Market for ALM Gains Impetus from Rising Uptake of Mobile Devices
The rapidly increasing uptake of mobile devices and the corresponding rise in the number of browsers and platforms globally have led to the creation of a large number of mobile applications requiring an efficient application development lifecycle. This subsequently increases the demand for ALM solutions around the world. The rising demand for better engineering productivity and greater efficiency across teams is the prime factor boosting demand from the global ALM solutions market.
An efficient ALM system makes development, quality assurance, and engineering teams more productive and enables them to deliver quick output, thereby enhancing efficiency across software development teams. Proper implementation of an ALM system also ensures accurate allocation of technology and human resources. The market for ALM also gains impetus from the aging of the system development lifecycle (SDLC) infrastructure, since SDLC has inflexible procedures and a rigid design for segmenting the projects into various stages, which in turn makes estimating the time and budget required during various stages of the project even more difficult.
Global ALM Market to Exhibit 8.9% CAGR between 2015 and 2023
According to a report published by Transparency Market Research, the global ALM market generated US$2 bn in terms of revenue in 2014. Rising at a CAGR of 8.9% from 2015, the market is expected to reach US$4.4 bn by the end of 2023.
The most crucial benefit offered by ALM solutions is helping coordinate processes, people, tools, and information involved in the project. These solutions are often tailor-made to deliver innovation to business stakeholders.
Global ALM Market Driven by Latest Innovations Ensuring Better Efficiency in Project Management
Modern software development processes are no longer restricted by discrete ALM/SDLC steps managed by teams from different locations using multiple tools. Real-time access to a centralized data repository, collaborations, cross-project visibility and cross-tool, better reporting, and better project management are considered crucial for developing quality software in less time.
This has resulted in the rising practice of integrated application lifecycle management, or integrated ALM, where users and the tools they use are synchronized with each other throughout all the stages of application. This innovation is intended to enable every team member to stay aware of the changes taking place during the development process. It therefore helps in ensuring that there are no last-minute delivery delays.
Some of the most prominent companies providing the latest and most sophisticated ALM solutions in the market are IBM Corporation, Atlassian Corporation Plc, HP Development Company, Inflectra Corporation, CollabNet, Inc., VersionOne, Inc., Micro Focus International plc, L.P., Polarion Software GmbH., Parasoft Corporation, and Microsoft Corporation.