Service Virtualization Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Global Service Virtualization Market: Snapshot
Service virtualization tools and solutions are used to develop simulated test environments that can produce, manages, and deploy the complete test environment for a particular operation regardless of the time or place of execution. Owing to their vast applications spanning a variety of industries, virtualization tools have now become a critical part of IT infrastructure across enterprises and businesses. An increasing number of enterprises are shelling out increased funds to bring strategic changes in their infrastructures so as to be able to more effectively respond to the dynamically changing business needs in today’s times. This scenario has significantly encouraged the adoption of virtualization tools.
The market has benefitted massively from the encouraging pace of technological advancements, which has enabled the development of service virtualization services and solutions with innovative features and high flexibility. As the adoption of practices such as bring-your-own-device (BYOD) and DevOps becomes ubiquitous in the field of software development, the utilization of technologically advanced service virtualization tools has become a necessity.
It is estimated that the global market for service virtualization will expand at a promising pace over the next few years. The market will witness a transformation in terms of preference for the mode of deployment of these tools, with cloud-based deployment expected to gain massive traction owing to the cost, flexibility, scalability, and improved security benefits of cloud-based deployment medium to work in its favor. The market is expected to witness promising growth avenues in the Asia Pacific region as the enterprise sector in the region sees a massive rise in demand for digital services and the adoption of connected devices rises at a promising pace.
Global Service Virtualization Market: Overview
One of the key areas that smart technology companies are investing in these days is the field of testing with the help of Service Virtualization. Referring to the virtualized implementation of a software product, which may be under development or in live deployment, service virtualization enables the easy and comprehensive testing of the product with all components integrated in a simulated working environment that replicates the actual deployment environment. It has been observed that with the user of service virtualization, software development companies are able to massively improve customer satisfaction and market reputation owing to on-time delivery of deliverables.
This report presents a thorough analytical overview of the global Service Virtualization market, covering all the essential aspects that are expected to have a significant influence on the overall development of the market in the next few years. The report also covers the growth prospects of the market with the view of the key regional markets. A comprehensive overview of the competitive and vendor landscape of the market is also included.
Global Service Virtualization Market: Key Trends
The global market for Service Virtualization is expected to exhibit a promising growth path in the next few years, with several large-, medium, and small-scale companies leveraging technological prowess to offer the best digital solutions to their clients. Owing to the rising level of competition in the market, technology companies are continuously finding ways of offering services to their clients through innovative applications. Thus, it has become essential for these companies to improve their time-to-market and speed-up their testing cycles. These factors are expected to drive the global market Service Virtualization in the next few years.
In terms of deployment of Service Virtualization tools, the segment of on-premise deployment presently accounts for the dominant share in the global Service Virtualization market. While deployment on an organization's internal infrastructure promises higher data security for high-profile applications, the cloud-based deployment segment is also swiftly gaining popularity as a highly flexible, cost-effective, and increasingly secure deployment medium. While on-premise deployment will continue to account for a significant share of the global Service Virtualization market in the next few years as well, the cloud-based deployment segment will register a significant rise in adoption and will turn out to be the most promising mode of deployment in the next few years.
Global Service Virtualization Market: Regional Analysis
From a geographical standpoint, the market for Service Virtualization in North America is presently the leading contributor of revenue as well as growth opportunities to the global market. The regional market has remained a promising adopter of a variety of Service Virtualization services and solutions in the past few years owing to the strong, well-established economy and the rising numbers of companies with digitized processes and operations requiring the implementation of new varieties of software products and services.
Moreover, the region also has the presence of a number of several small and large service virtualization companies, rendering a high level of competitiveness among companies. The region is also expected to expand at a promising pace in the next few years, thanks to the vast rise in number of companies requiring Service Virtualization services and solutions.
Global Service Virtualization Market: Competitive Dynamics
The vendor landscape of the global Service Virtualization market is highly competitive owing to the large number of companies in the global space. Some of the leading companies in the market are Tricentis, Cavission Systems, Cigniti, Micro Focus, Crosscheck Networks, Cognizant, Parasoft, Wipro, Axway, Maveric Systems, SmartBear Software, SQS, Postdot Technologies, Capgemini, Tech Mahindra, and Solution-Soft Systems.
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