Application Lifecycle Management Market Worth $4.5 Billion by 2024 - Exclusive Report by MarketsandMarkets

CHICAGO, June 17, 2019 /PRNewswire/ -- According to a new market research 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", published by MarketsandMarkets, the Application Lifecycle Management Market 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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136 – Pages      

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On-premises segment to hold a larger market size during 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.