Safety-Critical Software Testing Market Share, Industry Trends, Future Growth, Regional Overview, Market Share, Revenue, and Forecast Outlook till 2030

In a recent published report, Kenneth Research has updated the market report for Safety-Critical Software Testing Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Safety-Critical Software Testing Market products.

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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.

Market Synopsis

The global safety critical software testing market is expected to grow at a significant CAGR during the forecast periodA safety-critical system’s failure or malfunction may endanger people’s lives and environment. These systems include patient monitors in hospitals, nuclear power station control, railway control systems, aviation control systems, space shuttles, and military devices. These systems are tested to identify hazards as early as possible in the development life-cycle. The errors are minimised to an acceptable level. Various companies offer tools and software to test the safety-critical software and are available at varying price points.

The Final Report will cover the impact analysis of COVID-19 on this industry:

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The major factors that contribute the market growth is that diverse verticals have started using safety critical software testing solutions such as nuclear engineering and in recreation centers such as parachutes and amusement rides. These solutions have been deployed in healthcare in life support systems and also to facilitate medical intensive care. Aviation, space as well as railway industry have been making use of software testing solutions. These systems have become obsolete and require modernization. The safety critical software testing solutions are being used in the upgradation to build more technologically advanced, reliable and secure systems. An opportunity for these solutions is the advancement in critical communication systems. Critical communication systems are making use of technologies such as 5G connectivity, artificial intelligence, big data and automation. These safety critical software testing solutions are expected to be deployed in these systems to make the communication process more reliable.

Among the types- manual testing and automation testing, the latter is expected to have larger market share as well as higher CAGR. Automation testing supports to achieve better safety, security, and quality. It is used mainly used for testing of iterative development processes. The test suites are run iteratively on every module or component of the safety critical software. Automation testing is less tedious than manual testing. Also, it offers dynamic analysis which  greatly increases the bug detection capability by detecting runtime errors.

Among the various verticals, the healthcare segment is expected to grow at the highest CAGR during the forecast period. The safety critical software testing is applied in various machinery such as ventilation systems, infusion pumps and insulin pumps, radiation therapy machines, robotic surgery machines, defibrillator machines and dialysis machines. Almost all the medical systems, wearable devices, as well as healthcare monitoring mobile apps are connected and gather patient data which is critical. These systems require to be secure, confidential and reliable. Thus, the healthcare vertical is expected to make use of safety critical software testing more rapidly.

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Segmentation

The global safety critical software testing market is segmented into type, vertical and region/country.

By type, the global safety critical software testing is segmented into manual testing and automation testing.

By vertical, the global safety critical software testing is segmented into aerospace & defense, automotive & transportation, healthcare, industrial automation, infrastructure and others.

By region, the global safety critical software testing market is segmented into North America, Europe, Asia-Pacific, and rest of the world.

Regional analysis

The global market for safety critical software testing is expected to grow at a significant CAGR during the forecast period. The geographical analysis of safety critical software testing market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America).

Among the regions mentioned, North America is anticipated to have the largest market share during the forecast period. The US occupies nearly 80%-85% share in the region as most of the leading vendors are headquartered here with strong customer base. The market size of Europe is estimated to grow at the highest CAGR from 2018-2023, followed by APAC. Various startups are being setup in these regions and are giving a boost to their market share.

Key Players

The key players in the safety critical software testing market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are— CRITICAL Software (Portugal), HP Development Company, L.P. (US), Parasoft (US), QA Systems GmbH (Germany), Verum (The Netherlands), HBM PRENSCIA INC.(US), Rapita Systems Ltd. (UK), ALD Ltd. (Israel), Atkins Limited (UK), Esterline Technologies Corporation (US), imbus AG (Germany), General Digital Corporation (US), tecmata GmbH (Germany), Vector Software, Inc. (US), and LDRA (UK). The key strategies adopted by most of the players are partnerships and agreements, collaborations, and new product releases.

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Intended Audience

Government Agencies

Safety critical software testing service/solution providers

Financial Advisory/Consulting Firms

System Integrators

Research Institutes and Organizations

Technology Standards Organizations

Venture capitalist/angel investors

About Kenneth Research

Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.

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