Major giants such as CA Technologies, IBM Corporation, SmartBear Software, Parasoft, and Tricentis are concentrating on the service virtualization market owing to increasing development of smart cities and growing need for energy efficient solutions for the same. CA Technologies with its service virtualization helps in stimulating unavailable systems across the software development lifecycles and projected to provide higher application quality and reliability, which is likely to help in reducing software development cycle times and also reducing software testing costs. Increasing demand for service virtualization solutions is one major factor driving the growth of service virtualization market. Cost-effectiveness is another major factor responsible for fueling the growth of the service virtualization market.
The North American region holds the most significant share of the global service virtualization market followed by Europe and Asia Pacific regions. The growth in the North American region is mainly dominated by the U.S. and Canada and is attributed to the enhanced quality of test conditions in the region. The region also has a well-established infrastructure, which allows implementation of advanced technologies. Moreover, the shifted focus to cloud-based deployment type is another major factor responsible for driving the growth of service virtualization market in the North American region.
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Major key Players
- 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.
DevOps service virtualization is creating quite a stir as it is enabling teams to communicate and collaborate more effectively. With the deployment of automation, the software is ensuring continuous integration and effective delivery which increases productivity and adds agility to projects
Ciena has recently launched the 3906mvi Service Virtualization Switch, which boosts the virtual network function of a company’s packet networking portfolio. This allows operators to quickly test their product and then roll them out for commercial services.
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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The global service virtualization market can be segmented by component, deployment, and vertical.
By component, the market can be segmented into software and service. The service can further be segmented into managed services and professional services.
Deployment-wise the market includes on-premise and cloud.
Vertical-based segmentation includes banking, financial services and insurance (BFSI), healthcare, automotive, IT & telecommunication, retail & e-commerce, and others.
- 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
LIST OF TABLES
TABLE 1 SERVICE VIRTUALIZATION SYSTEMS MARKET, BY SERVICE TYPE
TABLE 2 SERVICE VIRTUALIZATION SYSTEMS MARKET, BY TESTING TYPE
TABLE 3 SERVICE VIRTUALIZATION SYSTEMS MARKET, BY DELIVERY MODEL
TABLE 4 SERVICE VIRTUALIZATION SYSTEMS MARKET, BY ORGANIZATION SIZE
TABLE 5 SERVICE VIRTUALIZATION SYSTEMS MARKET, BY END USER
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LIST OF FIGURES
Figure 1 Research Service Type
Figure 2 Service Virtualization Systems Market, By Service Type (%)
Figure 3 Service Virtualization Systems Market, By Testing Type (%)
Figure 4 Service Virtualization Systems Market, By Delivery Model (%)
Figure 5 Service Virtualization Systems Market, By Organization Size (%)
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