Service Virtualization Market Streaming Fast & Expected To Reach USD1,220 million at a CAGR of 18% | Industry Status by Component, Deployment and Vertical

“\”Service Virtualization Market Size\””
Service Virtualization Market, By Component (Software, Service), By Deployment (On-Premise, Cloud), By Vertical (BFSI, Healthcare, IT & Telecommunication, Automotive, Retail & e-Commerce) – Forecast 2023

Market Overview:

The global service virtualization market is estimated to exhibit high growth potential during the forecast period owing to increasing deployment of service virtualization solutions across various industry verticals. Growing need for energy efficient solutions and service virtualization solutions for the same is major driver of the market. Additionally, increasing advancements in the technology is another major factor driving the growth of the service virtualization market. Increased demand for leveraging of data integration is another major factor responsible for fueling the growth of the service virtualization market. Rapid adoption of emerging technologies, smart phones and cloud platforms are other major factors responsible for driving the growth of service virtualization market.

Giants like CA Technologies, IBM Corporation, SmartBear Software, Parasoft, and Tricentis are the major players among others in the global service virtualization market. CA Technologies with its service virtualization helps in stimulating unavailable systems across the software development lifecycles and is projected to provide higher application quality and reliability. Parasoft is another leading player in the service virtualization market. Parasoft, by leveraging simulation technology to test more completely and hence reduce the testing time and eventually helps in reducing costs. The company focusses on offering innovative solutions and keeps up with the fast pace of the technological advancements. Service virtualization market is expected to witness significant growth with the growing development of smart cities and increasing demand for cost-effective solutions to improve overall productivity. Service virtualization helps in enabling continuous testing to accelerate software delivery.

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Major key Players

Market Research Future (MRFR) recognizes the following companies as the key players in the service virtualization market:

CA Technologies (U.S.),

IBM Corporation (U.S.),

Micro Focus International (UK),

SmartBear Software (U.S.),

Parasoft (U.S.),

Tricentis (U.S.),

Wipro Limited (India),

Cognizant (U.S.),

Cavisson Systems, Inc. (U.S.), Cigniti (India), and others.

According to MRFR, the service virtualization market is projected to reach USD 1,220 million at a CAGR of 18% by the end of the forecast period.


Service virtualization market has been segmented on the basis of component, deployment, and vertical. The component segment is further segmented into software and services segment. Out of which, the services segment is expected to hold the largest market share of the service virtualization market owing to the increasing focus on product development and implementing continuous integration for the same.

Lack of awareness and high costs of updating and integrating the service virtualization tools may restrain the market growth over the assessment period. Additionally, evolving equipment cycle and budget constraints are other major factors that could hamper the growth of service virtualization market.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

Regional Analysis:

On geographic basis, global service virtualization market is studied in different regions as Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America region is leading with market share growth in the service virtualization market due to the technological advancements and increasing demand for service virtualization solutions across different industry verticals in that region, Europe is to be estimated to be the second largest market share for service virtualization solutions during the forecast period. Asia Pacific is expected to forecast the highest CAGR in the coming years.

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Intended Audience

  • Technology investors
  • Research/Consultancy firms
  • Technology providers
  • Government bodies
  • Service Virtualization Tools Providers
  • Service Virtualization Service Providers
  • Software Testing Providers
  • Communication Service Providers
  • Managed Service Providers
  • Third-Party System Integrators

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