Market Synopsis

Market Research Future (MRFR), in its new “Service Virtualization Market” report, states that the global market of service virtualization is expected to strike a CAGR of 18% across the forecast years of 2017 to 2023. MRFR reveals that the worldwide service virtualization market is expected to reach a valuation of USD 1,220 Mn by the end of the review period. As service utilization market is in nascent stage, the growth opportunities of the market are vast. This leads to the generation of new scope for new entrants of the market. Thus, the robust competition among the market key players can impact the market positively.

The contribution of service virtualization in minimizing the software development cycle time is observed to be the principal driving factor for the growth of the market. It offers cost benefits and quality assurance. These advantages are expected to propel the growth of the market. The design for these services enables seamlessness of procedures involved in functions and operations for facilitating automates tests. In addition, service visualization enhance communication and in the concurrent production of different components of software. These are anticipated to augment the market size and turnover across the forecast years of market analysis.

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Market Segments

The global market of service virtualization market study is studied by component, deployment, and vertical. By component, the market is sectioned into service and software. The service segment is sub-segmented into professional services and managed services. By deployment, the market is split into cloud and on-premise. The high adoption of cloud technology for service virtualization solutions is likely to gain momentum for the market as cloud tech allows cost-benefits and flexibility. Meanwhile, the on-premise segment is expected to gain considerable valuation for the global service virtualization by the end of the review period. By vertical, the market is segmented into healthcare, BFSI, automotive, retail, IT & telecommunication, e-commerce, and others. The increase in the application of service virtualizations by cash-rich sectors, such as healthcare and automotive is noted to boost the growth of the market in the years to come.

Regional Study

North America, Europe, Asia Pacific and the Rest of the World (RoW) are regional segments of the global service virtualization market share. The market in North America is expected to hold the grand share of the global market. The impact of quick adoption of modern technologies by different verticals in the region are expected to push the regional market growth. The existence of numerous key players in the US is expected to contribute effectively to the North America market. In Europe, the service virtualization market is expected to exhibit a steady growth. The increase in the number of developers of service virtualization solutions are expected to accelerate the market growth in the years of evaluation.

MRFR regional insights suggest that the global market of service virtualization in the Asia Pacific is expected to make high business in the years of forecast. A substantial growth is expected for the APAC market in the assessment years due to the increase in urban populace and rapid industrialization, which are surging the adoption of service virtualization across verticals. In addition, the growing number of developmental opportunities in economies such as India, China, and Japan are expected to boost the growth of the market.

Competitive Dashboard

MRFR listed a few companies that are operating in the global market of service virtualization. They are; CA Technologies (U.S.), IBM Corporation (U.S.), Parasoft (U.S.), Micro Focus International (UK), SmartBear Software (U.S.), Tricentis (U.S.), Cavisson Systems, Inc. (U.S.), Wipro Limited (India), Cigniti (India), and Cognizant (U.S.)

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