Market Research Future (MRFR)’s report reveals that the global service virtualization market is expected to scale a CAGR of 18% during the forecast period 2017 to 2023. The report further highlights that the global market is expected to touch a valuation of USD 1,220 Mn towards the end of the assessment period. The market is at a nascent stage and is anticipated to signify growth opportunities for the new entrants. The robust competition in the service virtualization market is presumed to have a positive influence on the expansion of the market in the forthcoming years.
Service virtualization offers quality assurance and cost-benefit while minimizing the software development cycle time. This, in turn, is projected to expedite the proliferation of the service virtualization market over the next few years. These services are designed for smoothening the functions of development and operations team while facilitating automates tests. It enables improved communication and concurrent production of multiple software components. This is likely to augment the size and revenue of the service virtualization market in the years to come.
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By component, the global service virtualization market has been segmented into software and service. The service segment has been further sub-segmented into managed services and professional services.
By deployment, the service virtualization market has been segmented into on-premise, and cloud. The cloud technology is gaining momentum owing to cost-benefit and flexibility offered. Although the on-premise segment accounts for a larger share at present, the cloud segment is likely to secure the pole position towards the end of the forecast period.
By vertical, the global service virtualization market has been segmented into BFSI, healthcare, IT & telecommunication, automotive, retail & e-commerce, and others.
The regional analysis of Service Virtualization Market spans across North America, Europe Asia Pacific and the Rest of the World (RoW). Service virtualization has penetrated across different verticals in North America. It has pushed the regional market to take the leading position in the global marketplace. The technological advancements are forecasted to dictate the growth trajectory of the market in the upcoming years. In addition, the region is expected to exhibit accelerated adoption and increasing demand. This, in turn, has been prognosticated to expedite the expansion of the service virtualization market in the region over the next couple of years.
Europe is a highly lucrative regional service virtualization market. The report suggests that the region is likely to flourish substantially over the assessment period. Meanwhile, Asia Pacific is anticipated to strike the steepest rise in the growth curve. The growth of the region can be ascribed to the developmental opportunities unleashed by the emerging economies such as China, Japan, and India.
Some of the major industry leaders profiled in this MRFR report are IBM Corporation (U.S.), CA Technologies (U.S.), Micro Focus International (UK), Parasoft (U.S.), Tricentis (U.S.), SmartBear Software (U.S.), Wipro Limited (India), Cavisson Systems, Inc. (U.S.), Cognizant (U.S.), and Cigniti (India).
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