The digital assurance market is projected to grow at a CAGR of 13.5% during the forecast period
The digital assurance market size is expected to grow from USD 2.90 billion in 2017 to USD 5.47 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 13.5% during the forecast period. The growing need of Application Programming Interface (API) monitoring in the digital economy and the increasing use of agile and DevOps methodologies are some of the major drivers that are expected to increase the demand for digital assurance. Shadow IT is a major risk area for organizations and can restrain the growth of the digital assurance market.
Test automation segment is expected to grow at the fastest rate during the forecast period
The test automation segment is expected to witness the fastest growth rate during the forecast period. Test automation is a technique that tests the entire life cycle of a software in lesser time and provides efficiency and effectiveness. Many tests are becoming automated across different layers of an application due to the transformation in technology and associated complexities.
Security testing type is expected to grow at the fastest rate during the forecast period
The security testing type is expected to witness the fastest growth rate during the forecast period. Security testing focuses on finding all the possible loopholes and weaknesses in a digital ecosystem. With the increase in cybersecurity, security testing checks whether a system under test meets the security parameters, such as authentication, authorization, confidentiality, and integrity, thus increasing the demand for security testing.
Large enterprises segment is expected to hold a larger market share during the forecast period
The large enterprises segment is expected to have a larger market share owing to the need to reduce the high Capital Expenditure (CAPEX) and Operating Expenditure (OPEX). Large enterprises have dedicated in-house IT resources and larger IT budgets, and therefore consider larger digital assurance.
APAC is expected to grow at the fastest rate during the forecast period
As per the geographic analysis, the Asia Pacific (APAC) region is expected to witness the fastest growth rate in the digital assurance market, due to the increased adoption of Social Media, Mobile, Analytics, and Cloud (SMAC) technologies. Companies in this region are migrating their core business applications to new cloud platforms to save the cost. The major countries contributing to the growth of the digital assurance market in this region are China, India, Japan, Singapore, New Zealand, and Australia. The digital assurance vendors are therefore expanding their presence in this region to capitalize growth opportunities.
The break-up profiles of the primary discussion participants are given below:
- By Company Type: Tier 1 (30%), Tier 2 (40%), and Tier 3 (30%)
- By Designation: C-Level (40%), Director Level (25%), and Manager Level (35%)
- By Region: North America (35%), APAC (30%), Europe (25%), and RoW (10%)
The key digital assurance market vendors profiled in the report are as follows:
1. Capgemini (France)
2. Micro Focus (UK)
3. Accenture (Republic of Ireland)
4. Cognizant (US)
5. Cigniti (India)
6. Hexaware (India)
7. SQS (Germany)
8. TCS (India)
9. Wipro (India)
10. Maveric Systems (India)
The global digital assurance market has been segmented by testing mode, testing type, technology, organization size, vertical, and region. A detailed analysis of the regions has been done to provide insights into the potential future business opportunities across different regions. In addition to this, the strength of service portfolio and business strategy excellence are some of the other MarketsandMarkets analysis included in the report.
Reasons To Buy the Report
The report will help the market leaders/new entrants in the digital assurance market in the following ways:
- The report segments the digital assurance market comprehensively to provide the closest approximations of the revenue numbers for the overall market and subsegments across different regions.
- The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
- The report helps the stakeholders understand the competitors and gain more insights to enhance their position in the market.