Transparency Market Research has released a new market report entitled ” Application Lifecycle Management (ALM) Market [Component – Software (On-premises (Agile Centric ALM, Process Centric ALM), Cloud Based (Agile Centric ALM, Process Centric ALM)), Services (Consulting, Design & Integration, Maintenance & Migration); Enterprise Size – Small & Medium Enterprises and Large Enterprises; End-user – Automotive and Transportation, Manufacturing, Aerospace and Defense, BFSI, Energy and Utilities, Retail & E-commerce, Healthcare, IT and Telecom, Others (Education, Government, and Logistics)] – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 – 2027.” According to this report, the global application lifecycle management (ALM) market revenue stood at US$ 2,887.4 Mn in 2019 and is expected to reach US$ 5,701.9 Mn by 2027, at a CAGR of 8.9% during the forecast period from 2019 to 2027.
Application Lifecycle Management (ALM) Market – Definition
Application lifecycle management (ALM) software is used to coordinate and manage different stages of software development. As a result, software can be designed, delivered, and deployed faster, reducing time to market. ALM solutions have been adopted by companies in various developed economies with a view to maintaining their business agility and flexibility, as ALM increases the business efficiency by creating and enforcing standards across all related project stages, and performing more appropriate allocation of human and technological resources.
Also, increasing cloud-based ALM solutions are being adopted by enterprises around the globe. This is due to the benefits offered by cloud-based implementation models, such as low upfront costs, hosted computing services without any investments in infrastructure, and increased scalability. The cloud-based ALM solutions segment is anticipated to grow the fastest, with an expected CAGR of 8.7% during the forecast period due to their ability to provide global access to information and processes in software development.
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The ALM services market is segmented into consulting, professional, operation, and maintenance. In 2019, global ALM services component revenue accounted for US$ 1,683.8 Mn, which is approximately 58.3% of the overall ALM market. In terms of enterprise size, revenue of small & medium enterprises accounted for US$ 1,556.2 Mn in 2019, and is expected to expand at a CAGR of 9.2% during the forecast period.
The IT and telecom end-user segment acquired the majority share of the ALM market in the year 2019. It was also the fastest growing segment, projected to expand at a CAGR of 10.2% from 2019 to 2027. Rising technical as well as managerial challenges and variations in software with different standards in different regions have led to high adoption of ALM solutions among IT and telecom end-users.