worldwide Service Virtualization Market Size to Observe Steady Growth By 2023

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.
In the global service virtualization market, Asia Pacific is expected to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, service virtualization market is projected to contribute faster to the growth of revenue backed by increased return on investment on service virtualization applications in countries such as Japan, China, South Korea and India.

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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)

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

Service Virtualization Market Segmentation
The service virtualization market is segmented into component, deployment, and vertical. The component is further segmented into software and services. The services segment is further classified into managed services and professional services. The services segment is expected to hold the largest share of the global service virtualization market.

Regional Analysis:
The regional analysis of service virtualization market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period. The major growth in service virtualization market in North America is attributed to the technological advancements and increasing adoption of service virtualization solutions across various industry verticals in that region. The service virtualization market in Europe region is expected to witness rapid growth in the forthcoming period. Whereas, Asia-Pacific countries like China, Japan and India is an emerging market for service virtualization market and expected to be 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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This release was published on openPR.