Press Release / Technology / Service Virtualization Market: Trends and Demands Research Report 2018-2023

Service Virtualization Market: Trends and Demands Research Report 2018-2023

Market Highlights:

In this rapidly changing world of technology, service virtualization market is projected to show major growth prospects during the forecast period. A major factor driving the service virtualization market is increasing demand for enhanced quality of test conditions and leveraging of data integration. Growing demand for service virtualization tools across various industry verticals is another major factor responsible for fueling the growth of the global service virtualization market.

Additionally, increasing advancements in the technology is another major factor driving the growth of the service virtualization market. Increased demand for leveraging of data integration is another major factor responsible for fueling the growth of the service virtualization market. Rapid adoption of emerging technologies, smart phones and cloud platforms are other major factors responsible for driving the growth of service virtualization market.

Giants like CA Technologies, IBM Corporation, SmartBear Software, Parasoft, and Tricentis are the major players among others in the global service virtualization market. CA Technologies with its service virtualization helps in stimulating unavailable systems across the software development lifecycles and is projected to provide higher application quality and reliability. Parasoft is another leading player in the service virtualization market. Parasoft, by leveraging simulation technology to test more completely and hence reduce the testing time and eventually helps in reducing costs. The company focusses on offering innovative solutions and keeps up with the fast pace of the technological advancements. Service virtualization market is expected to witness significant growth with the growing development of smart cities and increasing demand for cost-effective solutions to improve overall productivity. Service virtualization helps in enabling continuous testing to accelerate software delivery.

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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.

Segmentation

The global service virtualization market, by geography, is segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the service virtualization market in North America is expected to witness a significant growth and hold the largest market share during the forecast period. The U.S and Canada are anticipated to drive the growth of the service virtualization market over the review period owing to the presence of a large number of established key players such as CA Technologies, IBM Corporation, SmartBear Software, Parasoft and Tricentis in that region. Furthermore, the region has a well-established infrastructure, which allows a higher penetration of devices and ultimately provides better connectivity. Increasing need for cost-effective solutions for software testing and delivery is another major factor responsible for driving the growth of service virtualization market.

Regional Analysis:

On geographic basis, global service virtualization market is studied in different regions as Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America region is leading with market share growth in the service virtualization market due to the technological advancements and increasing demand for service virtualization solutions across different industry verticals in that region, Europe is to be estimated to be the second largest market share for service virtualization solutions during the forecast period. Asia Pacific is expected to forecast the highest CAGR in the coming years.

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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
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