Application Lifecycle Management (Alm) Software Market Report Overview
- Request a Free Sample to learn more about this report
The global application lifecycle management (ALM) software market size was USD 465.1 million in 2021 and is projected to touch USD 1078.35 million by 2031, exhibiting a CAGR of 8.7% during the forecast period.
The process of managing the development of an application from design to its final release is called application lifecycle management (ALM) software. It is software that helps keep track of the application from design to its final release and establishment a framework to manage and track changes. The general lifecycle starts with the designing of new features or apps. The app is planned on the basis of requirement analysis and specification. Then, the app is implemented as per the requirements and then tested. The app is tested before getting deployed to production.
Every application goes through the final testing process before deploying it. The application lifecycle management (ALM) software is also used for the maintenance of the application in fixing bugs or enhancing its features. The development process is directed by the change management framework and governance. This software enables various-sized teams to deliver great speed, agility, and high-quality applications. It continuously processes portfolio management, estimation, portfolio management, development, quality assurance, application support, and DevOps.
COVID-19 Impact: Disruption in Demand and Supply Hindered Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with application lifecycle management (ALM) software experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to application lifecycle management (ALM) software market growth and demand returning to pre-pandemic levels once the pandemic is over.
The World Health Organization classified COVID-19 as a pandemic in 2020. Without a doubt, it has impacted practically every market. The equilibrium between supply and demand in the software industry increased. The IT sector shifted to remote working, which did not make the market experience any downfall. The application lifecycle management (ALM) software market was not affected as the companies shifted to remote work culture. The pandemic did not have any major impact on market growth.
LATEST TRENDS
"Steady Adoption of Advanced Technology to Augment Market Growth"
Numerous software and applications have been developed due to the expansion of platforms and browsers globally, and these applications need an effective application development lifecycle. The demand for ALM solutions would rise owing to the multiplatform complexity that the increasing use of mobile devices would bring about. Global demand for application lifecycle management (ALM) software is also influenced by the desire for better team efficiency and increased engineering productivity. Moreover, the expanding number of mobile devices and applications creates more complexity, which increases the service demand in the global market.
Application Lifecycle Management (Alm) Software Market Segmentation
- Request a Free Sample to learn more about this report
- By Type Analysis
By type, the market is segmented into a single function and multiple functions.
- By Application Analysis
Based on application, the market is classified into retail, automotive and transportation, healthcare, aerospace and defense, energy and utilities, BFSI, IT and telecom, and others.
DRIVING FACTORS
"Rising Need for a Short Release Timeline to Propel Market Growth"
Software development, maintenance, and retirement are part of application lifecycle management (ALM) software market. The ALM tools offer functions including software configuration management, requirement management, planning and estimating, testing, implementation, support, and maintenance. Delivering an end-to-end performance report before application deployment also enables enterprises to provide services to their users on time. The management software shortens the time it takes for enterprises to market by accelerating the development and test cycles. Organizations can also speed up the development, delivery, and deployment of software by streamlining their internal procedures. The software also offers standard workflows used during all phases of the application development lifecycle, real-time data regarding the production and delivery of applications, and a reduction in waste and inefficiency across projects.
"Development of Model from Waterfall to Agile to Foster Product Demand"
The shift from the waterfall development model to the agile development of the model increases owing to the need for constant upgradation, which is anticipated to augment the application lifecycle management (ALM) software market growth. The model is also referred to as the linear sequential lifecycle model due to its characteristics. It ensures that the model development will proceed further after completing the previous phase. The rising demand for analyzing and comparing the existing data for developing strategic decisions is forecasted to surge the market growth. The application lifecycle management (ALM) software also provides features such as quality assurance, planning, maintenance and deployment, requirement management, and others.
RESTRAINING FACTORS
"Lack of Awareness to Retard Market Growth"
Application lifecycle management (ALM) software is widely used in controlling the software release and its completed life cycle. The technical sector lacks professionals, which may limit the growth of the market. The population is unaware of the software applications, which is estimated to be another factor hindering the growth of the market.
Application Lifecycle Management (Alm) Software Market Regional Insights
- Request a Free Sample to learn more about this report
"North America to Dominate By Growing Adoption of Advanced Technology"
North America is forecasted to hold a dominating part of the application lifecycle management (ALM) software market share due to the rising presence of major market players coupled with the growing adoption of next-generation telecommunication technologies such as 5G, ML, AR< IoT, LTE, and additive manufacturing (AM). The region is likely to hold about 38% of the total market share owing to the factors mentioned.
Europe is expected to hold approximately 31% of the overall application lifecycle management (ALM) software market share by virtue of the rising number of automotive and healthcare companies adopting web-based application lifecycle management (ALM) software to streamline the application’s operational processes.
KEY INDUSTRY PLAYERS
"Key Players Focusing On Innovative Technology Development to Grow in Market"
Key players are constantly emphasizing on the development of advanced products to gain traction in the market. Key companies are increasing their investments in developing eco-friendly products coupled with favorable trade policies for the transportation of products. Companies are creating diversification in product portfolios to prove themselves better than the other players existing in the global market. The key companies are focusing on gaining collaborations and mergers in the global market to gain growth in the market. Key companies are focusing on developing better and cost-effective ways for the development of highly efficient products.
List of Market Players Profiled
- HP (U.S.)
- Atlassian (Australia)
- Techexcel (India)
- IBM (U.S.)
- Microsoft (U.S.)
- Rocket Software (U.S.)
- Enalean (U.S.)
REPORT COVERAGE
An overview of the product is provided along with the product description. Numerous industry elements are included in the research. The market insights are prepared by utilizing large sample sizes for data-gathering modules. The study provides in-depth market insights. The stage includes gathering market data or related data using a variety of sources and tactics. It involves going over and organizing all the information gathered during the previous advance. It also covers the investigation of information discrepancies found across various information sources. Market statistical and coherent models are used to assess and estimate market data.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 465.1 Million in 2021 |
Market Size Value By |
US$ 1078.35 Million by 2031 |
Growth Rate |
CAGR of 8.7% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
-
What value is the application lifecycle management software market expected to touch by 2031?
Based on our research, the application lifecycle management (ALM) software market is projected to touch USD 1078.35 million by 2031.
-
What CAGR is the application lifecycle management software market expected to exhibit by 2031?
The application lifecycle management software market is expected to exhibit a CAGR of 8.7% by 2031.
-
What are the segments of the application lifecycle management software market?
By type, the application lifecycle management software market is segmented into a single function and multiple functions. Based on application, the market is classified into automotive and transportation, aerospace and defense, BFSI, energy and utilities, retail, healthcare, IT and telecom, and others.
-
Which are the driving factors of the application lifecycle management software market?
Rising need for a short release timeline to propel market growth and the development of models from waterfall to agile to foster product demand are the factors driving the application lifecycle management software market.
