Press Release / Technology / Service Virtualization Market Emerging Technologies and Industry Growth by Forecast to 2023

Service Virtualization Market Emerging Technologies and Industry Growth by Forecast to 2023

The report on the global Service Virtualization market covers historical market trends, current market dynamics, market valuation by segmentation as well as region, country-level analysis for every segment, key player’s market share analysis, competitive landscape and supply chain analysis.

Market Highlights:

Major giants such as CA Technologies, IBM Corporation, SmartBear Software, Parasoft, and Tricentis are concentrating on the service virtualization market owing to increasing development of smart cities and growing need for energy efficient solutions for the same. CA Technologies with its service virtualization helps in stimulating unavailable systems across the software development lifecycles and projected to provide higher application quality and reliability, which is likely to help in reducing software development cycle times and also reducing software testing costs. Increasing demand for service virtualization solutions is one major factor driving the growth of service virtualization market. Cost-effectiveness is another major factor responsible for fueling the growth of the service virtualization market.

The North American region holds the most significant share of the global service virtualization market followed by Europe and Asia Pacific regions. The growth in the North American region is mainly dominated by the U.S. and Canada and is attributed to the enhanced quality of test conditions in the region. The region also has a well-established infrastructure, which allows implementation of advanced technologies. Moreover, the shifted focus to cloud-based deployment type is another major factor responsible for driving the growth of service virtualization market in the North American region.

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Major key Players

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.
According to MRFR, the service virtualization market is projected to reach USD 1,220 million at a CAGR of 18% by the end of the forecast period.

Industry News/Updates:

Spectrum Enterprise, a provider of scalable, fiber-based technology solutions, announced the release of software-defined wide-area network (SD-WAN) service. Network functions virtualization (NFV), software defined networking (SDN), and virtual network functions (VNF) are all rolled out into the software.

Veritas Software, the U.S., has announced the acquisition of California-based Aptare monitoring and managing both secondary and primary storage environments.

VMware, Inc., a subsidiary of Dell Technologies, has announced the launch of VMware Service-defined Firewall for internal firewalling.

VMware’s vCloud NFV platform, which is a new-age network functions virtualization, has been leveraged for the partnership with Ericsson. The partnership is aimed at simplifying network virtualization for Communication Service Providers (CSP).

Regional Analysis:

The regional analysis of the global service virtualization market spans across North America, Europe Asia Pacific and the Rest of the World (RoW). Service virtualization has penetrated across different verticals in North America. It has pushed the regional market to take the leading position in the global marketplace. The technological advancements are forecasted to dictate the growth trajectory of the market in the upcoming years. In addition, the region is expected to exhibit accelerated adoption and increasing demand. This, in turn, has been prognosticated to expedite the expansion of the service virtualization market in the region over the next couple of years.

Europe is a highly lucrative regional service virtualization market. The report suggests that the region is likely to flourish substantially over the assessment period. Meanwhile, Asia Pacific is anticipated to strike the steepest rise in the growth curve. The growth of the region can be ascribed to the developmental opportunities unleashed by the emerging economies such as China, Japan, and India.

Segmentation:

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.

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Intended Audience

Technology investors
Research/Consultancy firms
Technology providers
Government bodies
Service Virtualization Tools Providers
Service Virtualization Service Providers
Software Testing Providers
Communication Service Providers
Managed Service Providers
Third-Party System Integrators
LIST OF FIGURES

FIGURE 1 RESEARCH SERVICE TYPE

FIGURE 2 SERVICE VIRTUALIZATION SYSTEMS MARKET, BY SERVICE TYPE (%)

FIGURE 3 SERVICE VIRTUALIZATION SYSTEMS MARKET, BY TESTING TYPE (%)

FIGURE 4 SERVICE VIRTUALIZATION SYSTEMS MARKET, BY DELIVERY MODEL (%)

FIGURE 5 SERVICE VIRTUALIZATION SYSTEMS MARKET, BY ORGANIZATION SIZE (%)

FIGURE 6 SERVICE VIRTUALIZATION SYSTEMS MARKET, BY END USER (%)

FIGURE 7 SERVICE VIRTUALIZATION SYSTEMS MARKET, BY REGION (%)

Continued……

LIST OF TABLES

TABLE 1 SERVICE VIRTUALIZATION SYSTEMS MARKET, BY SERVICE TYPE

TABLE 2 SERVICE VIRTUALIZATION SYSTEMS MARKET, BY TESTING TYPE

TABLE 3 SERVICE VIRTUALIZATION SYSTEMS MARKET, BY DELIVERY MODEL

TABLE 4 SERVICE VIRTUALIZATION SYSTEMS MARKET, BY ORGANIZATION SIZE

TABLE 5 SERVICE VIRTUALIZATION SYSTEMS MARKET, BY END USER

Continued……

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