The Business Research Company’s Application Lifecycle Management Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LONDON, GREATER LONDON, UK, November 17, 2023 /EINPresswire.com/ — The global application lifecycle management market is anticipated to experience significant expansion, ascending from $4.34 billion in 2022 to $4.69 billion in 2023, with a steady compound annual growth rate (CAGR) of 8.0%. Despite the challenges posed by the ongoing Russia-Ukraine war, hindering global economic recovery from the COVID-19 pandemic, the market is projected to grow to $6.27 billion by 2027, driven by the rapid adoption of mobile devices worldwide.
Rapid Adoption of Mobile Devices Drives Market Growth
The rapid adoption of mobile devices serves as a pivotal factor propelling the growth of the application lifecycle management market in the foreseeable future. With mobile devices gaining prominence as essential handheld tools equipped with display screens and touch input capabilities, the demand for efficient application lifecycle management solutions has intensified. These solutions facilitate streamlined mobile application development, testing, and quality management processes, enhancing the overall user experience. Notably, in India, with 1.18 billion mobile connections, 700 million internet users, and 600 million smartphones in use as of October 2021, and a substantial monthly data usage of nearly 12 GB per person, the significance of robust application lifecycle management becomes increasingly evident.
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Key Players and Market Trends
Prominent players in the application lifecycle management market include Atlassian Corporation PLC., International Business Machines Corporation, and Microsoft Corporation, among others, contributing significantly to the industry’s competitive landscape. The emergence of new product innovations represents a key trend gaining traction within the market, demonstrated by the launch of the latest version of the SpiraTeam platform by Inflectra in January 2020. This new version of SpiraPlan v6.3 introduces several critical enhancements, including saved views, shareable folders, and improved document upload controls, underscoring the industry’s focus on continuous product innovation to maintain a competitive edge.
Application Lifecycle Management Market Segments:
• By Solution: Software, Services
• By Deployment: On-Premises, Cloud
• By Organisation Size: Small and Medium-Sized Enterprises (SMEs), Large Enterprises
• By Industry Vertical: Banking, Financial Services, and Insurance (BFSI), Telecom and IT, Media and Entertainment, Retail and eCommerce, Healthcare, Manufacturing, Energy and Utilities, Other Industry Verticals
Geographical Insights: North America Leads, Emerging Opportunities in Asia-Pacific
North America emerged as the largest region in the application lifecycle management market in 2022, with significant growth opportunities anticipated in the Asia-Pacific region. The comprehensive report provides detailed insights into regional dynamics, market trends, and potential growth opportunities.
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Application Lifecycle Management Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Application Lifecycle Management Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on application lifecycle management market size, application lifecycle management market drivers and trends, application lifecycle management market major players, competitors’ revenues, application lifecycle management market positioning, and application lifecycle management market growth across geographies. The application lifecycle management market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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