IMARC Group, a leading market research company, has recently releases report titled “Application Lifecycle Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global application lifecycle management market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Application Lifecycle Management Market?
The global application lifecycle management market size reached US$ 2.37 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.81 Billion by 2028, exhibiting a growth rate (CAGR) of 8.10% during 2023-2028.
What is Application Lifecycle Management?
Application lifecycle management (ALM) is a comprehensive framework that manages a software application from its initial planning phase to its retirement. It involves coordinating and controlling the various stages of an application's life, including requirement gathering, design, development, testing, deployment, maintenance, and finally, phase-out. ALM provides a structured approach to software development by integrating different aspects of the process, improving communication and collaboration among team members, and creating a unified view of the project. ALM covers three main areas, including governance, development, and operations. Governance involves project management and requirements management; development includes design, coding, and testing; and operations cover deployment, maintenance, and support. ALM tools are used to automate and manage these tasks, enabling teams to track progress, identify issues, and implement changes more effectively.
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The rise in digital transformation initiatives across industries represents one of the key factors driving the growth of the global application lifecycle management market. This, coupled with the increasing need for effective ALM due to organizations striving to improve business processes through software solutions is acting as a major growth-inducing factor. ALM helps manage complex software development processes and ensures the delivery of high-quality applications. The market is also driven by the rise of Agile and DevOps practices promoting a more collaborative and streamlined approach to software development which is increasing the demand for ALM solutions. ALM tools facilitate continuous integration and continuous deployment (CI/CD), key tenets of these methodologies. In line with this, the competitive business landscape necessitates faster delivery of software solutions without compromising quality which is contributing to the growth of the market. ALM helps improve efficiency and reduce time-to-market which is driving its demand. Other factors, such as the complexity of software development, regulatory compliance, and the rising remote work trends, are creating a positive outlook for the market across the globe.
Who are the key players operating in the industry?
The report covers the major market players including:
- Broadcom Inc.
- Inflectra Corporation
- Intland Software (PTC Inc.)
- Kovair Software Pvt. Ltd.
- Micro Focus International plc
- Microsoft Corporation
- Perforce Software Inc.
- Rocket Software Inc.
- SAP SE
- Siemens AG
- Techexcel Inc.
What is included in market segmentation?
The report has segmented the market into the following categories:
Component Insights:
- Software
- Service
Deployment Mode Insights:
- On-premises
- Cloud-based
Platform Insights:
- Web-Based Application
- Mobile Application
Enterprise Size Insights:
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
Industry Vertical Insights:
- BFSI
- Telecom and IT
- Media And Entertainment
- Retail And E-Commerce
- Healthcare
- Manufacturing
- Energy And Utilities
- Others
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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