In this rapidly changing world of technology, service virtualization market is projected to show major growth prospects during the forecast period. A major factor driving the service virtualization market is increasing demand for enhanced quality of test conditions and leveraging of data integration. Growing demand for service virtualization tools across various industry verticals is another major factor responsible for fueling the growth of the global service virtualization market.
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.
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Major key Players
CA Technologies (U.S.),
IBM Corporation (U.S.),
Micro Focus International (UK),
SmartBear Software (U.S.),
Wipro Limited (India),
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.
Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Service Virtualization Market Research Report-Forecast to 2023”.
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.
The global service virtualization market, by geography, is segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the service virtualization market in North America is expected to witness a significant growth and hold the largest market share during the forecast period. The U.S and Canada are anticipated to drive the growth of the service virtualization market over the review period owing to the presence of a large number of established key players such as CA Technologies, IBM Corporation, SmartBear Software, Parasoft and Tricentis in that region. Furthermore, the region has a well-established infrastructure, which allows a higher penetration of devices and ultimately provides better connectivity. Increasing need for cost-effective solutions for software testing and delivery is another major factor responsible for driving the growth of service virtualization market.
In the global service virtualization market, Asia Pacific is expected to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, service virtualization market is projected to contribute faster to the growth of revenue backed by increased return on investment on service virtualization applications in countries such as Japan, China, South Korea and India.
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- 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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