The global Service Virtualization Market is forecasted to reach USD 2,452.4 Million by 2027, according to a new report by Reports and Data. The market for service virtualization is experiencing rapid growth in IoT and cloud computing devices due to the ease of access by the users. The more advanced test quality conditions and the fast processing time are some of the factors for market growth.
It helps in the delivery of a simulated test environment, which creates, manages, and deploys complete test environments. The need for organizations to respond quickly and effectively to changing business demands is also encouraging the market. It helps users to achieve quality improvements, services, virtualization, and risk reduction.
Service virtualization provides different benefits such as better utilization of system resources and high provisioning of services. It can also be used in connected systems for the testing behavior of an application, its component, and the Application Programming Interface (APIs). It is also useful among development teams that focus on bug fixing at the API layer, where problems are generally introduced into system interfaces.
The high cost of manufacturing and fluctuations in the raw material prices will hamper the market demand. However, the growing trend of increasing demand for smartwatches, flexible wearables, and flexible displays will provide ample growth opportunities to the market.
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Further key findings from the report suggest
- Service virtualization software removes any constraints by creating a simulation of required systems and making them available throughout the development lifecycle. The result is quicker delivery, reduced costs, and high quality of innovative software applications.
- On the basis of deployment, the cloud segment held a larger market share. However, the on-premises segment application is popular as they are trustworthy, secure, and permits the companies to maintain a controlling level, which is not possible in the Cloud segment.
- The IT sector under the vertical segment are expected to propel the service virtualization market as the IT industry faces challenges such as application downtime, software quality, and release timelines. It delivers solutions that enhance business competence and help in meeting customer needs.
- The North American market is dominating the market due to the increasing adoption of cloud technologies, specifically the mobile cloud. Another reason being the establishment of the world’s largest technology companies, making North America one of the primary regions to adopt service virtualization.
- Key participants include IBM, CA Technologies, Wipro, Microfocus, Parasoft, Cognizant, Tech Mahindra, Maveric Systems, Capgemini, and ITC Infotech, among others.
The Global Service Virtualization Market is segmented as follows:
Component Outlook (Revenue, USD Billion; 2017-2027)
- Managed Services
- Professional Services
Deployment Outlook (Revenue, USD Billion; 2017-2027)
Vertical Outlook (Revenue, USD Billion; 2017-2027)
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Market Segmentation by Regions:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Answered by the Report:
- Which market segment or sub-segment is expected to grow at the highest CAGR during the forecast timeline?
- What is the forecast valuation of the Service Virtualization market?
- Who are the leading players in the industry? What are the weaknesses and strengths of these players?
- What are the strategic business steps and initiatives taken by the key competitors in the industry?
- What region is expected to dominate the market in the forecast period?
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