specific AI, LLMs, Edge/IoT, Open RAN, Enhanced Connectivity / Access, Enterprise and Multi-Cloud Networking, 5G/6G, Security, and more
SAN FRANCISCO, Nov. 25, 2024 /PRNewswire/ — LF Networking, the facilitator of collaboration and operational excellence across open source networking projects, announced the next Open Networking & Edge Summit event will take place March 31 in London ahead of KubeCon + CloudNativeCon Europe. The event will be followed by a half-day “Cloud Native Telco Day” event officially co-located with KubeCon + CloudNativeCon. Attendees are encouraged to attend both events at the same venue over two days to get the full experience.
The Open Networking & Edge Summit has been a pivotal event for the open networking and edge industry, bringing together leaders, innovators, and stakeholders from across the globe to drive advancements in open networking and edge computing. Since its inception over 10 years ago, the summit has served as a premier platform to discuss, develop, and showcase transformative technologies that define the future of connectivity and infrastructure. Discussion topics range across the stack, including: Domain-specific AI, LLMs, Edge/IoT, Open RAN, Enhanced Connectivity / Access, Enterprise and Multi-Cloud Networking, 5G/6G, Security, and more.
“Hosting Open Networking & Edge Summit alongside KubeCon + CloudNativeCon creates an unparalleled opportunity for collaboration across the open source ecosystem,” said Arpit Joshipura, general manager, Networking, Edge and IoT at the Linux Foundation. “Bringing together the vibrant open networking community under the same roof as the cloud native community will empower attendees to extend their knowledge and maximize their time while also shaping the next wave of innovation.”
Each year, the Open Networking & Edge Summit continues to be a catalyst for technological innovation and industry growth, shaping the path forward in a rapidly evolving digital landscape. Through collaborative sessions, keynote speeches, and hands-on demonstrations, the summit empowers the ecosystem to address key challenges, exchange insights, and accelerate the adoption of open source solutions. This event has been instrumental in fostering a community dedicated to advancing cloud-native networking, edge computing, and IoT, with a focus on real-world applications that enhance performance, reduce costs, and create a more interconnected world.
Registration & CFPs
Registration for Open Networking & Edge Summit will open. Registration for Cloud Native Telco Day is a free add-on to KubeCon + CloudNativeCon registration and includes access to the full event beyond Cloud Native Telco Day. Registration for KubeCon + CloudNativeCon EU is not yet open, but details will be available here shortly.
Open Networking and Edge Summit will be a curated event and agenda details will be available in 2025; meanwhile, the Call for Proposals (CFP) for Cloud Native Telco Day is now open through December 4, 2024. Developers, architects, engineers and others are encouraged to submit technical topics to be considered for the half-day event.
Sponsorship
Open Networking & Edge Summit is made possible thanks to our generous sponsors. For information on becoming an event sponsor, view the sponsorship prospectus, or email the team for more information.
Sponsorships for Cloud Native Telco Day are available through the CNCF sponsorship team; learn more here.
About the Linux Foundation
The Linux Foundation is the world’s leading home for collaboration on open source software, hardware, standards, and data. Linux Foundation projects are critical to the world’s infrastructure including Linux, Kubernetes, Node.js, ONAP, OpenChain, OpenSSF, PyTorch, RISC-V, SPDX, Zephyr, and more. The Linux Foundation focuses on leveraging best practices and addressing the needs of contributors, users, and solution providers to create sustainable models for open collaboration. For more information, please visit us at linuxfoundation.org.
The Linux Foundation has registered trademarks and uses trademarks. For a list of trademarks of The Linux Foundation, please see our trademark usage page: https://www.linuxfoundation.org/trademark-usage. Linux is a registered trademark of Linus Torvalds.
Media Contact
Jill Lovato
The Linux Foundation
jlovato@linuxfoundaiton.org
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SOURCE LF Networking
Neopets Turns 25: A Virtual World that Shaped Generations
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Open Networking & Edge Summit 2025 Heads to London, Alongside KubeCon + CloudNativeCon Europe, March 31 – April 1, 2025
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