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AI-Powered Testing Solutions Market Report 2024
AI-Powered Testing Solutions Market
According to The Business Research Company's, The AI-enabled testing tools market size has grown exponentially in recent years. It will grow from $0.35 billion in 2023 to $0.45 billion in 2024 at a compound annual growth rate (CAGR) of 29.2%. The growth in the historic period can be attributed to growing complexity of software applications and systems, strong focus on quality assurance and testing efficiency, widespread adoption of agile and DevOps practices, increasing awareness about the benefits of AI-enabled testing tools, availability of large volumes of data for testing purposes.
The AI-enabled testing tools market size is expected to see exponential growth in the next few years. It will grow to $1.27 billion in 2028 at a compound annual growth rate (CAGR) of 29.4%. The growth in the forecast period can be attributed to increasing focus on shift-left testing, rising adoption of cloud-based testing solutions, rise in cybersecurity threats, expansion of IoT and edge computing technologies. Major trends in the forecast period include adoption of shift-left testing, adoption of cloud-based testing solutions, adoption of advanced security testing capabilities, integration with intelligent automation platforms, adoption of agile and DevOps practices.
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Market Drivers and Trends:
The rapid growth of digital transformation is expected to propel the AI-enabled testing tools market going forward. Digital transformation refers to integrating digital technologies into all business operations, fundamentally changing how organizations operate and deliver customer value. The surge in digital transformation can be attributed to changing consumer behaviors, the need for increased efficiency and agility, and the demand for improved customer experiences. Digital transformation creates increased demand for AI-enabled testing tools by necessitating faster and more accurate testing processes to ensure the seamless integration of digital technologies into business operations. For instance, in May 2023, according to the report published by the European Investment Bank, a Luxembourg-based European Union's long-term finance institution, in 2022, 42% of European firms invested further in digitalization, marking a nine percentage point increase compared to 2021. Moreover, one in two firms in the United States, or 50%, pursued additional investment in digitalization during the same period. Therefore, the rise in digital transformation is driving the growth of the AI-enabled testing tools market.
Companies operating in the AI-enabled testing tools market are developing advanced technological solutions, such as MagnifAI, which integrates artificial intelligence (AI) technology to automate and streamline quality assurance processes. MagnifyAI leverages AI algorithms that help analyze complex visual testing scenarios, identify subtle differences between expected and actual product appearances, and automate the review of large volumes of visual assets. For instance, in June 2022, Globant S.A., a Luxembourg-based software solutions company, launched MagnifAI, an AI-powered test automation solution focused on improving and simplifying quality assurance in complex visual testing scenarios. MagnifAI aims to enhance product quality, decrease maintenance time, shorten time-to-market, and reduce costs for businesses across various industries. MagnifAI automates the review of millions of visual assets, identifying subtle differences that may impact user experience, which is particularly crucial in industries such as gaming. The innovation addresses challenges in quality control by utilizing AI to spot discrepancies between expected and actual product appearances, tasks often difficult for humans to perform at scale.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Amazon Inc., International Business Machines Corporation, Oracle Corporation, Keysight Technologies Inc., Open Text Corporation, Micro Focus International Plc, Cloudera Inc., Nuro Inc., Perforce Software Inc., Tricentis LLC, Indium Software Inc., QASource Inc., SenseTime Group Limited, SmartBear Software Inc., Sauce Labs Inc., Applitools Ltd., BugRaptors Solutions Pvt. Ltd., AccelQ Inc., Functionize Inc., Diffblue Ltd., SeaLights Technologies Ltd., Mabl Inc., Vegavid Technology, ReTest GmbH, TestRigor Inc
AI Enabled Testing Tools Market 2024 Key Insights:
• The AI-enabled testing tools market size is expected to see exponential growth in the next few years. It will grow to $1.27 billion in 2028 at a compound annual growth rate (CAGR) of 29.4%.
• Digital Transformation Fuels Growth In The AI-Enabled Testing Tools Market
• Innovations In AI-Enabled Testing Tools Transforming Quality Assurance With MagnifAI
• North America was the largest region in the AI-enabled testing tools market in 2023
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The Business Research Company
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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