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Software Testing Market worth over $70 Bn by 2030

  • Published Date: August 30, 2022

Software Testing Market size is poised to surpass USD 70 billion by 2030, according to a new research report by Global Market Insights Inc.
 

Rising adoption of digital technologies across different sectors as a major driver for software testing industry growth. Another vital factor responsible for the business expansion is the soaring demand for online payment applications.
 

Increasing demand for tailored products to push market share

The pureplay software testing type segment was valued at around USD 12 billion in 2021. Pure-play software products are made by companies specializing in designing industry-specific products and selling those online to clients in that particular sector. These outsourced software testing companies work with internal teams and offer tailored solutions, thereby accelerating the segment growth.
 

Rising demand for high product quality to push professional services segment

The report also cites significant demand for services, especially in the IT sector. Professional services are widely adopted by enterprises as they can operate all the strategy, implementation, and testing parts of the product life cycle. Experts provide a guide to improving product quality and reducing time-to-market, which elevates the demand for professional services. The software testing market size from the services segment worth more than USD 17 billion in 2021 and will depict decent growth trends until 2030.
 

UK Software Testing Market By Component

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Browse key industry insights spread across 431 pages with 325 market data tables and 41 figures & charts from the report, “Software Testing Market Size By Component (Application Testing [By Type (Functional and Non-functional)], Services [Professional and Managed]), By Application (IT, Manufacturing, Government & Public Sector, Telecom, Healthcare, BFSI, Retail, Transportation & Logistics, Consumer Electronics, Media), By Type (System Integrator, Pureplay Software Testing), COVID-19 Impact Analysis, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/software-testing-market

 

Growing popularity of digital health to augment healthcare applications

The requirement for software testing in the healthcare sector will remain high in the coming years. The healthcare application segment will cross USD 5 billion by 2030. Consumer preference for digital health services, such as electronic health records & wearable healthcare equipment, will boost the adoption of software applications. However, the need for smooth functioning of systems, such as patient registration, treatment, and billing, will create lucrative growth opportunities for the market from healthcare applications.
 

APAC emerges as a prominent revenue pocket

Asia Pacific captured over 20% of the software testing market share in 2021. The region may emerge as a major hub for the global industry owing to the massive availability of skilled IT professionals. Several software development companies are preparing to establish their offices in the region to leverage the availability of skilled professionals at lower wages compared to the U.S. and European countries, which will positively influence the APAC market.
 

New product development to remain a key growth strategy

Some of key players operating in the market include TCS, Cognizant, Capgemini, IBM, Wipro Limited, Infosys Limited, Atos SE, Amdocs, Accenture, Cigniti, Tricentis, Eggplant (Keysight Technologies, Inc.), CGI Inc, and Qualitest. The competitive scenario of the market is expected to witness a series of growth strategies, such as product launches, acquisitions, mergers, and technological innovations by industry participants.
 

Authors: Preeti Wadhwani, Prasenjit Saha