Service Virtualization Market : Rising Trends with Top Countries Data, Technology, SWOT Analysis and Business Outlook 2020 to 2023

As per the Eurostat, the total value of the ICT sector in Europe, including the ICT manufacturing and ICT services, was estimated to be more than EUR 475 billion in 2017. In this sector, the ICT services account for the major share as it is predicted to be ten times larger than the share held by ICT manufacturing. ICT services consist of computer programming, consultancy and related activities which held about 49.1% share while the telecommunications activities held around 30.3% share in the segment in 2017. These factors are estimated to impact the market growth in a positive manner in the next few years.

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..

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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.

The global service virtualization market has been segmented by component, deployment, and vertical. The deployment segment is further segmented into on-premise and cloud deployment. Out of which, the on-premise deployment model is expected to hold the largest market share of the service virtualization market. Whereas, the cloud type deployment is expected to grow at the highest CAGR during the forecast period owing to the gradual shift from on-premise to cloud deployment type by small and medium enterprises as well as larges enterprises.

The cloud deployment type provides flexibility in operations and also helps in reducing overall costs and hence improves the efficiency of the business operations. The service virtualization is ideally suitable for test-driven development teams who focus their bug hunt at API layer and thus can accelerate the overall product development and delivery too.The global service virtualization market is expected to grow at approx. USD 1,220 million by 2023 at a CAGR of 18% between 2017 and 2023.

Service Virtualization Market

Key Players:

Some of the prominent players in service virtualization market: 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.

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Segments:

Service virtualization market is segmented as below

By Component

Software

Service

                – Managed Services

                – Professional Services

By Deployment

On-Premise

Cloud

By Vertical

BFSI

Healthcare

Automotive

IT & Telecommunication

Retail & e-Commerce

Others

Regional Analysis:

The regional analysis of service virtualization market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period. The major growth in service virtualization market in North America is attributed to the technological advancements and increasing adoption of service virtualization solutions across various industry verticals in that region. The service virtualization market in Europe region is expected to witness rapid growth in the forthcoming period. Whereas, Asia-Pacific countries like China, Japan and India is an emerging market for service virtualization market and expected to be the highest CAGR in the coming years..

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Intended Audience

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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