Software Testing Market size worth over $60 Bn by 2027
Published Date: September 24, 2021 Authors: Preeti Wadhwani, Shubhangi Yadav
Software Testing Market size is set to surpass USD 60 billion by 2027, according to a new research report by Global Market Insights Inc.
The growing demand for automated testing services to reduce the software development lifecycle is driving the software testing industry demand. The use of automation in testing provides the best coverage of the test suite and helps organizations in achieving practical outcomes, such as faster results and lower business expenses. Moreover, market participants are investing in automation to strengthen their positions in the industry. For instance, in August 2021, Leapwork raised USD 62 million in a Series B round funding from KKR and Salesforce Ventures. The company aims to expand its no-code software test automation platform to other core market.
Growing adoption of agile methodologies in QA and software development is poised to propel the software testing market demand. This methodology minimizes the cost and test time of the entire development cycle, accelerating the need for agile software testing methodologies. As a result, businesses are focusing on incorporating agile testing to cut testing time and offer high-quality software products.
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One of the key factors limiting the software testing industry is the lack of experienced experts in the software development sector. The market is experiencing a shortage of resources due to the rising demand for high-level certified and trained professionals to conduct software testing. These certifications and training modules are costly, time-consuming, and require substantial training, resulting in significant barriers to market growth. To solve these issues, software service companies are involved in offering pre-employment training and on-the-job training to their employees.
Browse key industry insights spread across 240 pages with 279 market data tables and 34 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 & Telecom, BFSI, Manufacturing, Retail, Healthcare, Transportation & Logistics, Government & Public Sector), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rising demand for highly certified and trained professionals for software development
The professional services dominated the software testing market with over 55% share in 2020 and is projected to grow at 7% CAGR through 2027. Growth is credited to the increasing demand for trained professionals in the IT sector to handle all the aspects of the product life cycle including implementation, strategy, and testing. Professional specialists are assigned to the project to give a roadmap for improving product quality and reducing time to market.
The software testing services offered by professionals include advisory, consulting, training, support & maintenance, and others, strengthening an organization's business. Advisory and consultancy services improve an organization's quality assurance focus areas, such as tools, infrastructure & people, across the delivery lifecycle. Several companies are engaged in expanding their software testing services in other market around the world to gain a competitive edge.
Growing adoption of software testing services from IT & telecom sector will spur the market revenue
The IT & telecom application captured more than 20% of the software testing market share in 2020 and is set to register growth rate of over 7.5% till 2027. Increased demand for secure and flexible software systems from IT companies is augmenting the industry statistics. These systems necessitate high-quality assurance to provide their clients with a stable and secure platform, necessitating a significant demand for application testing. The automated testing frameworks will assist businesses in reducing execution time and increasing test coverage.
Proliferation of smart consumer electronics in North America will accelerate the industry growth
North America software testing market value is anticipated to witness 7% CAGR up to 2027. Increasing adoption of smart consumer devices such as smartphones, smart TVs, gaming consoles, and laptops, among others in the region is fueling the regional demand. According to an article released by the Consumer Technology Association, in January 2021, the U.S. consumer technology sector is likely to top USD 461 billion in sales in 2021, representing a 4.3% increase over 2020. Furthermore, total spending on streaming services and software is set to hit an all-time high of USD 112 billion in 2021 (11% growth over 2020).
Key players operating in the software testing market include Bosch Group, Atos, Accenture, Amdocs, HCL Tech., Wipro, Cognizant, IBM, TCS, Infosys, and Capgemini, among others. These companies are constantly engaged in new strategies, such as mergers and acquisitions, to expand their product offerings and meet the industry's high demand.
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