Europe application modernization tools market is expected to grow from US$ 1.87 Bn in 2018 to US$ 9.91 Bn by the year 2027. This represents a CAGR of 20.6% from the year 2018 to 2027.
Rapidly modernizing security threats in the coming years is expected to raise its capability to hastily analyze a large amount of data with the help of disruptive technologies like artificial intelligence (AI). The ability of AI and analytics to provide quick mathematical calculations to augment the vital abilities of human intelligence is anticipated to generate the growth opportunity for the application modernization tools market shortly.
AI has proven to be extensively worthy of threat detection as it can detect anomalies, patterns, and outliers more effortlessly and even with a less skilled workforce. Several application modernization service providers have already initiated research & development for the implementation of AI along with their modernization services. In the forthcoming years as the end-users’ expectation regarding user behavior and threat detection capabilities increases, the collaboration of existing application modernization tools with advanced analytical technologies is expected to drive remarkable growth through the value chain of application modernization tools market. The application modernization tools market is highly competitive with the presence of some of the well-established players as-well-as small players operating in the market.
The Europe application modernization tools market by product type is segmented into the COBOL, ADA, RPG, assembler, PowerBuilder, and others. The rising demand for web services and a surge in working with XML data from a range of sources are boosting the need for RPG applications. The web services client using C++ toolkit externally define the data structures to map between the elements of fields operational by RPG applications as well as XML documents. With the growing advancements in technology, many organizations have shifted their focus on introducing multiple evolved RPG versions in their application inventory for coding, which makes these applications monolithic and challenging to maintain. For instance, Infosys enables its customers to upgrade the old version of RPG inventory with new, optimized, free, and modular integrated language environment (ILE). Similarly, IBM also introduced its ILE to compile the coding as a program and modules. Furthermore, IBM and other market players stopped supporting RPG versions older than RPG IV. COBOL holds a significant share of Europe application modernization market and is expected to grow at a high growth rate.
The overall application modernization tools market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Europe application modernization tools market. It also provides an overview and forecast for the Europe application modernization tools market based on all the segmentation provided for the Europe region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe application modernization tools industry. Some of the players present in Europe application modernization tools market are Advanced Computer Software Group Limited, Aspire Systems, Asysco, Atos SE, Blu Age, Deloitte Touche Tohmatsu Limited, FreeSoft, Inc., Micro Focus, Mphasis Limited, and Software Mining.