Unhindered workflow is a boon for industries as it helps them to go in sync with the demands of the time. Service virtualization ensures such an exchange between testing of software and implementation of the same. The global service virtualization market is eyeing for a stellar 18% CAGR during the forecast period (2017-2023). Market Research Future (MRFR) in their extensively covered report predicts a possible scaling of USD 1,220 million valuation during the same period. In addition, it encompasses chief drivers such as increasing demand for quality testing and leveraging of data integration before the actual implementation and resulting cost-effectiveness to deliver an in-depth analysis of the market. This can assist the users with a predictive model of the market in coming years.
However, a better result can only be expected only several links of the entire process work cohesively which, at times, is unquestionably daunting. Furthermore, it increases the chance of data breach which companies try to avoid all the time. These can only impact the market temporarily, but in the long run, with constant innovations, the market can ensure a safe passage towards progress for itself.
DevOps service virtualization is creating quite a stir as it is enabling teams to communicate and collaborate more effectively. With the deployment of automation, the software is ensuring continuous integration and effective delivery which increases productivity and adds agility to projects.
Ciena has recently launched the 3906mvi Service Virtualization Switch, which boosts the virtual network function of a company’s packet networking portfolio. This allows operators to quickly test their product and then roll them out for commercial services.
The global service virtualization market can be segmented by component, deployment, and vertical.
By component, the market can be segmented into software and service. The service can further be segmented into managed services and professional services.
Deployment-wise the market includes on-premise and cloud.
Vertical-based segmentation includes banking, financial services and insurance (BFSI), healthcare, automotive, IT & telecommunication, retail & e-commerce, and others.
Going by the regions, Service Virtualization Market Share comprises namely Asia Pacific (APAC), North America, Europe and Rest-of-the-World (RoW).
North America is accounted for the largest share of the market owing to the infrastructural superiority which the region often boasts of. People of this region also tends to use the updated platform which makes it easier for the sector to proliferate the regional market in a better way. At the same time, major companies are mostly based out of the continent which further boosts its control. Europe is experiencing tremendous growth as well owing to similar reasons. The APAC is expected to register the fastest CAGR during the same period. India, China, and Japan, emerging economies of the region, are implementing service virtualization to a great extent which is giving the regional market much thrust.
The ever-competitive sector is marked by mergers and acquisitions which help the market to expand. For instance, Broadcom has recently acquired CA Technologies in an effort to better their company portfolio. SmartBear with their latest acquisition of Hiptest is planning to accelerate their testing methods.
Some of the prominent players in service virtualization market are CA Technologies (U.S.), IBM Corporation (U.S.), Micro Focus International (UK), SmartBear Software (U.S.), Parasoft (U.S.), Tricentis (U.S.), Wipro Limited (India), Cognizant (U.S.), Cavisson Systems, Inc. (U.S.), Cigniti (India) and others.
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