Service Virtualization Market Worth $1.69 Billion by 2025
The global service virtualization market size is expected to reach USD 1.69 billion by 2025, according to a new study by Grand View Research, Inc., progressing at a CAGR of 17.6% during the forecast period. Increasing adoption of digitization by enterprises to automate business processes is one of the key trends stimulating market growth. Besides this, growing adoption of DevOps and agile methodologies for software development, in an attempt to improve collaboration between software development and testing teams, is anticipated to provide a fillip to the market.
Service virtualization enhances operational efficiencies and collaboration between development, quality, operations, and assurance teams to provide a continuous integration, testing, and delivery of software. Its tools and services cater to various needs of software development teams. They also enable developers to enhance the quality of test conditions and accelerate time to market, resulting in high operational efficiencies and increased return on investment.
Various industries such as IT, banking, insurance, retail, and telecom are widely adopting service virtualization solutions to enhance productivity, reduce time to market, streamline workflows, deliver high-quality products and services, and reduce costs associated with software development. However, issues related to data security regulations and policies are estimated to challenge the growth of the market.
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Further Key Findings from the Study Suggest That:
North America is expected to account for the largest share owing to rapid adoption of digital services along with large presence of major players and wide acceptance of cloud infrastructure
Asia Pacific emerged as the fastest growing market over the forecast period, owing to advancements in infrastructure, increasing IT outsourcing operations, and growing digital services
The software segment accounted for over 50.0% of the overall market in 2017. The services segment is expected to register the highest CAGR over the forecast period
The IT vertical dominated the market in the year 2017, followed by the telecom vertical. Growing use of digitalization and development of connected devices are expected to drive the market.
Key participants include IBM Corporation, CA Technologies, Micro Focus, Smartbear Software, Parasoft, Sogeti (Capgemini), Maveric Systems, and Prolifics.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.