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.
Browse full
research report on Service Virtualization Market:
www.grandviewresearch.com/industry-analysis/service-virtualization-market
Further key
findings from the study suggest:
- 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.
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand View Research has segmented the global service virtualization
market report based on component, deployment type, vertical, and region:
Service
Virtualization Component Outlook (Revenue, USD Million, 2014 - 2025)
- Software
- Services
Service
Virtualization Deployment Type Outlook (Revenue, USD Million, 2014 - 2025)
- On-premise
- Cloud
Service
Virtualization Vertical Outlook (Revenue, USD Million, 2014 - 2025)
- IT
- BFSI
- Retail
- Telecom
- Others
Service
Virtualization Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North
America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia
Pacific
- China
- India
- Japan
- Rest of
the World (RoW)
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-service-virtualization-market
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.
