Software Testing Market to Value USD 60 Bn by 2027; Global Market Insights Inc.

The software testing market revenue is anticipated to record a valuation of USD 60 billion by 2027, according to the most recent study by Global Market Insights Inc. The increasing trend toward privacy protection and digital security across cryptocurrency, government, and banking sectors is accelerating the demand for blockchain testing services. Blockchain testing helps enterprises to test, validate, encrypt, and decrypt the financial transaction at high speed and manage and secure user identity.
The increasing volumes of cryptocurrency transactions and their market capitalizations are expected to provide opportunities for the software testing providers. According to CoinDesk, the market capitalization for Bitcoin was more than USD 1,079.67 billion in April 2021 compared to USD 158.92 billion in April 2020. In addition, several economies across North America and Europe are now accepting virtual currencies to limit the impact of currency fluctuations. According to a survey conducted by the World Economic Forum, 10% of the global GDP might be stored using blockchain by 2027. The growing adoption of digital payment methods using blockchain technology is expected to increase the demand for software testing services over the forecast period.
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The non-functional testing segment held a market share of around 44% in 2020 and will grow at a 7% CAGR over the forecast period. The market growth is driven by the rising demand for non-function testing including performance testing, usability testing, security testing, and API testing in IoT and connected devices. The proliferation of IoT connected devices in the coming years will add new opportunities over the forecast timeline. The majority of the data sharing between IoT terminal devices is in the form of API formats. In addition, the performance testing helps to increase the speed, scalability, and responsiveness of software and applications in embedded IoT devices. Companies are emphasizing on introducing new non-functional testing platforms to stay competitive in the market. For instance, in January 2020, MachNation launched ‘MIT-E Pf’, a performance and scalability testing software for IoT solutions. The new software can verify the platform performance of up to a million IoT messages per second.
The manufacturing segment held a market share of around 5.5% in 2020 and is projected to grow at 7% CAGR from 2021 to 2027. The manufacturing industries are witnessing extensive adoption of robotics and automation to accelerate productivity with low labor cost, ensuring higher profit margins. Several automation equipment units including CNC machinery, automated assemblies, conveyor systems, and Automated Guided Vehicles (AGVs) are integrated with advanced software, sensors, and microprocessors. These software and hardware components require continuous testing using test automation frameworks.
The Europe software testing market is anticipated to register 5.5% CAGR from 2021 to 2027. The growth is credited to increasing R&D initiatives toward autonomous vehicles and electrification of cars in the region. According to Global EV Outlook 2021 report, Europe witnessed over 1.4 million units of new electric cars registrations in 2020. The electric vehicles are integrated with battery management software, Electronic Control Units (ECU), and automotive sensors, demanding unit testing, integration testing, and system testing. Software testing also offers benefits including Quality Assurance (QA), design verification, and performance assessment of the batteries. The presence of major automotive OEMs, such as Audi, Volkswagen, BMW Group, etc., that are focusing on development of autonomous cars and ADAS systems will further drive the software testing market growth in the region.
Key players operating in the software testing market are engaged in new product launches and improvements to gain a competitive edge in the market. For instance, in October 2020, Tricentis launched Vision AI, an AI-based test design and automation technology. The new technology will help to address the challenges such as heavy application customization, virtual, and remote test customizations. Similarly, in August 2021, Automation Anywhere launched a new RPA Maturity Assessment tool which will help enterprises and automation teams to deploy, adopt, and scale intelligent automation. The new tool will enable its customers to achieve maximum returns on their intelligent automation tasks.
Some major findings of the software testing market report include:
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Partial chapters of report table of contents (TOC):
Chapter 3   Software Testing Industry Insights
3.1    Introduction
3.2    Industry segmentation
3.2.1    Software testing evolution
3.2.2    Manual software testing vs automated software testing
3.2.3    Patent landscape
3.2.4    Automation testing tools & platform analysis    Tosca Test Suite    Eclipse    Selenium    Ranorex    HPE Unified Functional Testing
3.2.5    AI integrated Automation testing tools & platform    Applitools    TestCraft    Functionize    Sauce Labs    Testim
3.3    Impact analysis of corona virus (COVID-19) pandemic on software testing market
3.3.1    Global outlook
3.3.2    Impact by region    North America    Europe    Asia Pacific    Latin America    MEA
3.3.3    Impact on industry value chain
3.3.4    Impact on competitive landscape
3.4    Industry ecosystem analysis
3.4.1    Automation testing tools/platforms
3.4.2    Testing service providers
3.4.3    Cloud service providers
3.4.4    Professional service providers
3.4.5    Managed service providers
3.4.6    End-use
3.5    Technology & innovation landscape
3.5.1    Codeless automation testing
3.5.2    AI & Machine learning for automation
3.5.3    IoT & Big data testing
3.6    Regulatory landscape
3.7    Industry impact forces
3.7.1    Growth drivers    Growing adoption of AI and ML in automation testing    Increasing adoption of DevOps methodology    Rising adoption of agile development environment for Quality Assurance and testing    Increase in consumption of mobile-based applications    Growing digitalization in developing economies
3.7.2    Industry pitfalls and challenges    Lack of skilled professionals    High implementation cost prevailing manual testing over automation testing
3.8    Growth potential analysis
3.9    Porter’s analysis
3.9.1    Industry rivalry
3.9.2    Threat of new entrants
3.9.3    Buyer power
3.9.4    Supplier power
3.9.5    Threat of substitutes
3.10    PESTEL analysis
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Source: Global Market Insights Inc.