Transparency Market Research has released a new market report titled Application Lifecycle Management (ALM) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023. According to this report, the global ALM market revenue stood at US$2.04 Bn in 2014 and is expected to reach US$4.39 Bn by 2023 at a CAGR of 8.9% from 2015 to 2023.

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Application lifecycle management (ALM) is a process that is used to coordinate and manage different phases 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 in North America 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, increasingly 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. The ALM services market is segmented into consulting, professional, operation, and maintenance. In 2014, global ALM services component revenue accounted for 1.13 Bn, which is approximately 55% of the overall ALM market.

The IT and telecom end-user segment acquired the majority share of the ALM market in the year 2014. It was also the fastest-growing segment, projected to expand at a CAGR of 9.3% from 2015 to 2023. 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.

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In the future, the ALM market is expected to grow significantly in Asia Pacific due to its fast technological development and population growth. The global market for ALM has been segmented as follows:

ALM Market: By Component

Software
On-Premise
Agile Centric ALM
Process Centric
Cloud-Based
Agile Centric ALM
Process Centric
Services
Consulting
Professional
Operation and Maintenance

ALM Market: By End-User
Automotive and Transportation
Aerospace and Defense
BFSI
Energy and Utilities
Retail
Healthcare
IT and Telecom
Others

ALM Market: By Region

North America
U.S.
Rest of North America

Europe
EU7
CIS
Rest of Europe

Asia Pacific
Japan
China
South Asia
Australasia
Rest of APAC

Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa

Latin America
Brazil
Rest of Latin America

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