Application Lifecycle Management Market Lucrative Opportunities across Various Sectors
global Application Lifecycle Management Market revenue stood at US$2.04 Bn in 2014 and is expected to reach US$4.39 Bn by 2023 at a CAGR of 8.9% by 2023
This report on the global Application Lifecycle Management Market provides analysis for the period from 2013 to 2023, wherein 2014 is the base year and the years from 2015 to 2023 are the forecast period. Data for 2013 has been included as historical information. The report covers all the prevalent trends and technologies playing a major role in the growth of the Application Lifecycle Management Market over the forecast period. It also highlights various drivers, restraints, and opportunities expected to influence the market’s growth during this period. The study provides a holistic perspective on market growth throughout the above forecast period in terms of revenue estimates (in US$ Mn) across different geographies, which include North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America (LATAM).
The emerging IT applications are changing the way business is done today. The integration of ALM is necessary in order to remove inefficiencies and blocks in the software development lifecycle process. ALM helps a company to develop the best virtual methods for every phase of the software application process, including research, requirements planning, prototyping, engineering, design, time to market, programming, testing, risk management, defect tracking, and measurement. Benefits such as business agility, enhanced organizational agility, and improved resource utilization provided by ALM have significantly increased the demand for this technology worldwide. North America dominates the overall market for ALM globally owing to surging technological advancements and automation in this region.
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Application Lifecycle Management Market is a process that is used to coordinate and manage different phases of software development. As a result, software can be designed, delivered, and deployed faster, reducing time to market. ALM solutions have been adopted by companies in various developed economies in North America with a view to maintaining their business agility and flexibility, as ALM increases the business efficiency by creating and enforcing standards across all related project stages, and performing more appropriate allocation of human and technological resources. Also, increasingly cloud-based ALM solutions are being adopted by enterprises around the globe. This is due to the benefits offered by cloud-based implementation models, such as low upfront costs, hosted computing services without any investments in infrastructure, and increased scalability. The cloud-based Application Lifecycle Management Market solutions segment is anticipated to grow the fastest, with an expected CAGR of 8.7% during the forecast period due to their ability to provide global access to information and processes in software development. The ALM services market is segmented into consulting, professional, operation, and maintenance. In 2014, global ALM services component revenue accounted for 1.13 Bn, which is approximately 55% of the overall ALM market.
The IT and telecom end-user segment acquired the majority share of the ALM market in the year 2014. It was also the fastest-growing segment, projected to expand at a CAGR of 9.3% from 2015 to 2023. Rising technical as well as managerial challenges and variations in software with different standards in different regions have led to high adoption of ALM solutions among IT and telecom end-users.
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