Albany, NY -- (SBWire) -- 05/17/2018 --Application lifecycle management (ALM) delivers governance, development, and maintenance for application software. Requirements management; design; build; testing; and change, integration, project, and release management are major elements of ALM. The modern software development process is complex. The traditional software development lifecycle (SDLC) applies only to the development process, while ALM works for the entire application lifecycle, from planning to deployment. ALM software solutions enable software development teams to manage their project status from requirements to delivering releases and also help organizations fulfill their business goals. ALM software solutions are now adopted in many industries, including automotive, healthcare, and even BFSI.

The rapid uptake of mobile devices and the growth in the number of browsers/platforms globally has generated the creation of a large number of mobile applications that require an efficient application development lifecycle. The growing number of mobile devices would also lead to multiplatform complexity, which in turn increases the demand for ALM solutions. The need for greater efficiency across teams and increased engineering productivity are also factors that drive the Application Lifecycle Management (ALM) Market, globally.

Challenges such as lack of visibility in requirement management, poor communication, and lack of traceability between requirements and other artifacts through the software development lifecycle swell the growth of the ALM market. With ALM software, engineering, development, and quality assurance teams are more productive and deliver quick output, increasing the efficiency across the software development teams as well as accurate allocation of human and technology resources.

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The aging of the systems development life cycle (SDLC) infrastructure also drives the market for ALM worldwide across various sectors, as SDLC has a rigid design and inflexible procedures for partitioning the project into stages, which creates difficulties in estimating the time and budget for each stage of the project.

The global ALM market generated revenues of US$ 2.04 Bn in 2014 and is projected to expand at a CAGR of 8.9% during the forecast period (2015 – 2023) to reach US$ 4.39 Bn by 2023.

On the basis of components, the ALM market is categorized into software and services. The software segment consists of on-premise and cloud-based deployment types, which are further segmented into agile-centric ALM and process-centric ALM solutions for each type. The growing need for agility, scalability, and flexibility among business organizations in order to instantly respond to fluctuating customer requirements or emerging business needs is driving the growth of agile centric ALM in the global ALM market

On the basis of end-users, the ALM market is segmented into automotive and transportation, aerospace and defense, BFSI, energy and utilities, retail, healthcare, IT and telecom, and others segments. Rapid industrialization and technological advancements have increased the demand for ALMs in the IT and telecom and automotive and transportation sectors. Furthermore, the growing prevalence of health issues has led to emergence of various advanced technologies in healthcare sector, further leading to a significant pace of growth for the healthcare segment of the ALM market.

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North America and Europe are the major geographies that drive the growth of the global ALM market. In 2014, key ALM vendors included Atlassian Corporation Plc, CollabNet, Inc., IBM Corporation, Inflectra Corporation, Micro Focus International plc, HP Development Company, L.P., VersionOne, Inc., Microsoft Corporation, Parasoft Corporation, and Polarion Software GmbH.