Jun 10, 2020 12:56 AM ET
iCrowd Newswire – Jun 10, 2020
The software is gaining significance important in the world of mobility in every region. Hence, such significant growth is expected to offer ample growth opportunities for the application modernization software solutions market players during the forecast period of 2019 to 2027. The spending on application modernization tools is quite high in both developed and developing regions such as North America, Europe, and the Asia Pacific.
Application modernization tools market on a global scenario was valued at US$ 8.04 Bn in 2018 and is expected to reach US$ 36.86 Bn by 2027 with a CAGR growth rate of 18.7% in the forecast period from 2019 to 2027.
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The demand for application modernization tools is expected to grow further during the forecast period of 2019 to 2027. Growing digitization and positive economic outlook are some of the major macroeconomic factors driving the growth of the application modernization tools market. Rigorous spending on improving the infrastructure across the globe and the increasing adoption of cloud computing technologies are also expected to drive the global market.
Today, the software industry has the potential to become one of the most high-tech industry, and from the past few years, the industry observed high growth and a dramatic increase worldwide. The software has become a key accelerating technology in every region for development and growth. Factors such as economic growth, technological innovations, and IT spending influence software market dynamics considerably. The global economy is expected to stabilize and grow at a steady speed in the coming years, mostly driven by emerging economies such as India, China, and Brazil. Additional enterprises and new developing markets are expected to invest in the software market to build IT infrastructure that would help reduce costs and enhance business productivity. New emerging markets and economic growth and increasing demand from small and medium enterprises are anticipated to boost the software industry. Asia Pacific emerged as the fastest-growing region during the last few years in the software industry, led by economic growth and expanded IT spending.
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.
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Keywords: Application Modernization Tools, Application Modernization Tools Market, Application Modernization Tools Market 2020, Application Modernization Tools Market 2027