Service Virtualization Market 2018 to 2023 by Global Leaders: CA Technologies, IBM Corporation, Micro Focus International, SmartBear Software, Parasoft

Market Highlights

The global service virtualization market is estimated to exhibit high growth potential during the forecast period owing to increasing deployment of service virtualization solutions across various industry verticals. Growing need for energy efficient solutions and service virtualization solutions for the same is major driver of the 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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Some of the prominent players in service virtualization market: 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.

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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