Service Virtualization Market Outlook By End User Industry, Size, Share, Demand, Trends, Opportunities
According to TechSci Research, Global service virtualization market is expected to grow at an impressive rate during the forecast period. The global service virtualization market is driven by the widespread acceptance of service virtualization across various end user industries, especially the large enterprises. Additionally, associated benefits with service virtualization such as affordability, enhanced business efficiency, increased business productivity, improved collaboration between different teams and departments, among others are expected to positively influence the market growth through 2027. Furthermore, increasing investments in advanced technology and technology upgradation along with new product launches by the major players operating in the market is expected to create lucrative opportunities for the market growth over the next few years. However, adherence to data security standards and norms can hamper the market growth during the forecast period.
The global service virtualization market is segmented based on component, deployment mode, end user industry, company and region. Based on component, the market can be bifurcated into solution and service. The solution segment is expected to dominate the market since they can be integrated into various combinations in order to meet the business requirements and expedite the software development process. Based on deployment mode, the market can be split into on premise and cloud. The cloud segment is expected to dominate the market through 2027. This can be ascribed to the different associated benefits such as scalability, 24/7 availability, flexibility, large storage space, auto-update feature, among others. Based on end user industry, the market can be categorized into IT& Telecom, BFSI, retail & e-commerce, automotive, healthcare, media & entertainment and others. The BFSI segment is expected to register significant growth in the market owing to the increasing adoption of software in the financial operations.
Regionally, the service virtualization market has been segmented into various regions including Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, North America is expected to dominate the overall service virtualization market owing to the increased demand for cloud computing and IoT based solutions in various end user industries. While, the Asia Pacific region is expected to register the highest growth in the market on account of the rising digitization and increasing penetration of connected devices.
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The major players operating in the service virtualization market are CA Technologies, IBM Corporation, SmartBear Software, Parasoft Software Pvt Ltd, Cavisson Systems, Cigniti Technologies Ltd, Cognizant Technology Solutions Corp, Wipro Limited, Sogeti Group, Expleo Group SAS and others. Major companies are developing advanced technologies and launching new services in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.
- To analyze and estimate the market size of global service virtualization market from 2017 to 2020.
- To estimate and forecast the market size of global service virtualization market from 2021 to 2027 and growth rate until 2027.
- To classify and forecast global service virtualization market based on component, deployment mode, end user industry, company and regional distribution.
- To identify dominant region or segment in the global service virtualization market.
- To identify drivers and challenges for global service virtualization market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global service virtualization market.
- To identify and analyze the profile of leading players operating in global service virtualization market.
- To identify key sustainable strategies adopted by market players in global service virtualization market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service providers, distribution channels and presence of all major players across the globe.
TechSci Research calculated the market size of global service virtualization market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Service virtualization provider companies
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to service virtualization
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Attribute | Details |
Base Year | 2021 |
Historical Years | 2017 – 2020 |
Estimated Year | 2022 |
Forecast Period | 2023 – 2027 |
Quantitative Units | Revenue in USD Million, Volume in Units, and CAGR for 2017-2021 and 2022-2027 |
Report Coverage | Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered | · Component · Deployment Mode · End User Industry |
Regional Scope | North America; Asia Pacific; Europe & CIS; South America; Middle East & Africa |
Country Scope | United States; Canada; Mexico; China; India; Japan; Malaysia; Thailand; Indonesia; Vietnam; South Korea; Germany; France; United Kingdom; Spain; Italy; Belgium; Russia; Brazil; Argentina; Colombia; Saudi Arabia; UAE; South Africa; Egypt |
Key Companies Profiled | CA Technologies, IBM Corporation, SmartBear Software, Parasoft Software Pvt Ltd, Cavisson Systems, Cigniti Technologies Ltd, Cognizant Technology Solutions Corp, Wipro Limited, Sogeti Group, Expleo Group SAS. |
Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and Purchase Options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Report Scope:
In this report, global service virtualization market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Global Service Virtualization Market, By Component:
- Solution
- Service
- Professional
- Managed
- Global Service Virtualization Market, By Deployment Mode:
- On-Premise
- Cloud
- Global Service Virtualization Market, By End User Industry:
- IT& Telecom
- BFSI
- Retail & E-Commerce
- Automotive
- Healthcare
- Media & Entertainment
- Others
- Global Service Virtualization Market, By Region:
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global service virtualization market.
About TechSci Research
TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.
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