DUBLIN--(BUSINESS WIRE)--The "Application Modernization Tools Market to 2027 - Global Analysis and Forecasts by Product Type; Application" report has been added to ResearchAndMarkets.com's offering.
The global application modernization tools market was valued at US$ 8.04 Bn in 2018 and is expected to reach US$ 36.86 Bn by 2027, with a CAGR of 18.7% in the forecast period from 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. Further, 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. Also, factors including economic growth, technological innovations, and IT spending influence application modernization tools market.
Geographically, North America held the majority revenue share of the application modernization tools market in the year 2018, and it is expected to continue its dominance during the forecast period. Developed IT Infrastructure, a huge number of enterprises and presence of some of the fastest potential countries such as the U.S and Canada are some of the major factors driving the growth of application modernization tools market in this region.
In 2018, Europe and the Asia Pacific held the second and third position in the global application modernization tools market. The other growing regions, such as the Middle East, Africa, and South America, are anticipated to offer significant growth opportunities for application modernization tools market players during the forecast period from 2019 to 2027.
The application modernization tools market is segmented on product type and application. Based on the product type, the application modernization tools market is segmented into COBOL, ADA, RPG, assembler, PowerBuilder, and others.
Based on the application, the application modernization tools market is segmented into emulation, translation, and business rules extraction. The business rules extraction segment of the application modernization tools market is anticipated to experience exponential growth during the forecast period.
The business rule extraction follows a particular process for each program in the legacy system, including recognition of use cases in the program, classifying the business logic in the program, identifying the business-relevant conditions, categorizing fragments considered as independent rule sets, and converting each fragment to a set of business rules.
The business rule extraction offers output in several formats such as UML artifacts, which includes class diagrams and use cases, activity diagrams, standard office documents namely: Word and Excel, Visio, to convert into programmable formats such as SQL, DDL, and XML. This process uses a tool that features the legacy language to consolidate business logic into business processes and rules. It also exports the business processes and regulations to modern platforms.
Some of the key players in the application modernization tools market include Advanced Computer Software Group Limited, Aspire Systems, Asysco, Atos SE, Blu Age, Deloitte Touche Tohmatsu Limited, FreeSoft, Inc., Language Portability Solutions, Micro Focus, Mphasis Limited, Semantic Designs Incorporated, Software Mining, The Software Revolution Inc. (TSRI), and Virtusa Corporation.
Many well-known as well as application modernization tool solutions providers are present in the market to provide application modernization tool to their customers. The larger firms are adopting the strategy of acquiring and collaborating with various companies to enhance its capabilities and expand its footprint in different geographies.
Reasons to Buy
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the Application Modernization Tools market, thereby allowing players to develop effective long term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
Key Topics Covered
1.1 Scope of the Study
1.2 Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.2 Secondary Research
3.3 Primary Research
4. Application Modernization Tools Market Landscape
4.1 Market Overview
4.2 Ecosystem Analysis
4.3 PEST Analysis
4.3.1 North America PEST Analysis
4.3.2 Europe PEST Analysis
4.3.3 Asia Pacific PEST Analysis
4.3.4 Middle East & Africa PEST Analysis
4.3.5 South America PEST Analysis
5. Application Modernization Tools Market - Key Industry Dynamics
5.1 Key Market Drivers
5.1.1 Increasing Digital Transformation Across the Industries are Positively Impacting Application Modernization Market
5.1.2 Stringent Regulatory Compliances and Growing Need for Its Adherence
5.2 Key Market Restraints
5.2.1 High Upfront Costs Involved in Implementation and Up Gradation
5.3 Key Market Opportunities
5.3.1 High Degree of Integration with Other Solutions
5.4 Future Trends
5.4.1 Artificial Intelligence and Analytics is Expected to Contribute to the Market Growth During the Forecast Period
5.5 Impact Analysis of Drivers and Restraints
6. Application Modernization Tools Market - Global Market Analysis
6.1 Global Application Modernization Tools Market Overview
6.2 Global Application Modernization Tools Market Forecast and Analysis
6.3 Market Positioning - Top Five Players
7. Application Modernization Tools Market - By Product Type
7.2 Application Modernization Tools Market Breakdown, By Product Type, 2018 and 2027
8. Application Modernization Tools Market - By Application
8.2 Application Modernization Tools Market Breakdown, By Application, 2018 & 2027
8.5 Business Rules Extraction
9. Global Application Modernization Tool Market - Geographic Analysis
9.2 North America Application Modernization Tool Market Revenue and Forecast to 2027
9.3 Europe Application Modernization Tool Market Revenue and Forecast to 2027
9.4 APAC Application Modernization Tool Market Revenue and Forecast to 2027
9.5 MEA Application Modernization Tool Market Revenue and Forecast to 2027
9.6 South America Application Modernization Tool Market Revenue and Forecast to 2027
10. Application Modernization Tools Market - Industry Landscape
10.2 Market Initiatives
10.3 Mergers & Acquisitions
10.4 New Developments
11. Application Modernization Tools Market - Company Profiles
11.1 Advanced Computer Software Group Limited
11.2 Aspire Systems (India) Pvt. Ltd.
11.3 Asysco Software B.V.
11.4 Atos SE
11.5 Blu Age
11.6 Deloitte Touche Tohmatsu Limited
11.7 FreeSoft Inc.
11.8 Language Portability Solutions
11.9 Micro Focus International plc
11.10 Mphasis Limited
11.11 Semantic Designs, Incorporated
11.12 SoftwareMining Technologies
11.13 The Software Revolution Inc. (TSRI)
11.14 Virtusa Corporation
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