PUBLISHER: The Business Research Company | PRODUCT CODE: 1392434
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392434
“Application Lifecycle Management Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on application lifecycle management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for application lifecycle management? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The application lifecycle management market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Application Lifecycle Management (ALM) refers to an integrated system of tools, processes, and people that oversees a software application throughout its entire lifecycle, from initial planning and development to deployment and ongoing management. It provides businesses with a comprehensive framework for software development, enabling them to establish and meet project criteria while efficiently managing the software throughout its lifecycle.
The two main categories of solutions in Application Lifecycle Management are software and services. ALM solutions are designed to facilitate the software development process and streamline ongoing software administration tasks. These solutions can be deployed either on the cloud or on-premise, catering to organizations of various sizes, including small and medium-sized enterprises (SMEs) and large enterprises. ALM finds applications across different industry verticals such as banking, financial services, and insurance (BFSI), telecom and IT, media and entertainment, retail and ecommerce, healthcare, manufacturing, energy and utilities, and others.
The application lifecycle management market research report is one of a series of new reports from The Business Research Company that provides application lifecycle management market statistics, including application lifecycle management industry global market size, regional shares, competitors with an application lifecycle management market share, detailed application lifecycle management market segments, market trends and opportunities, and any further data you may need to thrive in the application lifecycle management industry. This application lifecycle management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The application lifecycle management market size has grown strongly in recent years. It will grow from $4. 5 billion in 2023 to $4. 78 billion in 2024 at a compound annual growth rate (CAGR) of 6. 1%. The observed growth in the historic period can be attributed to several factors, including regulatory compliance requirements, a heightened focus on quality assurance and testing, the demand for traceability and transparency in software development processes, increased emphasis on application portfolio management, and the adoption of low-code and no-code development methodologies.
The application lifecycle management market size is expected to see strong growth in the next few years. It will grow to $6. 63 billion in 2028 at a compound annual growth rate (CAGR) of 8. 5%. The anticipated expansion during the forecast period is primarily driven by factors such as the adoption of microservices and containerization, digital transformation initiatives, the transition to remote and distributed development, widespread implementation of comprehensive test automation, and the incorporation of compliance management features. Key trends expected in the forecast period encompass the prevalence of cloud-based ALM solutions, the advancement of collaboration and communication tools, integration of application security, an increased focus on user experience (UX) design, and the incorporation of lifecycle analytics and metrics.
The exponential uptake of mobile devices stands as a catalyst driving the growth trajectory of the application lifecycle management (ALM) market. These handheld devices, equipped with touchscreens and telephony capabilities, benefit significantly from ALM, streamlining mobile application usage, testing, and ensuring quality management. For instance, as reported by the Economic Times in October 2021, India alone boasted 1. 18 billion mobile connections, 700 million internet users, and 600 million smartphones in active circulation. Notably, India leads in monthly data consumption, averaging nearly 12 GB per person. This rapid adoption of mobile devices is a key driver propelling the expansion of the application lifecycle management market.
The escalating embrace of Internet of Things (IoT) devices plays a pivotal role in propelling the application lifecycle management market forward. IoT devices, embedded with sensors, software, and connectivity features, facilitate data collection and exchange over the internet. They are harnessed within application lifecycle management to oversee security threats, identify data breaches, ensure compliance, and fortify critical applications and systems. According to reports by the CRO Forum in April 2022 and insights shared by Exploding Topics in March 2023, the proliferation of IoT devices is projected to soar, reaching an estimated 24. 1 billion to 25. 4 billion by 2030, indicative of the burgeoning adoption driving the growth of the application lifecycle management market.
Major players within the application lifecycle management market are emphasizing tailored solutions to offer dependable services catering to customer needs. These customized solutions encompass specific processes, tools, and methodologies crafted to address the unique demands of individual software development projects or organizations. For instance, in March 2022, Jamf, a US-based software company, unveiled App Installers, a solution streamlining app installations and updates for Mac devices. This innovative system aids IT management by automating app updates to their latest versions and provides customization options such as personalized Update Complete messages, exemplifying the market's focus on tailored solutions to meet diverse customer requirements.
Major companies within the application lifecycle management (ALM) market are strategically harnessing the potential of artificial intelligence (AI) and machine learning to enhance their service reliability for customers. The integration of AI and machine learning in ALM significantly augments software development and maintenance processes by leveraging data-driven insights and automation capabilities. For instance, TechExcel Inc., a prominent US-based software company, introduced Project One (P1) in March 2021, an innovative platform fueled by artificial intelligence and machine learning technologies. P1 serves as a comprehensive tool designed to streamline project decision-making, automate tasks, and provide real-time insights crucial for achieving project success. P1 stands out as the pioneer tool offering Agile Planning functionality, introducing features like roadmap month planning and a progress overview of the project's teamwork pulse, thereby underscoring its AI and machine learning capabilities to enhance ALM processes.
In April 2022, PTC, a leading US-based company specializing in application lifecycle management software, acquired Intland for a substantial deal worth $280 million. This strategic acquisition aligns with PTC's goals of expanding its application lifecycle management portfolio and extending its market reach. Moreover, the acquisition of Intland, a Germany-based company known for developing cutting-edge ALM software tools and solutions, positions PTC to further innovate and develop cloud-ready software products, leveraging Intland's expertise and technology in this domain.
Major companies operating in the in the application lifecycle management market report are: Atlassian Corporation PLC., International Business Machines Corporation, Microsoft Corporation, Micro Focus, CollabNet, Digite, Inflectra Co.,Perforce Software Inc., Siemens AG, CA Technologies Inc., Hewlett-Packard Development Company L. P., Rocket Software Inc., Changepoint Corporation, VersionOne Inc.,IBM Corporation,Open Text Corporation,Broadcom Inc,Intland Software,Jama Software,Parasoft Corporation,Polarion Software,SmartBear Software,VersionOne,Kovair Software,PTC Inc.,HCL Technologies Limited,AgileCraft LLC,CloudBees,GitLab Inc.,JetBrains s. r. o.,
North America was the largest region in the application lifecycle management market in 2023. The regions covered in the application lifecycle management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the application lifecycle management market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The application lifecycle management market includes revenues earned by entities by providing services such as defining requirements, development of the product, testing and quality assurance, deployment, continuous maintenance and improvement of the product. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.