The key target audience of global service virtualization market such as service virtualization tools, service virtualization services, software testing providers, QA providers, communication service providers, managed service, third-party system integrators.
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Service virtualization ecosystem comprises vendors such as CA Technologies (US), IBM (US), Micro Focus (Formerly HPE) (US), SmartBear Software (US), Parasoft (US), Tricentis (Austria), Cavission Systems (US), Cigniti (India), Cognizant (US), Wipro (India), Sogeti (France), SQS (Germany), Maveric Systems (India), Prolifics (US), Axway (US), Crosscheck Networks (US), Delphix (US), Postdot Technologies (US), WireMock (UK), Solution-Soft Systems (US), Planit Testing (Australia), Tobania (Belgium), Tech Mahindra (India), ITC Infotech (India), and Capgemini (France).
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Service virtualization market is projected to grow from $385.5 Million in 2016 to $1,040.8 Million by 2022, at an estimated Compound Annual Growth Rate (CAGR) of 18.50%. The forecast period has been considered from 2017 to 2022, while 2016 is considered as the base year for estimating the market study.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with the key people.
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The break-up of profiles of primary participants is given below:
- By company type: Tier 1 – 27%, Tier 2 – 31%, and Tier 3 – 42%
- By designation: C-level – 35%, Director level – 40%, and Others – 25%
- By region: North America – 42%, Europe – 34%, APAC – 24%
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Among software tools and services, the services segment holds a higher market share as the service virtualization services segment consists of 2 significant services: managed services and professional services. Managed services include software implementation services whereas professional services revolve around test implementation services, consultation, training, and support services.
Including service virtualization in the Test-Driven Development (TDD) process, empowers the software development and QA teams with a host of benefits across the software development lifecycle
The APAC region is expected to gain a major traction in the service virtualization market during the forecast period. The region has the presence of several creditable industries, which are gradually embracing open testing and API strategies.
In countries such as Japan, China, and India, the adoption of service virtualization tools and services has gained significance for the continuous delivery of solutions, owing to the digitalization of businesses. Among the APAC countries, India, Hong Kong, Malaysia, Singapore, China, Vietnam, and Australia are good prospects for the service virtualization market.
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