As the service virtualization industry grows, there is a visible shift in valuation where companies are more and more investing in making applications more functional than before. On this, Market Research Future study reveals that the global service virtualization market is likely to expand at a CAGR of 18% and achieving a valuation of approx. USD 1,220 million by the forecast period 2017-2023.
Market Key Trends & Challenges
The market’s most significant headwind factor is the escalating development of smart cities and the upward need for energy-efficient solutions. The major company giants such as SmartBear Software, Parasoft, and IBM Corporation, Tricentis, and more have benefitted the market by igniting its expansion that grossed double-digit since the past years. Such core activities have made the market to inflate radically and achieve more valuation in the coming years.
At the same time, the other factors, such as increasing demand for service virtualization itself has been a significant factor that is influencing the market more excellently. Besides, the cost-effectiveness of the services is yet another vital factor responsible for impacting the service virtualization market’s growth and would take the service to the next level during the forecast period.
The segmental analysis of the global service virtualization market has been done by the elements of component, deployment, and vertical.
In terms of component: Software and service are the segments. Whereas, the service segment is further sub-segmented among managed services and professional services.
In terms of deployment: On-premise and cloud are the segments. Among these, cloud technology is gaining all the highlight owing to factors such as cost-benefit and flexibility. Although the on-premise segment interprets for having a more significant share at present, yet the cloud segment is prospective to secure growth towards the end of the forecast period.
In terms of vertical: BFSI, healthcare, IT & telecommunication, automotive, retail & e-commerce, and others are the segments.
The geographical analysis of Service Virtualization Market has been done across the major regions of North America, Europe Asia Pacific, and the Rest of the World (RoW).
Among these, the North American region occupies the most significant share of the global service virtualization market. The growth of the market in the North American region is mainly led by the U.S. and Canada and is qualified for the enhanced quality of test conditions in the region. The region is also having a well-established infrastructure, which allows the implementation of advanced technologies. Moreover, the shifted focus to cloud-based deployment type is yet another major factor responsible for driving the growth of the service virtualization market in the North American region.
Europe region has been highly lucrative for the service virtualization market as it is going to flourish substantially over the review period.
In this line, the Asia Pacific region is also anticipated to attain the steepest rise in the growth curve of the market. The growth of the region is mainly ascribed to the developmental opportunities unleashed by emerging countries such as China, Japan, and India.
Key Market Players
The giant industry leaders profiled in this MRFR report are listed as 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).
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.
+1 646 845 9312