"IBM's transition towards cloud services and containerization reflects its attempt to regain market share and adapt to modern technology demands."
"Founded in 1911, IBM has a significant legacy but faced revenue declines, prompting a focus on enterprise solutions and the acquisition of Red Hat."
IBM, a longstanding player in IT and storage, has transitioned towards cloud services and containerization to address declining revenue. Founded in 1911, it has evolved from punch-card systems to becoming a key enterprise solutions provider. Notable was its $34 billion acquisition of Red Hat in 2019, enhancing its capabilities in Linux and cloud products. In 2023, IBM ranked eighth in external storage revenues with 4.7% market share, a decline from its previous positions, reflecting ongoing challenges amidst emerging competitors.
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