The global application lifecycle management (ALM) market is highly competitive in nature with a significant number of players dominating the overall market, states a new research study by Transparency Market Research (TMR). VersionOne, Inc., Microsoft Corporation, Atlassian Corporation Plc, and IBM Corporation are the leading players in the global ALM market and are expected to collectively account for a massive share in the forecast period. In order to sustain in the global market, these players are focusing on developing innovative and affordable products. In addition, the need to introduce effective ALM systems across diverse sectors is expected to generate lucrative opportunities for the market players.
According to the research study, the global market for application lifecycle management is projected to reach a value of US$4.39 bn by the end of 2023. The market is likely to register a significant growth rate throughout the forecast period.
Rising Adoption of ALM Products by SMEs to Bolster North America Market
Among the key geographical segments, North America is expected to lead the global application lifecycle management market and retain the position in the next few years. In 2015, North America was valued at US$0.72 bn owing to the rising adoption of ALM products by small and medium-sized enterprises (SMEs) and the rising penetration of application lifecycle management in diverse industries, including automotive, retail, and BFSI. In addition, the growing awareness regarding the benefits offered by ALM is expected to encourage the growth of the market in North America.
On the basis of component, the services segment is leading the global application lifecycle management market and is projected to reach a value of US$2.68 bn by the end of 2023. The increasing implementation of application lifecycle management services in several organizations for seamless business processes is the key factor augmenting the growth of the services segment in the global market. On the other hand, the software segment is estimated to witness substantial growth throughout the forecast period.
Rising Complexity in Software Industry to Boost Demand for ALM Products and Services
The growing use of smartphones worldwide and tremendous rise in the number of internet platforms and browsers are some of the key factors driving the demand for application lifecycle management products and services. Additionally, the growing need for efficient output across diverse teams in an organization and increasing demand for engineering productivity are estimated to fuel the growth of the global ALM market throughout the forecast period.
Furthermore, the introduction of Internet of Things (IoT) to enhance the products and services of application lifecycle management is expected to drive the global market in the near future. The increased complexity in the software industry and rising return on investment from IT initiatives are further contributing extensively towards the growth of the global market.
Implementation of ALM into Release Management to Offer Promising Growth Opportunities
Lack of traceability and visibility into project status is one of the key challenges faced by the leading players operating in the application lifecycle management market across the globe. Moreover, the low adoption rate of ALM products and services by micro-sized enterprises are anticipated to restrict the growth of the market in the next few years. The rise in the interoperability issues faced by the developers is further expected to hamper the growth of the market.
Nevertheless, the implementation of application lifecycle management into release management is projected to generate potential opportunities for the market players. In addition, the advent of new-generation tools in order to automate the deployment processes is expected to drive the demand for ALM in the forecast period.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Application Lifecycle Management (ALM) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015-2023.”
The global application lifecycle management market has been segmented as below:
Global Application Lifecycle Management Market, by Component
- Agile Centric ALM
- Process Centric
- Agile Centric ALM
- Process Centric
- Operation and Maintenance
Global Application Lifecycle Management Market, by End-User
- Automotive and Transportation
- Aerospace and Defense
- Energy and Utilities
- IT and Telecom
Global Application Lifecycle Management Market, by Geography
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Asia
- Rest of APAC
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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