LONDON–(BUSINESS WIRE)–#ApplicationLifecycleManagementMarket–The global application lifecycle management market size is poised to grow by USD 1.78 billion during 2020-2024, progressing at a CAGR of over 9% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The application lifecycle management market is driven by the growing demand for SaaS-based ALM. Most organizations try to modify their customer experience, accelerate time to market, deliver new services faster, and enter new markets. SaaS-based ALM enables enterprises to gain productivity enhancement through scheduled software upgrades with no application downtime and expensive diversion of resources. SaaS-based ALM offers a collaborative environment for managing the entire software development process. Furthermore, the capability of SaaS-based ALM to detect bugs in advance and correct them will propel the growth of the ALM market.
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Increasing Use of ALM to Attain Improved Cost-Saving in Businesses will be a Key Market Trend
The increasing use of ALM to attain improved cost-saving in businesses is one of the major trends driving application lifecycle management market growth. ALM enables the centralized management of project portfolios, which reduces costs and provides on-time services to markets. In globalized business environments, the management of IT infrastructure across various sites is difficult and resource-intensive for large enterprises. Moreover, through centralization, application management services provide organizations with more efficient problem-solving capabilities and system maintenance at a relatively low cost. Furthermore, developments in various projects can be tracked at a rapid pace, which enhances the processing speed and response time. Such advantages of ALM will drive ALM market growth during the forecast period.
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Application Lifecycle Management Market 2020-2024: Key Highlights
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Deployment
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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