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.
The contribution of service virtualization in minimizing the software development cycle time is observed to be the principal driving factor for the growth of the market. It offers cost benefits and quality assurance. These advantages are expected to propel the growth of the market. The design for these services enables seamlessness of procedures involved in functions and operations for facilitating automates tests. In addition, service visualization enhance communication and in the concurrent production of different components of software. These are anticipated to augment the market size and turnover across the forecast years of market analysis.
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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.
North America, Europe, Asia Pacific and the Rest of the World (RoW) are regional segments of Service Virtualization Market Size. 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.
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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