Pros: The primary benefit of agile software development is that it allows software to be released in iterations. Iterative releases improve efficiency by allowing teams to find and fix defects and align expectation early on. They also allow users to realize software benefits earlier, with frequent incremental improvements.
Cons: Agile development methods rely on real-time communication, so new users often lack the documentation they need to get up to speed. They require a huge time commitment from users and are labor intensive because developers must fully complete each feature within each iteration for user approval.
Agile development methods are similar to rapid application development (see below) and can be inefficient in large organizations. Programmers, managers, and organizations accustomed to the waterfall method (see below) may have difficulty adjusting to an agile SDLC. So a hybrid approach often works well for them.