Albany, NY -- (SBWIRE) -- 03/22/2017 -- Transparency Market Research (TMR) has recently published a study on the global application lifecycle management market (ALM) and estimated the market to expand at a healthy CAGR of 8.90% during the period from 2015 and 2023.The research report, titled "Application Lifecycle Management (ALM) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023," expects this market to increase from a value of US$2.04 bn in 2014 to US$4.4 bn by the end of the forecast period.

Application lifecycle management (ALM) supervises the lifecycle of computer programs. It enables software development teams to manage their projects right from the initial planning to the retirement by providing governance, development, and maintenance of application software. In recent times, ALM solutions have gained acceptance in many industries such as automotive, medical healthcare, and BFSI, which has driven the growth of the global ALM market significantly.

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The report states that the increasing demand for smartphones, tablets, and other mobile communication devices across the world has been leading to the rising need for software applications, creating a massive requirement for ALM. On account of this, the market for ALM is likely to gain a significant impetus in the global arena over the forecast period.

In this study, the worldwide market for ALM has been analyzed on the basis of the component, the end user, and the regional spread of this market. Based on the component, the market has been classified into ALM software and ALM service. In 2014, the ALM services segment led the overall market with a share of more than 55%. Consulting ALM, professional ALM, and operation and maintenance ALM are the main components of the ALM services market.

Further, the report classifies the ALM software segment into on-premise ALM software and cloud-based ALM software. The cloud-based ALM software segment is projected to report the fastest CAGR of 8.7% during the forecast period. The ability of cloud-based ALM software solutions to provide worldwide access to information and the processes involved in software development is likely to stimulate this market segment substantially in the near future.

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Based on the end user, the report segments the global application lifecycle management market into BFSI, healthcare, IT and telecom, aerospace and defense, energy and utilities, automotive and transportation, retail, and other end-use industries. In 2014, the demand for ALM solution was the highest from the IT and telecom industry. Analysts expect this trend to continue over the forecast period.

Regionally, the report has classified this market into North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Asia Pacific is anticipated to register the highest growth in the overall ALM market during the forecast period, notes the study.

IBM Corp., Microsoft Corp., Polarion Software GmbH, Atlassian Corp., Micro Focus International Plc, VersionOne Inc., Parasoft Corp., CollabNet Inc., Inflectra Corp., and HP Development Co. L.P. are the leading enterprises in the global ALM market, states the research report.