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“Rapid adoption of cloud, flexible and scalable delivery model, and reduced cost of ownership are expected to drive the cloud testing market growth.”
The cloud testing market is expected to grow from USD 5.55 billion in 2017 to USD 10.24 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 13.01% during the forecast period. The market growth is driven by the increased adoption of cloud technologies across both large and small enterprises. On the other hand, stringent government rules and regulations may restrain the growth of this market.
“Banking, Financial Services, and Insurance (BFSI) vertical is expected to grow at the highest CAGR during the forecast period.”
The digitalization of businesses has revolutionized the application development and testing market space for various verticals. Banking applications and web services offer a broad spectrum of services to external businesses. These services can be in the form of information about the account types and details, Automated Teller Machine (ATM) locations, branch locations, business banking credit score checks, and other business banking offerings, including commercial banking Guaranteed Investment Certificates (GICs); commercial mortgage; and interest, loan, and mortgage rates.
“Professional services segment is expected to have the larger market size during the forecast period.”
Professional services consist of training, consulting, and support as well as policy and governance services for the related stakeholders. Cloud testing solutions require some involvement and guidance from technology support groups and service providers to keep the applications up-to-date, according to the changing market scenarios and demands.
“Asia Pacific (APAC) is expected to witness the highest CAGR during the forecast period.”
The APAC region is expected to gain major traction in the cloud testing market during the forecast period. APAC has few of the fastest-growing economies and a favorable market for cloud testing vendors. The region has the presence of several creditable industries that are adopting cloud testing tools and services. In the APAC countries, such as Australia, China, and Japan, enterprises are continuously adopting cloud testing solutions to gain a competitive advantage over their competitors, by leveraging the cloud testing capabilities.
In the process of determining and verifying the market size for the several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.
The break-up of the profiles of the primary participants is given below:
- By Company : 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%
The cloud testing ecosystem comprises vendors such as IBM (US), Oracle (US), CA Technologies (US), Micro Focus (UK), SmartBear Software (US), SOASTA (US), Xamarin (US), Cygnet Infotech (India), Cavisson Systems (US), Tricentis (Austria), Cigniti (India), Cognizant (US), and Capgemini (France).
The report includes in-depth competitive analysis of these key players in the cloud testing market, along with their company profiles, recent developments, and key market strategies. The research report segments the cloud testing market by component, testing tool/platform, service, vertical, and region.
Reasons To Buy the Report
The cloud testing market has been segmented on the basis of components, services (professional and managed), testing tools/platforms, verticals, and regions. The report will help market leaders/new entrants in this market in the following ways:
- The report segments the cloud testing market comprehensively and provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across various verticals and regions.
- The report helps stakeholders understand the pulse of the market and provides information on the key market drivers, restraints, challenges, and opportunities.
- The report assists stakeholders in better understanding their competitors and gaining more insights to improve the position of their businesses.
- There is a separate section on the competitive landscape, which includes the competitor ecosystem, and mergers and acquisitions. Besides, the company profiles of 10 players offering services in this market, have been provided. In this section, the market internals have been offered which can put the stakeholders ahead of their competitors.