Software testing market is expected to witness significant growth by 2027 due to rapid digitalization in key regions of the world. Moreover, the widespread demand for mobile applications and services is expected to propel the growth of the market throughout the forecast period.
Software testing is the process of checking and evaluating whether a software product or application achieves its purpose. The benefits of testing include preventing bugs, reducing development expenses, and improving performance. Software testing is also crucial to improve software reliability and reduce errors. Notably, the increase in R&D activities in the software testing technology sector has supported the expansion of the industry over the past few years.
In addition, major industry players are implementing lucrative strategies to strengthen their market position by engaging in collaborations, product launches, mergers and acquisitions, etc., which has improved the outlook. global trade. For example, in September 2021, Wood plc, a global engineering and consultancy firm, entered into a strategic collaboration with National Energy Resources Australia (NERA), the independent federally funded energy resources agency. , to provide real time inspection and testing solutions in the offshore energy industry.
Wood developed the augmented machine vision solution by leveraging its advanced artificial intelligence technology to provide up-to-date information to help increase asset production. Modern testing technology was designed to eliminate the need for technicians to inspect physical assets and reduce the likelihood of human error.
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The software testing market has been segregated based on application, component and region. In terms of components, the market has further been categorized into application testing [non-functional testing (usability testing, security testing, performance testing, and others) and functional testing (unit testing, smoke testing, system testing, regression testing, integration testing, and others)] and services (managed and professional).
The managed services segment held a large market share of around 42% in 2020 and is expected to grow at a steady pace over the period 2021-2027. Growing implementation of machine learning, artificial intelligence and predictive analytics technologies in managed service offerings by software testing service providers to gain competitive advantage in the market is likely to drive growth segmentation over the coming years.
Regarding application, the software testing market has been divided into retail, government & public sector, BFSI, transportation & logistics, manufacturing, IT & telecommunications, healthcare, and others. The transportation and logistics segment reached nearly 4% market share in 2020 and is expected to see optimistic growth throughout the estimated timeline. Rising R&D initiatives towards autonomous vehicles and car electrification are expected to drive the adoption of automotive software testing in the coming years.
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Regionally, the software testing market in Latin America accounted for more than 3% of the overall industry revenue in 2020 and is expected to gain popularity over the forecast period. The proliferation of industrial automation and robotics in Mexico and Brazil is expected to boost the regional market outlook in the coming years.