New York, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The global application lifecycle management market size is projected to expand at ~7% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 9 billion by the end of 2035, up from a revenue of ~USD 4 billion in the year 2022.The growth of the market is set to be influenced by growing cyber-attacks on applications. Numerous open-source elements that exist in mobile apps have vulnerability places that allow for cyberattacks. Additional blind spots that let unscrupulous adversaries implant destructive malware into apps and steal sensitive data are caused by excessive device permissions and an inability to adhere to secure development practices. About 80% of mobile phones application render null percent of defense against cyber-attacks.
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Moreover, a large number of people playing video games on mobile phones could also cause a threat to security. Games on PC and mobile devices are more prone to security issues than games on consoles that employ proprietary technology. Most of the time, developers of mobile games seek to come up with small, lightweight programs that may neglect security. From May 2021 to April 2022, web application attacks—which take advantage of vulnerabilities in online programs including mobile games—rose by about 166% YoY. Hence, the adoption of application lifecycle management is anticipated to grow over the forecast period.
Application Lifecycle Management Market: Key Takeaways
- Market in North America region to propel the highest share.
- The small & Medium Enterprise segment to garner the highest growth
- Market in Asia Pacific market to grow at a significant rate.
The surge in Failure of IoT Projects to Boost the Growth of Global Application Lifecycle Management
IoT projects are thought to fail to produce the anticipated results in about 74% of cases. Hence, the use of application lifecycle management is rising. Moreover, the use of product lifecycle management was high but only the use of PLM was not sufficient. Since it is not made to handle the often-frequent changes, PLM software alone is unable to minimize the complexity of software development. Only for this reason does ALM software intervenes to address the demands of continually shifting product requirements.
Application Lifecycle Management Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increase in the Number of IoT Connected Devices to Drive Market Growth in North America
The application lifecycle management market in North America is set to capture the largest revenue of approximately USD 5 billion by the end of 2035. This could be owing to growing number of IoT connected devices. Currently, North America is expected to have about 3 billion IoT connected devices. Hence, with the adoption for application lifecycle management is also anticipated to grow.
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Rise in Adoption of Automotive to Influence the Growth of the Market in Asia Pacific Region
The Asia Pacific application lifecycle management market is also anticipated to have noteworthy growth over the projected timeline. This growth is set to be attributed by rise in adoption of automobile. In the Asia-Pacific region, including the Middle East, it was predicted that about 36 million passenger automobiles are expected to be sold in 2022, with roughly 22 million of those sales taking place in China. Automotive OEMs and suppliers are able to guarantee product safety, organizational compliance, and competitiveness in the marketplace with the use of application lifecycle management (ALM).
Application Lifecycle Management, Segmentation by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
The small & medium enterprise is expected to generate the highest revenue of close to USD 4 billion by the end of 2035, owing to growing need for small business to grow. About 20% of small enterprises fail during the first year, according to data from the Bureau of Labor Statistics. By the end of the second year, the failure rate rises to 30%; by the fifth year, it rises to 50%; and by the tenth year, it rises to 70%. Hence, the small businesses are focusing on launching their application in order to satisfy their customer. However, even in order to make application efficiently work they have to adopt application lifecycle management system. Therefore, owing to this factor the market is set to grow.
Application Lifecycle Management, Segmentation by End-User
- Automotive & Transportation
- Aerospace & Defense
- Manufacturing
- BFSI
- Energy & Utilities
- Retail & E-Commerce
- Healthcare
- IT & Telecom
The IT & telecom segment is expected to garner the highest share of about 40% over the projected period. The growth of the segment could be attributed to the growth in prevalence of internet user. Approximately, 6 billion people used the internet as of April 2023, making up close to 65% of the world's population. Hence, the demand for application lifecycle management by telecom sector is anticipated to grow further boosting the market revenue.
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Application Lifecycle Management, Segmentation by Component
- Software
- Cloud-Based
- Services
A few of the well-known industry leaders in the global application lifecycle management market that are profiled by Research Nester are Atlassian, IBM Corporation, Microsoft Corporation, Open Text Corporation, Broadcom Inc., Siemens Limited, CollabNet Corporation, VersionOne, Inc., Inflectra Corporation, Perforce Software, Inc., and others.
Recent Development in the Market
- Due to extensive adoption by a significant portion of A&D industry partners, Siemens’ Teamcenter has been chosen by the United States Air Force as the exclusive solution to serve the USAF in product lifecycle management (PLM).
- The new content services platform from the industry pioneer in information management, ~OpenText Corporation, was unveiled with the announcement of OpenText Core Content and OpenText Core Case Management.
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