Published Date : Mar 23, 2016
The process of software management followed by IT organizations and the way they maintain and deliver the software system have become more complex than ever. With an increasing number of organizations witnessing hastened delivery schedules owing to the intensifying competition in the industry, the demand for product innovation is likely to surge exponentially in the coming years. Hence, teams working across the IT organizations are now challenged by the issue of delivering quality product within the given time and without increasing the overall expenditure. Hence, the companies are now focusing on improving their software development efficiency. This is possible to achieve by successfully deploying application lifecycle management (ALM).
Rising Uptake of Mobile Devices Boosts Global ALM Market
The significantly rising uptake of mobile devices, coupled with the increase in the total number of browsers and platforms around the world, has paved the way for the creating of advanced mobile applications requiring competent application development lifecycle. This has subsequently increased the demand for ALM solutions around the world. Furthermore, the rising demand for better engineering and greater efficiency in teams is the primary factor boosting the market for ALM solutions.
A sophisticated ALM system enables the delivery of quicker outputs and also gives quality assurance to the engineering teams. It therefore helps in enhancing the efficiency of the software development teams.
Global ALM Market to Exhibit 8.9% CAGR during 2015-2023
According to a report recently published by Transparency Market Research, the global market for application lifecycle management stood at US$2.04 bn in 2014 in terms of revenue. Rising at a positive CAGR of 8.9%, the market is anticipated to reach a valuation of US$4.39 bn by the end of 2023.
The demand for ALM solutions is expected to surge exponentially because of the benefits they offer such as these solutions help to coordinate process, tools, people, and information involved in the project. Additionally, ALM are often customized to deliver the innovations required by the business stakeholders.
Some of the most prominent enterprises providing the latest and the most advanced ALM solutions in the market are IBM Corporation, Inflectra Corporation, Atlassian Corporation Plc, HP Development Company, and Microsoft Corporation. These companies continuously focus on technologies and innovations to help their clients gain competitive edge in the market.