According to a market report by Lucintel, the future of the application lifecycle management (ALM) market looks promising with opportunities in the banking, financial services, and insurance (BFSI), telecom and IT, media and entertainment, retail & e-commerce sectors. The global application lifecycle management market is expected to reach an estimated $5.3 billion by 2028 with a CAGR of 6.9% from 2023 to 2028. The major drivers for this market are increasing popularity of agile and DevOps techniques, growing demand for web-based applications and smartphones, and extensive use of this technology to centralize management, gain real-time insight, and develop uniform procedures and processes throughout the application lifecycle.
In this market, software and services are the two major segments of application lifecycle management market by solution type. Lucintel forecasts that software will remain the larger segment over the forecast period because it enables teams of any size to develop high-quality programs more quickly and agilely.
Within this market, telecom and IT is expected to remain the largest segment due to growing demand for improved telecom services, increasing penetration of high-speed internet connections along with ongoing advancements in the software industry.
North America will remain the largest region due to the existence of technologically advanced enterprises and strong IT infrastructure, rapid industrial digitalization, and the presence of key players in the region.
Atlassian, IBM, Microsoft, Micro Focus, CollabNet, Broadcom, and Digite are the major suppliers in the global application lifecycle management market.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at email@example.com
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