Global Application Lifecycle Management Market to be Propelled by Increasing Demand in Enterprises
Global Application Lifecycle Management (ALM) Market revenue stood at US$2.04 Bn in 2014 and is expected to reach US$4.39 Bn by 2023 at a CAGR of 8.9% by 2023
The rapid growth of the corporate sector has extensively increased the demand for application lifecycle management (ALM) solutions in the global arena. The advantages, offered by these solutions such as dedicated assistance to software developers in managing their project status, starting from requirement collection to delivering releases, have triggered their uptake in numerous enterprises operating in various industries such and IT and telecom, automotive, transportation, retail, medical and healthcare, others.
In 2014, the worldwide ALM market reached US$2.0 bn. During the period from 2015 to 2023, the market is estimated to rise at a CAGR of 8.90% and attain a value of US$4.3 bn by the end of 2023.
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Europe and North America led the global ALM market in 2014. However, the rising adoption of technology in Asia Pacific is likely to significantly increase its share in the overall market over the next few years. On the other hand, the ALM market in the Rest of the World is expected to report a moderate growth in the near future.
Software-based ALM Solutions Witness Increased Deployment
The ALM software solutions market can be classified into on-premise solutions and cloud-based solutions. The demand for cloud-based ALM solutions is registering a remarkable rise around the world owing to the benefits that cloud-based implementation models offer, such as cost efficiency, increased scalability, and availability of hosted computing services without investing in infrastructure.
The cloud-based ALM solutions market is likely to expand at a CAGR of 8.70% between 2015 and 2023. The ability of these solutions to provide easy access to information and procedures in the software development globally, is expected to drive the cloud-based ALM solutions market in the forthcoming years.
IT and Telecom Sector Emerges as Biggest End User of ALM
The increasing technical challenges faced at managerial level in enterprises are resulting in a high adoption rate of ALM solutions in the IT and telecom sector. Additionally, the variations in software, varying from region-to-region due to dissimilar standards, are projected to fuel the uptake of ALM in this sector over the coming years.
Some of the major participants in the global ALM market are Micro Focus International Plc, HP Development Co. L.P., VersionOne Inc., Microsoft Corp., Polarion Software GmbH, CollabNet Inc., Atlassian Corp. Plc, Parasoft Corp., IBM Corp., and Inflectra Corp.
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