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).
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