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Managed Testing Services Market Research 2024-2033 - Size, Outlook, Overview And Competitor Analysis
Managed Testing Services Market Research
According to The Business Research Company's, The managed testing services market size has grown rapidly in recent years. It will grow from $306.44 billion in 2023 to $349.63 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to increased reliance on digital platforms, the complexity of software systems, globalization of businesses, regulatory compliance requirements, cost efficiency pressures, and the need for specialized testing expertise.
The managed testing services market size is expected to see rapid growth in the next few years. It will grow to $601.55 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%. The growth in the forecast period can be attributed to the rapid adoption of emerging technologies, heightened focus on cybersecurity, globalization of businesses, demand for continuous integration and delivery, evolving regulatory compliance requirements, and rising need for specialized testing expertise. Major trends in the forecast period include emerging technologies such as artificial intelligence, machine learning, IoT, and blockchain, a surge in the adoption of cloud-based testing platforms, emphasis on security testing, integration of agile and DevOps methodologies into testing processes, a proliferation of automated testing tools and frameworks, growing preference for outcome-based testing models, and the rise of hybrid testing approaches.
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Market Drivers and Trends:
The increasing digital transformation is expected to propel the growth of the managed testing services market going forward. Digital transformation involves conducting tasks or operations by incorporating digital technologies such as computers or handheld devices, often described as digital activities. Digital transformation is increasing due to growing recognition of its potential to enhance efficiency, productivity, and competitiveness across industries by leveraging advanced technologies and data-driven insights. Digital transformation necessitates integrating managed testing services to ensure the seamless adoption and optimization of evolving digital technologies and processes. For instance, in October 2023, according to the Australian Bureau of Statistics, an Australia-based governmental organization, the total digital business activity in Australia increased from 7.7% in 2021 to 8.6% in 2022. Therefore, the increasing digital transformation is driving the managed testing services market.
Major companies operating in the managed testing services market are focusing on advanced solutions, such as 5G network software security testing solutions, to gain a competitive edge in the market. 5G network security testing entails assessing the strength and durability of 5G networks, encompassing software, hardware, and applications, to discover and address possible weaknesses and risks, thereby safeguarding the integrity and protection of the network infrastructure. For instance, in May 2022, Nokia, a Finland-based telecommunications company, launched an Advanced Security Testing and Research (ASTaR) lab in Texas. It is a first-of-its-kind 5G testing facility in the U.S. focused solely on cybersecurity. ASTaR takes a comprehensive approach to cybersecurity, going beyond individual network elements to examine broader network use and abuse scenarios. This dedicated lab will pioneer cutting-edge tools and methodologies to evaluate the security resilience of 5G networks, including associated software, hardware, and applications. By addressing emerging security threats and collaborating with the cybersecurity community, ASTaR aims to proactively identify and mitigate potential vulnerabilities, reinforcing the integrity of 5G infrastructure.
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:
International Business Machines Corporation, Tata Consultancy Services Limited, NTT Data Corporation, Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, DXC Technology Company, HCL Technologies Limited, Atos SE, Wipro Limited, CGI Inc., Virtusa Corporation, Tech Mahindra Limited, EPAM Systems Inc., UST Global Inc., Expleo Group, Larsen & Toubro Infotech Limited, Qualitest Group Limited, Hexaware Technologies Limited, Zensar Technologies Limited, TestingXperts Private Limited, Tricentis AG, QASource Inc., ThinkSys Inc., QA Consultants Inc., Testbirds GmbH, Testlio Inc.
Managed Testing Services Market 2024 Key Insights:
• The managed testing services market size is expected to see rapid growth in the next few years. It will grow to $601.55 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%.
• Digital Transformation Fuels Growth Of Managed Testing Services Market
• Innovative Solutions and Initiatives Propel Managed Testing Services Market Forward
• North America was the largest region in the managed testing services market in 2023
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Learn More About The Business Research Company
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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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
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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