The COVID-19 pandemic has sparked technological exigencies across all major business verticals as enterprises are exploring new ways to remain competitive during these trying times. Such trends are anticipated to lead to a spurt in growth of the mainframe modernization services market. This is evident since increasing number of merchants, retailers as well as brick-and-mortar store owners are gravitating toward eCommerce marketplace.
Companies in the mainframe modernization services market are capitalizing on trends such as several B2B enterprises embracing next-gen technologies including artificial intelligence (AI), SaaS, IoT (Internet of Things), and Big Data, among others to sustain volatile market sentiments. Thus, upgrading existing enterprise systems has become important to overcome challenges imposed by the coronavirus pandemic.
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Lack of Flexibility and Shrinking Labor Pool Affecting Market Growth
The global mainframe modernization services market is projected to advance at a CAGR of 16.6% during the forecast period. Although mainframe applications form a critical part of the technology infrastructure of businesses, the lack of flexibility and the shrinking labor pool with legacy expertise add up to the core challenges of mainframes modernization. Hence, market stakeholders are competing to offer a detailed roadmap for the modernization strategy to end customers, clients, and partners as per individual business & technical priorities for an effective transformation.
A clear formulation of the target architecture is necessary, which can be deployed on open systems and help to reduce cost of ownership.
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Incremental Approach Proves Beneficial for BFSI Stakeholders
The global mainframe modernization services market is expected to reach the valuation of US$ 108.9 Bn by 2031. After IT and telecom, BFSI is expected to dominate the second highest revenue among all end user types in the market during the forecast period. It has been found that incorporating legacy modernization programs incrementally into ongoing implementations is less costly than complete replacements as it preserves the function in the existing systems.
Companies in the mainframe modernization services market are gaining awareness that the risk of operational disruption is much lower with an incremental approach. Modernization techniques such as exposing APIs (Application Programming Interface) from legacy applications to the external world can improve application quality and help to create a connected ecosystem in financial institutions.
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Migration to New Standards-based Ecosystem Grows Prominent in Telecoms
There are different levels of complexity of system modernization depending on the current state of a legacy application. Some legacy systems may require remediation, others re-platforming or even migration to a new standards-based ecosystem. Companies in the mainframe modernization services market are gaining awareness about these findings.
Companies in the mainframe modernization services market are unlocking revenue opportunities in the IT & telecom industry, since telco providers using legacy systems will inevitably face increased operational risks due to unsupported hardware and software. One of the key stages in the modernization of legacy systems involves the assessment of the current state of code and legacy requirements.
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