According to the research report titled ‘Global Application Life Cycle Management Market Size study with COVID Impact, by Component (Solution and Services), Deployment Mode (On-Premise and Cloud), Organization Size (Large Enterprises and Small & Medium Enterprises), Platform (Web-Based Applications and Mobile-Based Applications), Industry Vertical (BFSI, Retail & E-Commerce, Manufacturing, Government & Defense, Energy & Utilities, IT & Telecom, Education, Healthcare, and Others)) and Regional Forecasts 2020-2027‘, available with Market Study Report, global application life cycle management market was valued at USD 2.88 billion in 2019 and is expected to witness a CAGR of 8.9% during 2020-2027.
 

Rising requirement for scalability, agility, and flexibility among companies to cater the evolving customer demands as well as emerging business needs are major factors expected to drive global application life cycle management (ALM) market during forecast period. Evolving business imperative among companies for Agile adoption is boosting global application life cycle management industry outlook. Although, low visibility in requirement management is the major factor expected to restrain the market growth during forecast period. Despite that, accessibility of open source ALM tools is likely to create opportunities for global application life cycle management market growth. Application lifecycle management (ALM) solutions offer governance, development, and maintenance of an application software. Key elements of ALM include management of various aspects such as requirements, build, design, modification, release, project, integration, and test. The solution facilitates the teams to manage their project status and help the companies to reach their business goals, thereby, influencing the global application life cycle management market remuneration.

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Based on industry vertical, global application life cycle management industry is segmented into BFSI, manufacturing, energy & utilities, IT & telecom, retail & e-commerce, healthcare, government & defense, education, and others. With regards to the platform, the industry is bifurcated into web-based, mobile-based.
 

As per organization size, the industry is segmented into large enterprises, and small & medium enterprises. Speaking of the component type, the market is bifurcated into services and software. While, based on deployment mode, the market is segmented into on-premises and cloud.
 

Regionally, global application life cycle management market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America is expected to contribute substantially to overall market valuation by the year 2027, cites the report. Also, Asia Pacific and Europe application life cycle management markets are likely to experience tremendous growth over 2020-2027, while, market in Middle East & Africa and South America is also poised to witness notable growth during the forecast period.

Major players operating in global application life cycle management market include Inflectra Corporation, Atlassian Corporation Plc, Parasoft Corporation, CollabNet Inc., HP Development Company LP, The International Business Machines Corporation, Microsoft Corporation, Micro Focus International plc, Digite Inc., SAP SE, and Polarion Software GmbH.