Service Virtualization Market Size
Market Overview
According to recent research, the global Service Virtualization Market Size in 2019 is witnessed at USD 648.53 million and is estimated to exhibit a market size of USD 2344.42 million growing at a CAGR of 18.80 % during the forecast period 2020-2027.
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Service virtualization is a process that helps in developing virtual services for comprehensive testing and eliminating dependency constraints. It imitates the behavior pattern of various heterogeneous applications like cloud-based applications, API applications, and service-oriented applications. It is used in developing question/answer testing teams and other software. This process helps organizations in various ways like attaining high efficiency, rising productivity, lessening time and better development, improved collaborations between testing, development teams, and streamlined workflows.
Enhanced test conditions, adoption of digital technologies, accelerated time to Service Virtualization Market Size, bug fixing, better utilization of system resources, rapid provisioning of services, rising adoption of BYOD, DevOps are the major factors accelerating the market growth. The rapid development of smart cities and the rising digitization of businesses all across the world is fueling market growth. Moreover, cost-effectiveness and time efficiency are also boosting the market growth of service virtualization.
The Service Virtualization Market Size opportunities are rising adoption of this system by various industries like banking, telecom, insurance, IT, retail, and others.
Regional Analysis:
Based on the latest survey, the global Service Virtualization Market Size based on region is sectioned into four major regions such as America, Europe, Asia-Pacific, and the Rest of the World. Among them, America including North America and Latin America is dominating the highest market share owing to the adoption of virtual and digital solution services in every sector of the market. Europe including the emerging nations Germany, UK, France, Russia, and Italy is accounting for the second largest market share due to the rapid industrial growth and growth in the overall infrastructures of these nations. Owing to the rapid growth in IT solution providers and outsourcing companies, Asia-Pacific is expected to grow tremendously throughout the assessment period. Moreover, the rise in infrastructure and digitization of economies are boosting the market growth in this region.
The Service Virtualization Market Size industry players are IBM (US), SmartBear Software (US), Cognizant (US), CA Technologies (US), Wipro (India), SQS (Germany), Tech Mahindra (India), Capgemini (France), and others.
Market Segmentation:
The Service Virtualization Market Size is partitioned into three segments based on component, deployment, and vertical.
Component Segmentation: The Service Virtualization Market Size based on components is bifurcated into solution and service.
Deployment Segmentation: By the deployment, the Service Virtualization Market Size is segregated into cloud and premise.
Vertical Segmentation: The Service Virtualization Market Size based on the vertical is classified into various forms such as manufacturing & retail sector, IT & telecom sector, e-commerce & digital marketing industry, automobile industry, medical & healthcare sector, media & entertainment industry, etc.
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Industry News:
As per the latest updates, the Service Virtualization Market Size forecast states that this process is expected to grow at the highest position in the market due to the rising usage of this method in various applications, rising investments, the introduction of innovations in this system, etc. Corsa Security expanded its operation in the network security and virtualization services to automate the FwaaS (Firewall as a Service).
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