PUNE, India, October 30, 2017 /PRNewswire/ --
According to a new market research report "Service Virtualization Market by Component (Software/Tools and Services), Deployment Type (On-Premises and Cloud), Service Type (Managed Services and Professional Services), Verticals, and Regions - Global Forecast to 2022", published by MarketsandMarkets™, the market is projected to grow from USD 445.5 Million in 2017 to USD 1,040.8 Million by 2022, at an estimated Compound Annual Growth Rate (CAGR) of 18.50%.
Browse 71 Market Data Tables and 39 Figures spread through 149 Pages and in-depth TOC on "Service Virtualization Market"
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Enhanced quality of test conditions, leveraging of data integration, accelerated time to market, and increased ROI are the factors driving the growth of the Service Virtualization Market. Moreover, the rise in the adoption of service virtualization by enterprises over cloud has led to the increased adoption of service virtualizations solutions and services.
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The rapid adoption of service virtualizations solutions and services, due to a strong and well-established economy is expected to make North America the largest market in terms of global share.
North America consists of developed economies, such as the US and Canada. In this region, organizations are rapidly adopting and willing to invest in emerging technologies, such as smartphones and cloud platforms. The region's strong financial position also allows it to invest heavily in advanced tools and technologies. These advantages have provided North American organizations a competitive edge in the market. Moreover, the region has the presence of several major service virtualization vendors, and hence, there is a strong competition among the players. The number of enterprises adopting service virtualization solutions and services is quite high in North America as compared to the other regions.
The services segment is expected to have the largest market size during the forecast period.
The services segment includes professional services and managed services. Vendors define the scope and design of the service virtualization framework, and design test cases as per the business requirements. Partnering with leading QA service vendors for service virtualization enables the product development teams to focus on development, and thus aids in the implementation of continuous integration.
Training programs are designed to train the customers to implement the API test suites efficiently for their QA strategy. Product support and technical services provide software updates and tools to the customers for ensuring competitiveness in the ever-increasing software-driven market. Several market-leading service virtualization vendors also offer certification programs for groups of individuals to create a team of internal experts within the customers' organization
The on-premise deployment has the largest market share during the forecast period.
The service virtualization tools deployed on-premises run on a host within the organization's infrastructure. The test data may be managed and stored on the cloud. On-premises service virtualization tools enable test cases to run within the company's infrastructure, especially to monitor private/internal APIs, test APIs on a localhost, or access APIs that require fixed client IP staging. There is always a fear of losing crucial company data if the company has its data hosted on the cloud. For instance, banking APIs that are tested on the cloud would always be at a higher risk of losing critical customer data. Due to these reasons, the on-premises segment is expected to maintain a healthy demand in the Service Virtualization Market.
The major vendors in the Service Virtualization Market are CA Technologies (US), IBM (US), Micro Focus (Formerly as HPE) (US), SmartBear Software (US), Parasoft (US), Tricentis (Austria), Cavission Systems (US), Cigniti (India), Cognizant (US), Wipro (India), Sogeti (France), SQS (Germany), Maveric Systems (India), Prolifics (US), Axway (US), Crosscheck Networks (US), Delphix (US), Postdot Technologies (US), WireMock (UK), Solution-Soft Systems (US), Planit Testing (Australia), Tobania (Belgium), Tech Mahindra (India), ITC Infotech (India), and Capgemini (France).
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