Market Research Future (MRFR), in its new “Service Virtualization Market” report, states that the global market of service virtualization is expected to strike a CAGR of 18% across the forecast years of 2017 to 2023. MRFR reveals that the worldwide service virtualization market is expected to reach a valuation of USD 1,220 Mn by the end of the review period. As service utilization market is in nascent stage, the growth opportunities of the market are vast. This leads to the generation of new scope for new entrants of the market. Thus, the robust competition among the market key players can impact the market positively.
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
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North America, Europe, Asia Pacific and the Rest of the World (RoW) are regional segments of the global service virtualization market. The market in North America is expected to hold the grand share of the global market. The impact of quick adoption of modern technologies by different verticals in the region are expected to push the regional market growth. The existence of numerous key players in the US is expected to contribute effectively to the North America market. In Europe, the service virtualization market is expected to exhibit a steady growth. The increase in the number of developers of service virtualization solutions are expected to accelerate the market growth in the years of evaluation.
MRFR regional insights suggest that the global market of service virtualization in the Asia Pacific is expected to make high business in the years of forecast. A substantial growth is expected for the APAC market in the assessment years due to the increase in urban populace and rapid industrialization, which are surging the adoption of service virtualization across verticals. In addition, the growing number of developmental opportunities in economies such as India, China, and Japan are expected to boost the growth of the market.
The global market of Covid 19 Service Virtualization Market study is studied by component, deployment, and vertical. By component, the market is sectioned into service and software. The service segment is sub-segmented into professional services and managed services. By deployment, the market is split into cloud and on-premise. The high adoption of cloud technology for service virtualization solutions is likely to gain momentum for the market as cloud tech allows cost-benefits and flexibility. Meanwhile, the on-premise segment is expected to gain considerable valuation for the global service virtualization by the end of the review period. By vertical, the market is segmented into healthcare, BFSI, automotive, retail, IT & telecommunication, e-commerce, and others. The increase in the application of service virtualizations by cash-rich sectors, such as healthcare and automotive is noted to boost the growth of the market in the years to come.
MRFR listed a few companies that are operating in the global market of service virtualization. They are; CA Technologies (U.S.), IBM Corporation (U.S.), Parasoft (U.S.), Micro Focus International (UK), SmartBear Software (U.S.), Tricentis (U.S.), Cavisson Systems, Inc. (U.S.), Wipro Limited (India), Cigniti (India), and Cognizant (U.S.).
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