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Testing Software Global Market Analysis: 2024 Outlook
Testing Software Market Size
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According to The Business Research Company's, The testing software market size has grown strongly in recent years. It will grow from $52.25 billion in 2023 to $55.98 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growing digitalization in developing economies and increased adoption of smart consumer products.
The testing software market size is expected to see strong growth in the next few years. It will grow to $76.98 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to increased availability of high-end devops solutions, rising utilization of cloud computing, rise in test automation services. Major trends in the forecast period include increased availability of high-end devops solutions, rising utilization of cloud computing, rise in test automation services.
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Market Drivers and Trends:
The surging adoption of smart consumer products is expected to propel the growth of the testing software market going forward. Smart consumer products refer to devices that are connected to the internet, developed for consumers, and can exchange data about themselves, their surroundings, and their users. Automation of software testing is a crucial component of the foundation for smart product online activities. It's a crucial area that takes a lot of attention from individuals in software testing roles online. For instance, according to Earthweb, a US-based online media company, in 2021, 258.54 million smart homes were there globally in the US, of which 23% of broadband households have three or more smart home appliances. Therefore, the surging adoption of smart consumer products is driving the growth of the testing software market.
Major companies in the testing software market are focusing on product innovations and developing new product solutions to strengthen their position in the market. For example, in October 2022, Datadog, Inc., a US-based monitoring and security platform for cloud applications, launched the Unified End-to-End Testing Platform and the general availability of Datadog Continuous Testing, a new product that helps developers and quality engineers quickly create, manage and run end-to-end tests for their web applications.
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Major Key Players of the Market:
Glanbia Plc, PepsiCo Inc, Post Holdings Inc, Abbott Laboratories, Otsuka Pharmaceutical Co. Ltd, GNC Holdings Inc., The Coca-Cola Company, Nestle SA, Clif Bar & Company, MusclePharm Corporation, Yakult, Reckitt Benckiser Group plc, Hormel Foods Corp., Z-Konzept, German Sports Nutrition, Atlantic Grupa DD, OTE Sports Ltd, Nomi Biotech Corporation, Fitness Authority, ALFIT TM, HSN nutrition, World Food, SNC, NutritionPro, Alphamale ATP, Boli Nutriton, Emerix Laboratories, JRM Limited, Crucible Combat Corporation, Amgen, ASPEN, Kilyos, Actylis, Nature's Bounty Co, Biovea, NOW Foods, HealthVit, MedxPharmacy, Nutrition Souq, Shark Supplements and Protein Nutrition, Shark Food Supplements Trading LLC, Ascendis Health, Bayer, Inova Pharmaceuticals, Vital Health Foods, Vitabiotics Ltd, Glaxosmithkline PLC, Raw Sport, Alpha Sports Nutrition, Uber Nutrition, Hammer Nutrition, USN Kenya, menshealth.com, BetterMe, egyfitness
Testing Software Market 2024 Key Insights:
• The testing software market size is expected to see strong growth in the next few years. It will grow to $76.98 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Rising Tide Of Smart Consumer Products Ignites Growth In The Testing Software Market
• Innovative Product Strategies Drive Market Leadership For Testing Software Companies
• North America was the largest region in the testing software market in 2023
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