Publication Month: Sep 2019 |
Report Code: TIPRE00006650
| No. of Pages:
| Category: Technology, Media and Telecommunications
| Status: Published
No. of Pages 173
North America is expected to hold the largest application modernization tools market share by 2027. The governments are maximizing their digital investments by strategically leveraging new technologies, as well as data and advanced analytics, for optimizing policies and programs, and updating their legacy systems. Improving and aligning processes; attracting new investors; bringing smart, data-driven approach in government operations; providing better access to and improving management of information; enhancing citizen satisfaction and trust; transforming government transaction services; and meeting the needs of rapidly changing demographics and balancing cost while optimizing efficiency are all playing major role in the ongoing IT transformation across the government, public, and private sectors.
End-to-end business process optimization, increased operational efficiency, improved customer experience, and reduced costs are few of the factors driving the application modernization tools market. The paradigm shift of enterprises from traditional channels to digital and automated channels results in multiple benefits ranging from improved efficiency to reduced cost and increased revenue opportunities, thus bolstering the growth of application modernization tools market
The players in application modernization tools market are integrating various solutions with the applications and front ended on tablets, mobile, and web. It is a cost-effective and quick way to provide new business processes across any applications. Services providers integrate solutions such as robotic process automation (RPA) which is an as-a-service automation platform. It enables to replicate the interaction of technology and human to automate a wide range of operations and support processes cost-effectively and increases the reliability.
The global application modernization tools market by product type was led by COBOL segment. The application modernization process is quite challenging with the traditional methods, but with the adoption of agile technologies, it became easy and more accurate. COBOL is a high-level programming language that generates fully web-based applications and reengineers project within the timeframe, along with executing standards and following specifications for a better look and feel, with the modernization in .NET and Java applications. Various platforms available in the market transform the existing codes into advanced languages.
The global application modernization tools market by application was led by emulation segment in 2018. Also, the segment is expected to hold the largest application modernization tools market share by 2027. Emulation is a process to rehost/re-platform the modernization approach used to provide an environment that compiles on distributed platforms by emulating the legacy operating environment. The emulation capability reduces the amount, and the changes occurred at the time when the legacy system migrates to a distributed platform. The emulation process offers the fastest technique to migrate workloads off a mainframe and a comparatively low-cost, low-risk way to decrease the operating costs as well as uphold the business value. These factors expected to upsurge the demand for emulation applications in application modernization tools market.
|Market Size Value in||US$ 8.04 Billion in 2018|
|Market Size Value by||US$ 36.86 Billion by 2027|
|Growth rate||CAGR of 18.7% from 2019-2027|
|No. of Pages||173|
|No. of Tables||58|
|No. of Charts & Figures||70|
|Historical data available||Yes|
|Segments covered||Product Type ; Application|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The market players present in application modernization tool market are mainly focusing on product enhancements by implementing advance technologies. Few of the recent developments are listed below:
2019:Atos announced the enhancement of Atos Managed OpenShift (AMOS) platform, with the help of new integrated automation features from the SyntBots automation platform. This up-gradation is a result of the collaboration between Atos and Red Hat.
2018:Micro Focus announced the general availability of Visual Enterprise Suite 4.0 and COBOL 4.0, marking a key step in implementing its digital transformation vision to facilitate customers to update core business processes as well as technology.
2017:Blu Age announced its partnership with Advanced, for offering its game-changing solution - COBOL Migration and data modernization to Advanced. With this partnership, the company delivers its automated solution for transforming its legacy COBOL applications to Java and .NET.
The List of Companies