The software testing global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Software Testing Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The software testing market size has grown strongly in recent years. It will grow from $48.17 billion in 2023 to $52.45 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to accelerated software development lifecycles, emphasis on product innovations, the surge in online transactions and purchases, the adoption of continuous Integration, and the need for automated testing tools to streamline testing processes.
The software testing market size is expected to see strong growth in the next few years. It will grow to $74.8 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to surging usage of mobile-based applications leading to continuous application updates for enhanced user experience, increasing emphasis on extending footprint in the mobile testing space by companies, rising spending by organizations in software development for product safety and data security, expansion of software testing in the BFSI segment due to the growing number of online transactions, and adoption of reliable testing solutions. Major trends in the forecast period include significant rise in the adoption of cloud computing, leading to reduced infrastructure overhead, enhanced testing efficiency, technological advancements, adoption of artificial intelligence, and accelerated delivery of high-quality software products.
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Scope Of Software Testing Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Software Testing Market Overview
Market Drivers –
The continuous adoption of cloud computing is expected to propel the growth of the software testing market going forward. The adoption of cloud computing is increasing due to its cost-effectiveness, scalability, accessibility, innovation opportunities, reliability, security, and environmental sustainability. Software testing in cloud computing ensures that applications meet quality standards, perform reliably, and deliver a seamless user experience in dynamic and distributed cloud environments. For instance, in January 2023, according to the State of DevOps Study by Google Cloud Platform’s DevOps Research and Assessment (DORA) team, a US-based cloud computing service, in 2022, 26% of the population reported using several public clouds, compared to 21% in 2021. Hybrid cloud utilization has also intensified, from 25% to 42.5%. 76% of users reported using the public cloud, encompassing several clouds—up from 56% in 2021. Therefore, the continuous adoption of cloud computing is driving the growth of the software testing market.
Market Trends –
Major companies operating in the software testing market are focusing on introducing technologically advanced solutions, such as AI-powered software testing tools, to gain a competitive edge in the market. AI powered testing tools can automatically generate test cases based on the analysis of requirements, code, and historical data. For instance, in June 2022, Cyient, an India-based global technology solutions company, introduction CyFAST, an AI-driven framework for automated system and software testing aimed at expediting end-to-end test automation. CyFAST facilitates automated testing across various platforms, including web, mobile, desktop, and embedded applications and hardware devices, offering a holistic solution for test project management. This cutting-edge platform facilitates effective and top-tier testing of intricate systems and software, utilizing cognitive intelligence for enhanced test orchestration, risk-based testing, and regulatory compliance documentation.
The software testing market covered in this report is segmented –
1) By Type: System Integrator, Pureplay Software Testing
2) By Component: Application Testing, Services
3) By Application: IT and Telecom, BFSI, Manufacturing, Retail, Healthcare, Transportation And Logistics, Government And Public Sector, Consumer Electronics, Media
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Regional Insights –
North America was the largest region in the software testing market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the software testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the software testing market are Accenture PLC, International Business Machines Corporation (IBM), Fujitsu Limited, Tata Consultancy Services Limited (TCS), Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, HCL Technologies Limited, Atos SE, Wipro Limited, CGI Inc., Tech Mahindra Limited, Sopra Steria Group, Micro Focus International plc, UST Global Inc., Neusoft Corporation, Hexaware Technologies Limited, Cyient Limited, QualiTest Group, Tricentis AG, L&T Technology Services Limited, Cigniti Technologies Limited, Astegic Inc., Serengeti
Table of Contents
1. Executive Summary
2. Software Testing Market Report Structure
3. Software Testing Market Trends And Strategies
4. Software Testing Market – Macro Economic Scenario
5. Software Testing Market Size And Growth
…..
27. Software Testing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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