Tuesday, May 31, 2022

Application Lifecycle Management Market Driving Factors, Industry Growth, Key Vendors and Forecasts to 2024

According to a research report "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" published by MarketsandMarkets, is projected to grow from USD 3.1 billion in 2019 to USD 4.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 7.1% from 2019 to 2024. 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.

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By solution, 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 organization size, SMEs to grow at a higher CAGR during the forecast period

The implementation of ALM is expected to result in reduced costs and improved business efficiency for Small and Medium-sized Enterprises (SMEs). The SMEs segment is expected to be a faster-growing segment in the ALM market. Enhanced reliability, better scalability, user-friendly capabilities, easy integration, increased agility, and improved efficiency are the key factors that are expected to encourage SMEs to adopt ALM at a rapid pace. The segment has a huge potential to flourish in the ALM market in the coming years.

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North America to hold the largest market size during the forecast period

North America has always been an innovative and competitive ground for every technology. The region remains one of the fastest in the adoption of innovative technologies. Currently, the US holds the highest share in the ALM market, due to various factors, such as the presence of several enterprises with advanced IT infrastructure and the availability of technical expertise. Furthermore, the growth of the market in the US can be attributed to several initiatives taken by the government of the country to carry out industrial digitalization, as well as rapid technological innovations and increased use of connected devices taking place in the US. Presence of leading companies such as Microsoft, Broadcom, and IBM has fueled innovations in the ALM market, whereas startup companies, including Perforce, CollabNet, Inflectra, and Digité, have contributed to the growth of the market to a large extent. North America in the coming years is projected to continue its lead in the ALM market.

Market Players

Key market players profiled in this report include Atlassian(Australia), IBM(US), Microsoft(US), Micro Focus(UK), CollabNet(US), Broadcom(US), Digite(US), Inflectra(US), Intland(Germany), Perforce(US), and Siemens(Germany).

About MarketsandMarkets™

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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