Application Lifecycle Management Market Revenues to expand $4.5 billion by 2024

Posted on 2019-11-18 by MarketsandMarkets in Technology // 0 Comments

The 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″, 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.

An increasing demand for cloud-enabled services is one of the major growth opportunities for vendors in the ALM market. The acceptance of cloud solutions among organizations has reduced the efforts and expenses related to the complexity of hardware installation and maintenance, thereby enhancing the company’s business model. The cloud, the convenient, easy-to-use, and flexible approach, has led to the growth of the ALM market. With the entire ecosystem changing to the cloud from on-premises legacy methods, organizations are migrating their ALM software on the cloud. The demand for cloud services is increasing in emerging economies tremendously. The cloud-based platform offers a centralized way to secure the web and mobile applications across an organization throughout the application development lifecycle.

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Key Application Lifecycle Management Market Players

The major players in the ALM market 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). These players have adopted various growth strategies, including new product launches, partnerships, agreements, mergers and acquisitions, and business expansions. Product launches and acquisitions were the 2 major strategies adopted by these players to achieve a strong foothold in the ALM market.

IBM is one of the prominent players in the ALM market. It has an ALM product portfolio with a wide range of functionalities for requirements, quality assurance, software configuration, software change, and development and distribution domains. The company’s major operations consist of 5 business segments, namely, cognitive solutions, global business services, technology services and cloud platforms, systems, and global financing. Furthermore, the company specializes in cloud, mobile, cognitive, security, research, Watson analytics, consulting, commerce, experience design, Internet of Things (IoT), technology support, industry solutions, systems services, IT infrastructure, resiliency services, and financing. Moreover, it has plans to invest in new businesses, products, services and technologies, systems, facilities, infrastructures, and acquisitions.

Microsoft is another innovative company in the ALM market. The company develops and supports software, services, devices, and solutions, which deliver value to customers, and assist people and businesses in knowing their potential. It offers a large product portfolio, which includes operating systems, cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Microsoft offers Team Foundation Server (TFS), which is now known as Azure DevOps Server, an ALM solution, with a wide range of functionalities. This solution can help track work visually; stakeholders have a clear insight into the development team’s capacity and can better plan and prioritize tasks and avoid fire drills.

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