According to a new market report pertaining to the global application lifecycle management (ALM) market published by Transparency Market Research the global application lifecycle management (ALM) market was valued at US$ 2,887.4 Mn in 2019 and is projected to reach US$ 5,701.9 Mn by 2027, at a CAGR of 8.9% during the forecast period from 2019 to 2027. Growing need for agility, scalability, and flexibility among business organizations in order to instantly respond to fluctuating customer requirements or emerging business needs is driving the growth of the global application lifecycle management market.
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Application lifecycle management (ALM) delivers governance, development, and maintenance for application software. Requirements management; design; build; testing; and change, integration, project, and release management are major elements of ALM. The modern software development process is complex. The traditional software development lifecycle (SDLC) applies only to the development process, while ALM works for the entire application lifecycle, from planning to deployment. ALM software solutions enable software development teams to manage their project status from requirements to delivering releases and also help organizations fulfill their business goals. ALM software solutions are now adopted in many industries, including automotive, healthcare, and even BFSI.
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The rapid uptake of mobile devices and the growth in the number of browsers/platforms globally has generated the creation of a large number of mobile applications that require an efficient application development lifecycle. The growing number of mobile devices would also lead to multiplatform complexity, which in turn increases the demand for ALM solutions. The need for greater efficiency across teams and increased engineering productivity are also factors that drive the market for ALM globally. Challenges such as lack of visibility in requirement management, poor communication, and lack of traceability between requirements and other artifacts through the software development lifecycle fuels the growth of the ALM market. Engineering, development, and quality assurance teams are more productive and deliver quick output with ALM software, increasing efficiency across software development teams as well as accurate allocation of human and technology resources. The aging of systems development life cycle (SDLC) infrastructure also drives the market for ALM worldwide across various sectors, as SDLC has a rigid design and inflexible procedures for partitioning the project into stages, which creates difficulties in estimating the time and budget for each stage of the project.
Application Lifecycle Management (ALM) Market: Market Taxonomy
On the basis of components, the ALM market is categorized into software and services. The software segment consists of on-premise and cloud-based deployment types, which are further segmented into agile-centric ALM and process-centric ALM solutions for each type.
Based on enterprise size, the ALM market is segmented into small & medium enterprises and large enterprises. Small enterprises hold largest share in the ALM market and are expected to expand at a CAGR of 9.2% during the forecast period. On the basis of end-users, the ALM market is segmented into automotive and transportation, aerospace and defense, BFSI, energy and utilities, retail, healthcare, IT and telecom, and others segments. Rapid industrialization and technological advancements have increased the demand for ALMs in IT and telecom and automotive and transportation sectors. Furthermore, the growing prevalence of health issues has led to emergence of various advanced technologies in the healthcare sector, further leading to a significant pace of growth for the healthcare segment of the ALM market.
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Application Lifecycle Management (ALM) Market: Regional Outlook
North America is expected to dominate the application lifecycle management (ALM) market during the forecast period. Asia Pacific and Europe are expected to see increasing growth in the application lifecycle management (ALM) market. The application lifecycle management (ALM) market in Middle East & Africa and South America is also expected to expand rapidly during the forecast period.
The report provides in-depth segment analysis of the global application lifecycle management (ALM) market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the application lifecycle management (ALM) market.
Read TMR Research Methodology at: https://www.transparencymarketresearch.com/methodology.html
North America and Europe are the major geographies that drive the growth of the global application lifecycle management (ALM) market. In 2019, key application lifecycle management (ALM) vendors included
- Atlassian Corporation Plc
- CollabNet, Inc.
- The International Business Machines Corporation
- Inflectra Corporation
- Micro Focus International plc
- HP Development Company, L.P.
- Microsoft Corporation
- Parasoft Corporation
- Polarion Software GmbH
- SAP SE
- Digite, Inc.
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