Personally, I do not like Java and I am pretty sure that it is not the "dev's favorite". It's more like the industry still uses it, because it's been a standard for a long time, it is stable, it has a community and lots of industry frameworks build on top of Java. Java is not a good language, but it's not bad either. But most importantly: People tend to know in what places Java is bad and they know how to handle that. You cannot get rid of Java just like that.
Also: Why should you? In what way is Java inferior to Node.JS? To Elm? To Elexir? To Go? As a corporate developer, you want to solve a problem. The solution has to be stable and has to be maintainable by anyone. It does not need to be "hip" or "hype" or "technically superior" in any way! So the best path is to choose Java, since nearly everyone knows Java and learning Java is really easy. It fits like a glove.
I think, the usage of Java will decline. Especially with the rise of languages, which are built with cross-platform in mind (I know that at least JavaScript (on Node.JS) and Rust are), Java will loose more and more developers. I am pretty sure, that Google, maybe in 15-20 years, will have to re-consider Java as the native language for Android, however it will take a lot longer than that to finally make the change to other options, which might better fit the kind of technology we will live in, then.
As one example, take Cobol. Today, no one in their right mind would write a Cobol application. However, there are still banks and other institutions, which have old Cobol programs and need people who update those programs with new requirements or translate them. Cobol is dead, but still in use. That kind of thing will happen to a lot more languages, but the transition will need decades.