According to the new research report published by The Insight Partners, titled “Application Modernization Tools Market - Global Analysis and Forecast to 2027”, 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 growth rate of 18.7% in the forecast period from 2019 to 2027.

Application modernization tools market is segmented on the product type and application. By product type, the COBOL is estimated to dominate the market throughout the forecast period and is also growing at a high CAGR. The advantage of inheritance of readability, as well as suitability from traditional to advance platforms, mainly for financial calculations, is anticipated to drive the COBOL application modernization tool market in the forecast period.

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North America is a hub of technological developments that compliances with economically robust countries. This region is an early adopter of technologies and has a good IT infrastructure. With the increase in the adoption of advanced technologies and Industry 4.0, it has become essential for private and government organizations to adopt application modernization tools for the transformation of legacy language into the modern language to meet the ever-growing technological advancements. Furthermore, the governments of North American countries are focusing strongly toward increasing the IT budgets due to the presence of outdated IT infrastructure.

Moreover, the US is known as the Silicon Valley of the IT world; the country has the presence of Fortune 500 IT-companies, which are making huge investments in the development of products and solutions by adopting advanced and innovative technologies. These companies are implementing application modernization tools to transform their database and applications to modernize them by making them compatible with high-level programming languages, such as Java and .NET, without changing the core coding. 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.

Application modernization tools market is segmented on the product type and application. By product type, the COBOL is estimated to dominate the market throughout the forecast period and is also growing at a high CAGR. The advantage of inheritance of readability, as well as suitability from traditional to advance platforms, mainly for financial calculations, is anticipated to drive the COBOL application modernization tool market in the forecast period.

Some of the key players operating in the global application modernization tools market that are profiled in this research study 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 Technologies, The Software Revolution Inc. (TSRI), and Virtusa Corporation.

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