Software Testing Market Size, 2020-2027 | Industry Trends Report
Software Testing Market
The Software Testing Market was estimated around USD 37,200 million in 2019 and 9s predicted to expand at a CAGR of 7% over the forecast period (2020-2027).
The factors driving the growth of Software Testing Market includes increasing use of software testing to minimize the test turnaround time, rising adoption of web-based applications, growing trend of work from Home (WFH) and expansion of the online banking industry around thew world. According to the report published by Statista, around 367,1 million online banking users were estimated in Europe in 2020 and this figure is predicted to reach 435 million by the end of 2024, which will boost the Software Testing Market size in the approaching years. Moreover, rise in the number of services such as online education, telemedicine, and online shopping, increasing emphasis on developing cost-effective procedures to detect software flaws in IT firms and growing sales of smartphones across the globe, are some of the additional factors supplementing the market growth. In addition, the integration of advanced technologies such as Internet of Things (IoT), Artificial Intelligence (AI) and Machine Learning (ML) with software testing solutions and increasing investments by leading players on research and development, are further contributing to the market growth
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However, the growth of Software Testing Market is hindered attributed to insufficient availability of skilled professionals.
The major players operating in the market are Capgemini SE, Cognizant Technology Solutions Corp, DXC Technology Co, HCL Technologies Ltd, NTT DATA, Tata Consultancy Services Ltd, Wipro Ltd., IBM Corporation, Accenture Plc, Atos SE, Infosys Ltd, Computer Sciences Corporation (CSC), and QualiTest among others.
Component: Segment Analysis
Based on Component, the Application Testing segment is projected to grow at a significant CAGR over the forecast period. Rise in the number of smartphones users and growing adoption of cloud-based services by major companies across the globe, are some of the factors responsible for the segment’s growth.
Application: Segment Analysis
Based on Application, the IT & Telecom segment is anticipated to capture the largest market share during the forecast period. The increasing dependence on software applications, Government initiatives to promote digital services and rise in the number of smartphone users, are some of the factors augmenting the segment’s growth.
Regional: Segment Analysis
Based on Region, the North American region is expected to old the highest market share over the forecast period. Presence of the leading players such as IBM Corporation, DXC Technology Co and Computer Sciences Corporation (CSC), growing adoption of advanced technology, increasing use of digital services, rising tech savvy population and high per capita incomes, are some of the important factors propelling the market growth in North America.
Market Segmentation
Global Software Testing Market by Component
Application Testing
Functional Testing
Non-Functional Testing
Service
Global Software Testing Market by Application
IT & Telecom
BFSI
Manufacturing
Retail
Healthcare
Transportation & Logistics
Government & Public sector
Global Software Testing Market by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
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