Application Lifecycle Management Market anticipated to reach $4.5 billion by 2024

(IT-NEWSWIRE.COM, February 02, 2021 ) The report "Application Lifecycle Management Market by Solution (Software and Services), Platform (Web-Based Applications and Mobile-Based Applications), Deployment mode (On-premise and Cloud), Organization Size, Industry and Region - Global Forecast to 2024", is projected to grow from USD 3.1 billion in 2019 to USD 4.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 7.1% from 2019 to 2024. Major growth factors for the market include an increase in the adoption rate of ALM tools to shorten the release time and time-to-market, and adoption of new methodologies, such as Agile and DevOps, to leverage customer experience.

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On-premises segment to hold a larger market sizeduring the forecast period
The on-premises deployment mode is the traditional method of implementing the ALM software across the enterprise’s IT ecosystem. The on-premises deployment mode needs the organization to have the entire infrastructure to run and support the ALM software when needed. This type of deployment mode indeed gives full control to the ALM software, but are cost heavy. However, it limits the storage capacity that is needed to keep up with new functionalities and technologies through upgradation. On the basis of business types and needs, organizations can choose to opt-in for on-premises deployments, such as companies dealing with confidential user data.

Large enterprises segment to hold a larger market size in 2019
The ALM software helps large enterprises automate and centralize development, quality, project, and resource management metrics in a unified dashboard, which is critical to a product team and the overall organization’s demonstration of quality and agility. The demand for flexible, scalable, and convenient services by large enterprises is expected to encourage the market players to come up with newer technologies and innovative solutions.

North America to hold the largest market size during the forecast period
North America has always been an innovative and competitive ground for every technology. The region remains one of the fastest in the adoption of innovative technologies. Currently, the US holds the highest share in the ALM market, due to various factors, such as the presence of several enterprises with advanced IT infrastructure and the availability of technical expertise. Furthermore, the growth of the market in the US can be attributed to several initiatives taken by the government of the country to carry out industrial digitalization, as well as rapid technological innovations and increased use of connected devices taking place in the US. Presence of leading companies such as Microsoft, Broadcom, and IBM has fueled innovations in the ALM market, whereas startup companies, including Perforce, CollabNet, Inflectra, and Digité, have contributed to the growth of the market to a large extent. North America in the coming years is projected to continue its lead in the ALM market.

Market Players
Key market players profiled in this report include Atlassian(Australia), IBM(US), Microsoft(US), Micro Focus(UK), CollabNet(US), Broadcom(US), Digite(US), Inflectra(US), Intland(Germany), Perforce(US), and Siemens(Germany).

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Application Lifecycle Management Market anticipated to reach $4.5 billion by 2024