Our Intel license for Intel parallel studio and ipp/mkl libraries expires in September this year, We currently use the 7.1 ipp/mkl libraries. When our license is renewed will we still be able to keep using the 7.1 or will we have to migrate to the 8.x version?
If you own the valid license for old release, you can continue to use the old IPP or MKL libraries. But note, if you want to get support or download the new IPP package, you needs to have the valid license that is not expired.
Generally I would suggest you to update the new release, which includes the new processor support, and bug fixes. Also the future bug fix will base on new IPP 8.x release, not on the old IPP 7.0 release.