Service Virtualization Market is expected to grow at approx. USD...

Service Virtualization Market is expected to grow at approx. USD 2.2 million by 2030

Posted 2023-01-27 06:06:47

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According to recent research, the Service Virtualization Market is anticipated to accelerate at a faster rate in the coming future. The global service virtualization market is expected to grow at approx. $USD 2.2 billion by 2030 at a CAGR of 17.10% between 2022 and 2030.

Service virtualization is a process that helps in developing virtual services for comprehensive testing and eliminating dependency constraints. It imitates the behaviour pattern of various heterogeneous applications like cloud-based applications, API applications, and service-oriented applications. It is used in developing question/answer testing teams and other software. This process helps organizations in various ways like attaining high efficiency, rising productivity, lessening time and better development, improved collaborations between testing, development teams, and streamlined workflows.

Enhanced test conditions, adoption of digital technologies, accelerated time to service virtualization market, bug fixing, better utilization of system resources, rapid provisioning of services, rising adoption of BYOD, DevOps are the major factors accelerating the market growth. The rapid development of smart cities and the rising digitization of businesses across the world is fuelling market growth. Moreover, cost-effectiveness and time efficiency are also boosting the market growth of service virtualization.

The service virtualization market opportunities are rising adoption of this system by various industries like banking, telecom, insurance, IT, retail, and others.

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Segmentation:

The service virtualization market is partitioned into three segments based on component, deployment, and vertical.

Component Segmentation: The service virtualization market based on components is bifurcated into solution and service.

Deployment Segmentation: By the deployment, the service virtualization market is segregated into cloud and premise.

Vertical Segmentation: The service virtualization market based on the vertical is classified into various forms such as manufacturing & retail sector, IT & telecom sector, e-commerce & digital marketing industry, automobile industry, medical & healthcare sector, media & entertainment industry, etc.

Regional Analysis

Based on the latest survey, the global service virtualization market based on region is sectioned into four major regions such as America, Europe, Asia-Pacific, and the Rest of the World. Among them, America including North America and Latin America is dominating the highest market share owing to the adoption of virtual and digital solution services in every sector of the market. Europe including the emerging nations Germany, UK, France, Russia, and Italy is accounting for the second largest market share due to the rapid industrial growth and growth in the overall infrastructures of these nations. Owing to the rapid growth in IT solution providers and outsourcing companies, Asia-Pacific is expected to grow tremendously throughout the assessment period. Moreover, the rise in infrastructure and digitization of economies are boosting the market growth in this region.

The service virtualization market industry players are IBM (US), SmartBear Software (US), Cognizant (US), CA Technologies (US), Wipro (India), SQS (Germany), Tech Mahindra (India), Capgemini (France), and others.

Industry News

As per the latest updates, the service virtualization market forecast states that this process is expected to grow at the highest position in the market due to the rising usage of this method in various applications, rising investments, the introduction of innovations in this system, etc. Corsa Security expanded its operation in the network security and virtualization services to automate the FwaaS (Firewall as a Service).

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