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Software Testing Market Analysis
- Report ID: GMI3382
- Published Date: Mar 2023
- Report Format: PDF
Software Testing Market Analysis
Based on component, software testing market from the application testing segment is poised to reach USD 50 billion by 2032, on account of rising spending by organizations in software development for product safety and data security. In fact, in October 2022, Tricentis, an Austrian software company, expanded its test automation, performance testing, and test management capabilities through the launch of Tricentis Test Management for Jira, Tricentis Test Automation for Salesforce, and Tricentis NeoLoad 9.0 for application quality improvement. Moreover, automating application testing offers a host of benefits to an organization such as fewer expenses, quick outcomes, and others.
With respect to application, software testing market from the BFSI segment is expected to cross USD 20 billion by 2032.Banking software applications are used for money transfers, withdrawals, deposits, balance inquiries, and other operations. Customers can access these services through different channels including customer care, ATM, and online banking which call for a dependable software application. Moreover, software testing allows checking a banking application’s performance, security, and functionality, which favors its adoption in BFSI space.
Furthermore, the growing number of online transactions has also bolstered the demand for software testing for BFSI applications. In fact, during 2020-21, the share of online transactions in total volume of non-cash payments rose to 98.5% in India.
North America software testing market is slated to surpass USD 40 billion by 2032, due to rising adoption of electric vehicles has propelled the demand for reliable testing solutions in the region. In fact, the Federal government has a target of making 50% of new vehicles sold in the U.S. in 2030 zero-emission vehicles, which is likely to hasten the market demand.
The segment expansion can also be attributed to growing usage of smart consumer products including smart home appliances such as gaming consoles, smart TVs, gaming consoles, and others. Moreover, software testing can detect errors, which is crucial in checking whether the appliance meets compliance requirements.
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Software Testing Market Scope
