DUBLIN--(BUSINESS WIRE)--The "Application Lifecycle Management Market by Solution (Software and Services), Platform (Web-Based Applications and Mobile-Based Applications), Deployment mode (On-premise and Cloud), Organization Size, Industry and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Application Lifecycle Management (ALM) Market Size is projected to Grow from USD 3.1 Billion in 2019 to USD 4.5 Billion by 2024, at a CAGR of 7.1% from 2019 to 2024.
The shift from the Waterfall development model to Agile development model to drive the ALM market
Major growth factors for the market include an increase in the adoption rate of ALM tools to shorten the release time and time-to-market, and adoption of new methodologies, such as Agile and DevOps, to leverage customer experience.
Software segment to hold a larger market size in 2019
The ALM software enables teams of all sizes to deliver high-quality apps with greater speed and agility. The software continuously processes for application project and portfolio management, requirement gathering, estimation, planning and designing, development, test and quality assurance, deployment and DevOps, and application support and maintenance. The deployment of ALM software with the help of agile and DevOps technology improves communication and collaboration between teams.
By industry, telecom and IT industry to register the largest market size during the forecast period
The telecom and IT industry are playing a critical role in enabling the digital revolution with the help of ALM. The ALM approach helps enable digitalization. Moreover, the ALM software helps the industry in improving the predictability of the software in time, scope, quality, and cost through qualitative and quantitative data, resulting in tens of thousands of dollars saved annually. Telecommunication operators and carriers are adopting the ALM software to bring agility in telecom operations.
APAC to register the highest growth rate during the forecast period
The Asia Pacific (APAC) ALM market is experiencing a disruptive growth, owing to an increase in the adoption of the Internet of Things (IoT) and Bring Your Own Device (BYOD) trends, which is encouraging the organizations in the region to implement ALM software for streamlining their operational processes.
Major factors for technological advancements in the region are growing middle-class income, rising levels of urbanization, technological innovation, and government support for the digital economy. The major countries to witness high growth rates in this region include Australia and New Zealand (ANZ), China, Japan, Singapore, and others.
Major vendors offering ALM solutions Atlassian (Australia), IBM (US), Microsoft (US), Micro Focus (UK), CollabNet (US), Broadcom (US), Digite (US), Inflectra (US), Intland (Germany), Perforce (US), and Siemens (Germany).
- Shift of Development Model From Waterfall to Agile
- Improving Decision-Making During Application Development
- Ensuring Compliance Throughout the Application Development Phase
- Slow Disposal Rate of Legacy Methods and Adoption of New Ones
- Emergence of Open Source ALM Tools
- Critical Integration of ALM Tools
- Jama Software
- Kovair Software
- Micro Focus
- Rocket Software
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