Software Testing Market to Witness Exponential Growth by 2030
The Software Testing Marketreport documentation encompasses numerous aspects of the pointers such as industry size, growth opportunities spanning various regions, important vendors in the market, driving forces and restraints, segmental evaluation, as well as the competitive landscape.
Global software testing market size is predicted to surpass USD 70 billion by 2030.The rising demand for autonomous driving systems will outline industry growth. Electric vehicles (EVs) are seeing a major increase in production volume as customers are becoming aware of the harmful effects of driving fossil-fueled vehicles.
EVs run on cutting-edge software that gives the driver vital information on the performance of their vehicle. For example, the motor controller is dependent on the embedded software to regulate and supervise the functioning of various components in an electric car, such as the accelerator and battery.
Software testing is an integral part of sectors that use advanced technologies to carry out their daily operations. According to some reports, organizations across the U.S. incurred costs worth USD 1.56 trillion in 2020 alone due to operational software failures, thereby augmenting the need for tougher software testing standards.
The COVID-19 pandemic period witnessed a worrying rise in cybersecurity issues, such as virtual hacking due to lack of proper software testing or poor software quality. As per the European Union Agency for Cybersecurity, in 2020, there was a 47% growth in cyberattacks on healthcare networks and hospitals across Europe. This scenario will accelerate the need for stringent software testing methods to mitigate the risk of losing confidential data.
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Pure play software testing market size will expand at a notable pace over the coming years. The main role of this type of testing is to help product developers enhance the performance of their programs. Pure play testing will assist developers in identifying and solving various defects before making their products available for public use.
Many organizations outsource these services to external agencies who then work closely with the onshore teams. They can fast-track the software development processes because of their flexibility and ability to offer solutions that are tailor-made for the needs of the clients.
The professional services segment will capture a sizeable share of global software testing market in the future. Software testing processes are quite tedious and time-consuming due to the complexities associated with them. They can take up a company’s valuable time who can instead focus on other core activities to boost its performance.
Professional services are helpful in such cases as consultants from external agencies can be hired to take on the cumbersome task of testing different types of software. They can also provide in-depth and personalized guidance to their clients on improving the software quality through timely checks.
Global software testing market revenue from the BFSI sector application will increase considerably in the future as this industry vertical is strengthening its reliance on digital technologies. Many banks and financial institutions are launching online platforms to boost their efficiency and enhance their customers’ banking experience.
For instance, in June 2022, Canada-based fintech organization Nuula declared the launch of its app version in the country. The application will enable small business owners to keep a real-time track of their cashflows, while also alerting them of cash shortage beforehand.
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It will also help them monitor their customers’ sentiments through online reviews and ratings. Such innovations will amplify the need for software testing solutions to ensure the seamless functioning of these apps. Fast-growing economies in Asia Pacific also represent key markets for software testing solutions. In India, mobile payments skyrocketed during the period of 2020-21. The number of transactions done through payment applications went up from 1.12 billion in April 2020 to 3.7 billion in June 2021. Similar trends will fuel the need for constant software testing to enhance an app’s performance.
Global software testing market outlook will remain positive as there is a strong demand for smarter technologies across a wide range of sectors to improve their performance and efficiency. As more end-users opt for digitization, the importance of software testing will take center-stage in the upcoming years. Cognizant, CSC, Capgemini, Wipro Limited, Atos SE, Infosys Limited, Tricentis, Cigniti, and Accenture, among several others, are the top providers of software testing solutions. These companies offer application testing components and services to sectors ranging from IT, media, and manufacturing to BFSI, telecom, and retail.
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