SELBYVILLE, Del., September 27, 2021 (GLOBE NEWSWIRE) – Software Testing Market Revenue Expected to Valuate $ 60 Billion by 2027, According to the Most Recent Global Market Insights Study Inc. The growing trend towards privacy and digital security in the cryptocurrency, government and banking industries is accelerating the demand for blockchain testing services. Blockchain testing helps companies test, validate, encrypt and decrypt the financial transaction at high speed and manage and secure user identities.
Growing cryptocurrency trading volumes and their market capitalizations are expected to provide opportunities for software testing providers. According to CoinDesk, Bitcoin’s market capitalization was over $ 1,079.67 billion in April 2021, up from $ 158.92 billion in April 2020. In addition, several economies in North America and Europe now accept currencies virtual systems to limit the impact of currency fluctuations. According to a survey by the World Economic Forum, 10% of global GDP could be stored using blockchain by 2027. The growing adoption of digital payment methods using blockchain technology is expected to increase demand for services from software testing during the forecast period.
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The non-functional testing segment held a market share of around 44% in 2020 and will grow at a CAGR of 7% during the forecast period. Market growth is driven by the increasing demand for non-functional testing including performance testing, usability testing, security testing, and API testing in IoT and connected devices. The proliferation of IoT-connected devices in the coming years will add new opportunities over the forecast timeline. The majority of data sharing between IoT devices is done in the form of API formats. Additionally, performance testing helps increase the speed, scalability, and responsiveness of software and applications in embedded IoT devices. Companies are emphasizing the introduction of new non-functional testing platforms to stay competitive in the market. For example, in January 2020, MachNation released âMIT-E Pf,â a performance and scalability testing software for IoT solutions. The new software can verify platform performance up to one million IoT messages per second.
The manufacturing segment held a market share of around 5.5% in 2020 and is expected to grow at 7% CAGR from 2021 to 2027. Manufacturing industries are seeing wide adoption of robotics and automation to accelerate the productivity with low labor cost, ensuring higher profit margins. . Several units of automation equipment, including CNC machines, automated assemblies, conveyor systems, and automated guided vehicles (AGVs), are integrated with advanced software, sensors and microprocessors. These software and hardware components require continuous testing using test automation frameworks.
The European software testing market is expected to register a CAGR of 5.5% from 2021 to 2027. The growth is attributed to increased R&D initiatives towards autonomous vehicles and electrification of cars in the region. According to the Global EV Outlook 2021 report, Europe registered more than 1.4 million units of new registrations of electric cars in 2020. Electric vehicles are integrated with battery management software, electronic control units (ECU) and automotive sensors, requiring unit testing, integration testing, and system testing. Software testing also offers benefits, including quality assurance (QA), design verification, and battery performance evaluation. The presence of major automotive OEMs, such as Audi, Volkswagen, BMW Group, etc. which focus on the development of self-driving cars and ADAS systems will further drive the growth of the software testing market in the region.
The major players operating in the software testing market are engaged in new product launches and improvements to gain competitive advantage in the market. For example, in October 2020, Tricentis launched Vision AI, an AI-based test design and automation technology. The new technology will help tackle challenges like heavy application customization, virtual and remote test customizations. Likewise, in August 2021, Automation Anywhere launched a new RPA maturity assessment tool that will help businesses and automation teams deploy, adopt and evolve intelligent automation. The new tool will allow its customers to get the most out of their intelligent automation tasks.
Here are some of the key findings of the Software Testing Market report:
- The growing demand for mobile applications is expected to drive the growth of the software testing market. Various mobile applications for entertainment, currency transactions, gaming, and e-commerce require continuous upgrades to improve user experience. This should create a strong demand for usability testing, regression testing, and API testing services.
- The functional testing segment is expected to experience high market share during the forecast period. Growing demand for software agility, reduced capital expenditure, and efficient management of IT resources during software development lifecycles (SDLCs) are expected to propel the adoption of functional testing services.
- The COVID-19 pandemic had a positive impact on the growth of the software testing market in the first half of 2020. Several companies in the healthcare, entertainment, online banking and online retail sectors have started to investing in digital platforms for business continuity in early 2020. This has created high growth opportunities for software testing service providers during the pandemic.
- The widespread adoption of smart home technology products in developed economies, such as Germany, France, United States and Canada, is expected to support the growth of the software testing market. Technology products for the smart home, such as robotic vacuum cleaners, service robots, smart TVs and voice assistance systems, are integrated with advanced technologies such as natural language processing (NLP), home security. network and robotic process automation (RPA). This will provide opportunities for software testing vendors.
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- North America is expected to experience the highest growth during the forecast period. The region has a strong presence of leading technology companies, including Apple, IBM, Amazon and Microsoft, which are constantly innovating and developing new products to increase their market penetration. This is expected to fuel the growth of the software testing industry during the forecast period.
- Some of the major players operating in the software testing industry are Wipro Limited, Capgemini, TCS, Tech Mahindra Limited, Qualitest, Microsoft, Infosys, IBM Corp., HCL Technologies and Cognizant among others.
- Companies operating in the software testing market are widely engaged in growth strategies, such as mergers and acquisitions, to accelerate their product offerings and stay competitive in the market.
Partial chapters of the report table of contents (TOC):
Chapter 3 Software Testing Industry Overview
3.2 Industry segmentation
3.2.1 Evolution of software testing
3.2.2 Manual software testing vs automated software testing
3.2.3 Patent landscape
3.2.4 Automation test tools and platform analysis
184.108.40.206 Tosca test suite
220.127.116.11 HPE Unified Functional Tests
3.2.5 AI-Integrated Automation Test Platform and Tools
18.104.22.168 Sauce laboratories
3.3 Impact Analysis of Corona Virus Pandemic (COVID-19) on Software Testing Market
3.3.1 Global Outlook
3.3.2 Impact by region
22.214.171.124 North America
126.96.36.199 Latin America
3.3.3 Impact on the industry value chain
3.3.4 Impact on the competitive landscape
3.4 Industry Ecosystem Analysis
3.4.1 Automation test tools / platforms
3.4.2 Testing service providers
3.4.3 Cloud service providers
3.4.4 Professional service providers
3.4.5 Managed Service Providers
3.4.6 End use
3.5 Technology and innovation landscape
3.5.1 Automation tests without code
3.5.2 AI and machine learning for automation
3.5.3 IoT and Big Data tests
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
188.8.131.52 Growing adoption of AI and ML in automation testing
184.108.40.206 Growing adoption of DevOps methodology
220.127.116.11 Growing adoption of an agile development environment for quality assurance and testing
18.104.22.168 Increased consumption of mobile applications
22.214.171.124 Growing digitization in developing economies
3.7.2 Pitfalls and challenges of the industry
126.96.36.199 Lack of qualified professionals
188.8.131.52 High implementation cost prevailing between manual testing and automation testing
3.8 Analysis of growth potential
3.9 Porter’s analysis
3.9.1 Industry Rivalry
3.9.2 Threat of new entrants
3.9.3 Purchasing power
3.9.4 Supplier authority
3.9.5 Threat of substitutes
3.10 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and consulting services; offering syndicated and personalized research reports as well as growth consulting services. Our business intelligence and industry research reports provide clients with insightful insights and actionable market data specially designed and presented to aid in strategic decision making. These comprehensive reports are designed using a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Image 1: The size of the software testing market worth over $ 60 billion by 2027
According to the GMI report, the size of the software testing market is expected to grow at over 7% CAGR from 2021 to 2027.
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Over $ 60 billion worth of software testing market size by 2027