LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global application lifecycle management (ALM) market to grow at a CAGR of close to 6% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global application lifecycle management market for 2017-2021. The report also lists cloud-based ALM and on-premises ALM as the two major segments based on deployment models. The cloud-based ALM segment accounted for 58% of the market in 2016.
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Technavio ICT analysts highlight the following three market drivers that are contributing to the growth of the global ALM market:
- Use of ALM provides improved cost saving
- ALM drives productivity and quicker time to market
- ALM helps focus on real-time decision-making
Use of ALM provides improved cost saving
ALM helps organizations reduce costs and provide on time services to markets. It also enables the centralized management of project portfolios. Centralization allows organizations to enhance the decision-making process and thereby improve the performance of the organization, eliminate duplication of effort, reduce operating costs, and maintain multiple data centers.
These services also help organizations increase their savings, as it gives the IT managers and chief information officers (CIOs) visibility of application cost and associated support that is required to get back the expected ROI.
According to Amit Sharma, a lead analyst at Technavio for enterprise application research, “ALM makes it possible to track developments in various projects at a rapid pace, which enhances the processing speed and response time. The service can also facilitate rapid identification of issues, which helps organizations avoid redundant or poor IT investments.”
ALM drives productivity and quicker time to market
ALM helps organizations to achieve higher productivity by providing end-to-end performance report. ALM helps speed up the development and test cycles, which helps in quicker time to market. The functions in organizations are fully automated and streamlined when ALM software package is used, resulting in rapid designing, delivering, and deploying of the software.
“Furthermore, ALM helps to centralize the management, attain real-time visibility into the application delivery process, and implement consistent workflows and processes across the application lifecycle, thereby reducing the duplication of effort between projects,” says Amit.
ALM helps focus on real-time decision-making
ALM helps monitor business application management services. It provides flexible, integrated, and real-time decision-making support for those in the top management, which, in turn, helps to improve responsiveness across an organization. Diverse elements of multinational environments, such as language, currency, and accounting standards, are covered in a single application management service.
The service provides for better analysis and planning capabilities. It enables comprehensive and integrated management of related businesses and corresponding data. This integration allows the complete deployment of various kinds of decision-making support systems and project management functions.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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