Service Virtualization Market is anticipated to reach USD 1.69 billion by 2025. The market is anticipated to rise at a healthy rate in the years to come. Service virtualization offers a simulated test environment that manages, deploys, and creates test environments anywhere, anytime. Virtualization is an integral part of IT infrastructure. Governments have to be able to respond quickly and effectively to changing business requirements at this juncture. To accomplish these goals, application sides need to transport superiority software on time that lets testers and developers access inaccessible or incomplete facilities in a virtual and stimulated environment. With the support of services virtualization, risk reduction, quality improvements, incremental top-line income could be accomplished.
The factors that are propelling service visualization market include time saving and avoidance of an expensive test lab. On the other hand, data security policies and regulations are among the limiting factors for the service virtualization market and it is anticipated to grow at a significant CAGR of 17.6% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Service virtualization industry may be explored by component, deployment type, vertical outlook and geography. The market may be explored by component as Software and Services. In 2016, Software accounted for the largest market share of service virtualization market. The factors that contribute to the market growth include tools or software offered by market players to focus upon catering to diverse needs of an association.
The market may be explored by deployment type as On-premise and Cloud. The “Cloud” segment dominated the deployment type of the service virtualization industry in 2016 and it is anticipated to maintain its dominance by 2025 due to factors such as technological propagation.
The market may be explored by vertical outlook as BFSI, IT, Telecom, Retail, and Others. The IT segment dominated the vertical outlook of the service virtualization industry in 2016 and it is anticipated to maintain its dominance by 2025. The factors such as service virtualization tools address numerous problems associated with difficulties faced by the IT manufacturing comprising application downtime, release timelines, and software quality. North America accounted for the major share of the global service virtualization market in 2016 and will continue to rule the roost in the forthcoming period due to improved network connectivity, burgeoning trend of digitalization, and technological proliferation.
Some of the key players that fuel the growth of the service virtualization industry include CA Technologies, Cigniti, IBM, Prolifics, Cognizant, Maveric Systems, Micro Focus (Formerly Hpe Software), Smartbear Software, Cavisson Systems, Parasoft, Tricentis, SQS, Wipro Limited, and Sogeti (Capgemini). The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
Service Virtualization Component Outlook (Revenue, USD Million, 2014 - 2025)
Service Virtualization Deployment Type Outlook (Revenue, USD Million, 2014 - 2025)
Service Virtualization Vertical Outlook (Revenue, USD Million, 2014 - 2025)
Service Virtualization Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Rest of the World (RoW)
Research Support Specialist, USA