Software Testing Market: Forecast and Revenue Analysis of Market 2024

The software testing market size has grown strongly in recent years. It will grow from $48.17 billion in 2023 to $52.45 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to accelerated software development lifecycles, emphasis on product innovations, the surge in online transactions and purchases, the adoption of continuous Integration, and the need for automated testing tools to streamline testing processes.

The software testing market size is expected to see strong growth in the next few years. It will grow to $74.8 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to surging usage of mobile-based applications leading to continuous application updates for enhanced user experience, increasing emphasis on extending footprint in the mobile testing space by companies, rising spending by organizations in software development for product safety and data security, expansion of software testing in the BFSI segment due to the growing number of online transactions, and adoption of reliable testing solutions. Major trends in the forecast period include significant rise in the adoption of cloud computing, leading to reduced infrastructure overhead, enhanced testing efficiency, technological advancements, adoption of artificial intelligence, and accelerated delivery of high-quality software products.

Market Overview -
Software testing is the process of evaluating and verifying that a software application or system meets specified requirements and works correctly. It involves executing the software under controlled conditions to identify defects or bugs and ensure that it behaves as expected. The process includes assessing the quality, functionality, and performance of a software product prior to its release.

Download Free Sample of Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=15002&type=smp

Cloud Computing Adoption Fuels Expansion Of Software Testing Market
The continuous adoption of cloud computing is expected to propel the growth of the software testing market going forward. The adoption of cloud computing is increasing due to its cost-effectiveness, scalability, accessibility, innovation opportunities, reliability, security, and environmental sustainability. Software testing in cloud computing ensures that applications meet quality standards, perform reliably, and deliver a seamless user experience in dynamic and distributed cloud environments. For instance, in January 2023, according to the State of DevOps Study by Google Cloud Platform's DevOps Research and Assessment (DORA) team, a US-based cloud computing service, in 2022, 26% of the population reported using several public clouds, compared to 21% in 2021. Hybrid cloud utilization has also intensified, from 25% to 42.5%. 76% of users reported using the public cloud, encompassing several clouds-up from 56% in 2021. Therefore, the continuous adoption of cloud computing is driving the growth of the software testing market.

Competitive Landscape -
Major companies operating in the software testing market are International Business Machines Corporation (IBM), Fujitsu Limited, Tata Consultancy Services Limited (TCS), Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, HCL Technologies Limited, Atos SE, Wipro Limited, CGI Inc., Tech Mahindra Limited, Sopra Steria Group, Micro Focus International plc, UST Global Inc., Neusoft Corporation, Hexaware Technologies Limited, Cyient Limited, QualiTest Group, Tricentis AG, L&T Technology Services Limited, Cigniti Technologies Limited, Astegic Inc., Serengeti

Technological Advancement To Facilitate Effective Testing
Major companies operating in the software testing market are focusing on introducing technologically advanced solutions, such as AI-powered software testing tools, to gain a competitive edge in the market. AI powered testing tools can automatically generate test cases based on the analysis of requirements, code, and historical data. For instance, in June 2022, Cyient, an India-based global technology solutions company, introduction CyFAST, an AI-driven framework for automated system and software testing aimed at expediting end-to-end test automation. CyFAST facilitates automated testing across various platforms, including web, mobile, desktop, and embedded applications and hardware devices, offering a holistic solution for test project management. This cutting-edge platform facilitates effective and top-tier testing of intricate systems and software, utilizing cognitive intelligence for enhanced test orchestration, risk-based testing, and regulatory compliance documentation.

Browse Full Report @
https://www.thebusinessresearchcompany.com/report/software-testing-global-market-report

Key Segments -

The software testing market covered in this report is segmented -
1) By Type: System Integrator, Pureplay Software Testing
2) By Component: Application Testing, Services
3) By Application: IT and Telecom, BFSI, Manufacturing, Retail, Healthcare, Transportation And Logistics, Government And Public Sector, Consumer Electronics, Media

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Want To Know More About The Business Research Company?
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.