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Albany, New York, June 05, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) has published its latest report on the global application lifecycle management market. The report enlists some of the major players in the market. According to the report, the players of global application lifecycle management market are consistently developing various solutions for the customers in order to achieve a competitive edge over their peers. Some of the major players of the market are: IBM Corporation, Microsoft Corporation, Atlassian Corporation Plc, Polarion Software GmbH, VersionOne, Inc., Inflectra Corporation, and HP Development Company.
According to TMR’s report, the global application lifecycle management (ALM) market is predicted to exhibit an annual grow rate of 8.9% CAGR during the forecast period of 2015 to 2023. The market is also expected to generate a hiked up revenue of US$ 4.39 bn by the end of 2023.
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The report offers an in-depth analysis of various segments of the global application lifecycle management (ALM) market. According to the report, the market is segmented into categories such as automotive and transportation, aerospace and defense, energy and utility, retail, healthcare, and finally IT and telecom. Owing to the latest technological advancements in the IT and telecom sector, the segment shall lead during the projected forecast period. Furthermore, the segment shall be followed by the healthcare sector in terms of growth in the market. This growth is attributed to the high prevalence of healthcare issues resulting in a dire need of various technologies in the sector.
Geographically, the application lifecycle management (ALM) market has its presence in various regions such as North America, Asia Pacific, Europe, and Middle East and Africa. However, the regions of North America and Europe are expected to lead in the application lifecycle management (ALM) market in the forecast period. The fact that major technological developments and research are under the banners of major players of these regions is the prime factor responsible to keep them at the top spot. Revolutions like Industry 4.0 incepted in Germany is yet another reason that could make North America and Europe lead the application lifecycle management (ALM) market during the forecast tenure of 2015 to 2023.
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Rising Demand for Efficiency in Various Process to Trigger the Growth of the Market
Rapidly increasing smartphone app updates coupled with growth in the number of browsers and platforms used across the globe has created an increased demand for smart devices. Various mobile applications need the implementation of efficient application development lifecycles, consequently driving the market. However, these applications lead to the issue of multiplatform complexities. The necessity to solve these complexities is a prime factor influencing the growth of the global application lifecycle management market.
Factors such as the necessity of improved efficiency across the various process of businesses is a plus in elevating the growth of global application lifecycle management (ALM) market. Also, challenges such as inadequacy of visibility in requirement management, lack of monitoring services, and poor communication, have escalated the growth of global application lifecycle management market. Finally, rising demand for the high quality mobile applications in terms of development, testing, deployment, and updates, also is one of the key drivers promoting growth of the global application lifecycle management market.
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Technological Advancements to Surpass the Cost of Development Challenges
Businesses look forward to deploy their mobile business applications in order to match the pace of the competitive world and stay at the top of the market. However, the cost of developing a smooth and hassle-free application lifecycle management solutions can be expensive depending on the customer requirements. This can hamper the growth of the market to some extent during the forecast period.
Nevertheless, looking at the rising demand for the digital presence of the business, key players are investing heavily in developing cost-efficient and user-friendly application lifecycle management platform. With the implementation of technologies like Machine Learning, Artificial Intelligence, and IoT, businesses can leverage the maximum benefits of the global application lifecycle management (ALM) market in the forecast period of 2015 to 2023.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Application Lifecycle Management (ALM) Market (By Component - Software, Services; By End-User - Automotive and Transportation, Aerospace and Defense, BFSI, Energy and Utilities, Retail, Healthcare, IT and Telecom, Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Global application lifecycle management market is segmented into:
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