The report titled Software Testing Market which was recently added by Kenneth Research, aims at providing the clients with the business growth and investment opportunities present in the market globally. Further, the market is evaluated on various parameters that is covered in the report and further includes market size, market volume and the growth rate over the forecast period, i.e., 2022-2031. The market is further anticipated to grow with a robust CAGR throughout the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis 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) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst 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 Software Testing Market Products.
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In Canada, the ICT sector consists of around 41,500 companies. Out of these, over 37,000 companies fall under software and computer services industry, resulting in around 89.8% of key players in the ICT industry to be involved in software and computer services. On the other hand, in the year 2018, as per the statistics of the Canadian ICT Sector Profile, released by the Government of Canada, ICT wholesaling, communications services and ICT manufacturing contributes to 4.5%, 3.4% and 2.2% share respectively in the country.
The new report, ‘Software Testing Market in India’, states that over the years, India has become the world’s preferred outsourcing destination for software testing services because of its talented workforce and comparatively lower costs. Although other countries such as China and the Philippines are also providing services at a lower cost, India remains the preferred country of choice for most of the US and UK based companies mainly because of its skilled workforce and operational efficiencies. The United States is the key market for the big Indian software testing vendors, followed by Europe and the Middle East.
The demand for software testing services is on the rise following the rapid evolution of vendor capabilities over the past two decades. In the current scenario that involves cut-throat competition among the various software testing companies, there is very little room for error. Bad software will not only hurt a company financially but will have a major impact on its brand value as well.
The growing maturity of Indian vendors that allows consistently high quality service delivery and better user of defined standards with the rapid evolution of vendor capabilities over the past two decades comprise some of the major drivers leading to the growth of the Indian software testing market. Recent government initiatives undertaken within the IT & ITeS sectors also act as a major driving force behind the growth of the software testing industry in India.
The outsourced software testing market comprises of the two major types of software testing, traditional and independent testing services (ITS). Independent testing services are preferred over traditional testing services as independent testers and test consultants lend the much needed impartial and qualitative approach to the entire testing process.
However, the industry also experiences some pain points. Even though India is known for its IT expertise, it still lacks enough educational and training focus on the aspect of software testing. An agile software development process that involves poor testing may lead to poor coding thereby escalating the risk of errors. Moreover, rising competition from other low cost nations also poses a threat to India’s dominance in the testing industry.
Currently, the software testing industry has sensed the need for mobile application testing owing to the rapid growth of mobile devices applications in India. Also, the industry is witnessing a shift in trend towards cloud based testing; IP-led testing; testing-as-a-service; automated testing and testing in domain-specific niche services.
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The Market report answers the following questions:
What is the aim of the report?
- The Software Testing Market report presents the estimated market size of Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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