PUNE, India, March 20, 2018 /PRNewswire/ --
According to a new market research report "Application Lifecycle Management (ALM) Market by Solution (Software, and Services), Platform (Web-Based Applications, and Mobile Applications), Deployment Mode (On-Premises, and Cloud), Organization Size (SMEs, and Large Enterprises), Industry, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the global market size is expected to grow from USD 2.58 Billion in 2017 to USD 3.63 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period.
Browse 69 market data Tables and 44 Figures spread through 135 Pages and in-depth TOC on "Application Lifecycle Management (ALM) Market"
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Some of the factors that are expected to be driving the growth of the Application Lifecycle Management Market include the increasing need for streamlining complex application developments and their lifecycle and the shift from the Waterfall to the Agile ALM development methodology. Other factors include the growing focus of organizations on accelerating the time-to-market and the increasing industry-wide regulatory compliances.
Software subsegment of the solutions segment is expected to hold a larger market share during the forecast period
ALM software includes the continuous process of application planning, developing, testing, deploying, and maintaining. The complete software includes phases, such as requirements management, estimation and planning, software development, testing and quality assurance, deployment and DevOps, support and maintenance, project and portfolio management, and collaboration and communication. ALM software can be developed and run in a Scrum, Extreme Programming (XP), Lean, Waterfall, or Agile methodology. The benefits of DevOps and Agile approach in ALM may eliminate security challenges, time constraints, and operational complexities, which are expected to drive the adoption of ALM software.
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Web-based applications subsegment of the platforms segment is expected to hold a larger market share during the forecast period
Websites, web applications, and web services are the primary modes of running a business and delivering services to clients. These primary modes are user-friendly and provide assistance to users. Enterprises understand the importance of web-based applications, and hence invest more into this segment to gain a competitive advantage in the market. Moreover, the enterprises are incorporating the latest technologies, such as Artificial Intelligence (AI), motion UI, blockchain, Augmented Reality (AR), and push notifications, in their web-based applications. It is easy for software development professionals to develop web-based applications, as the web operating system is well-defined and specified by IT teams. Web-based applications are important for engaging customers and providing better services to them.
Retail and eCommerce industry is expected to grow at the fastest rate during the forecast period
The retail and eCommerce industry is expected to be one of the fastest growing industries, due to the rising consumers' purchasing power. The use of ALM software is gaining much importance in this industry. Retailers have various products and items across multiple departments, portfolios, and pricing bands, using which they provide personalized experiences to their customers. Applications are being developed for this industry to connect with online customers, employees, and logistics vendors in real-time, so that the retailers can build brand loyalty, handle warranty and replacement of products, and increase customer retention.
North America is expected to hold the largest market share during the forecast period
As per the geographic analysis, North America is expected to hold the largest market share during the forecast period. This can be attributed to the fact that ALM software has already penetrated in this region. Moreover, it is expected to be the most mature region for the growth of the Application Lifecycle Management Market, as the government in this region has a strong vision and huge budgets to modernize legacy systems. The North American region comprises the US and Canada that are also witnessing the significant adoption of ALM solutions. In fact, these countries are expected to have a major dominance in the ALM market, due to their sustainable and well-established economies that empower them to make huge investments in R&D activities, thereby contributing to the development of new applications.
The major vendors covered in the Application Lifecycle Management Market include Atlassian (Australia), IBM (US), Microsoft (US), Micro Focus (UK), CollabNet (US), CA Technologies (US), Digite (US), Inflectra (US), Intland Software (Germany), Perforce (US), and Siemens (Germany).
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