Application lifecycle management (ALM) is a process that is used to coordinate and manage different phases of software development. As a result, software can be designed, delivered, and deployed faster, reducing time to market. ALM solutions have been adopted by companies in various developed economies in North America with a view to maintaining their business agility and flexibility, as ALM increases the business efficiency by creating and enforcing standards across all related project stages, and performing more appropriate allocation of human and technological resources. 

Also, increasingly cloud-based ALM solutions are being adopted by enterprises around the globe.This is due to the benefits offered by cloud-based implementation models, such as low upfront costs, hosted computing services without any investments in infrastructure, and increased scalability. 

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The cloud-based ALM solutions segment is anticipated to grow the fastest, with an expected CAGR of 8.7% during the forecast period due to their ability to provide global access to information and processes in software development. The ALM services market is segmented into consulting, professional, operation, and maintenance. In 2014, global ALM services component revenue accounted for 1.13 Bn, which is approximately 55% of the overall ALM market.