The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Oct. 9, 2023 /PRNewswire/ -- As per The Business Research Company's Testing Software Global Market Report 2023, the global testing software market is poised for substantial growth, with the market size projected to surge from $48.77 billion in 2022 to $52.79 billion in 2023, marked by a robust Compound Annual Growth Rate (CAGR) of 8.2%. This upward trend is expected to continue, with the testing software market size forecasted to reach $70.69 billion in 2027, maintaining a steady CAGR of 7.6%.
Rise in Cloud Computing Fuels Market Expansion
A key driver propelling this growth is the increasing adoption of cloud computing in the testing software industry. Organizations are leveraging cloud computing to reduce infrastructure overhead, enhance testing efficiency, and accelerate the delivery of high-quality software products. This approach enables efficient cost and resource management. For instance, the annual revenue from cloud infrastructure services is estimated at $178 billion, with 90% of large businesses implementing multi-cloud infrastructures. The cloud applications market is projected to reach $168.6 billion by 2025. These trends demonstrate how the rising utilization of cloud computing will contribute to the growth of the testing software market.
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Technological Advancements Drive Innovation
Companies operating in the testing software market are actively focusing on developing new technologies to facilitate the creation of advanced products with cutting-edge features. Major players in the market are committed to innovation to maintain their market position. For example, Applications Software Technology, a US-based systems integrator company, introduced version 3.0 of the Autonomous Cloud Tester tool in October 2020. This unique feature empowers organizations to expedite their release, patch, and upgrade test cycles for a wide range of cloud applications and cloud-based software. It significantly reduces patch testing time and expands the range of customer application footprints benefiting from the service. Additionally, it offers the ability to play and pause test results and view automated processes in action, with testing execution results automatically output in MP4 video format.
North America Leads the Way
In 2022, North America emerged as the second-largest region in the testing software market, boasting a value of $17.12 billion. This growth in North America is attributed to technological advancements, the widespread adoption of artificial intelligence, government initiatives, and substantial investments. For instance, Accenture's acquisition of XtremeEDA in June 2022 illustrates the region's commitment to semiconductor engineering services for consumer electronics, cloud data centers, and machine learning and artificial intelligence solutions.
As the global testing software market continues to evolve and innovate, businesses and stakeholders in the technology sector stand to benefit from the dynamic growth opportunities presented by cloud computing and technological advancements.
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The global testing software market is segmented -
1) By Type: System Integrator, Pureplay Software Testing
2) By Component: Application Testing, Services
3) By End-User: BFSI, IT And Telecom, Life Sciences and Healthcare, Manufacturing, Energy and Utilities, Retail, Consumer Goods, Logistics, Other End Users
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