Published By : 19 Aug 2016 | Published By : QYRESEARCH
The demand for application lifecycle management solutions has been witnessing a remarkable rise, owing to the significant growth of the corporate sector across the world. The benefits these solutions offer such as a dedicated assistance to software developers to manage their project status, beginning from requirement collection till delivering releases, have boosted their uptake in a number of firms across various industries such and transportation, automotive, IT and telecom, medical and healthcare, and retail.
Europe and North America has been leading the worldwide market since the past few years. However, the rise in the technology uptake in Asia Pacific is expected to increase its share significantly in this market in the years to come. On the flip side, the market for application lifecycle management in the Rest of the World will report sluggish growth over the next few years.
Software Solution Segment to Surpass Service Solution Segment in Near Future
The key components in the global market application lifestyle management are software and services. The service segment emerged as the market leader in 2014 with a majority share, generating a total of US$1.1 bn in revenues. Analysts, however, predict software segment to acquire the leadership over the forthcoming years. The segment is expected to gain momentum due to the rise in the deployment of software-based application lifecycle management solutions, worldwide.
Advantages Offered by Cloud-based Solutions Boost Deployment
On-premise solutions and cloud-based solutions are the two main types of application lifestyle management solution available in the global market. Cloud-based solutions are registering a substantial rise across the world due the advantages offered by cloud-based implementation models, such as increased scalability and cost efficiency. The segment of cloud-based solutions is projected to rise at a CAGR of 8.70% from 2015 to 2023.
IBM Corp., HP Development Co. L.P., Micro Focus International Plc., Microsoft Corp., VersionOne Inc., Polarion Software GmbH, Atlassian Corp. Plc, CollabNet Inc., Parasoft Corp., and Inflectra Corp. are the major participants in the global application lifecycle management market.