Service virtualization market is expected to grow at approx. USD 1,220 million by 2027
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 1,220 million by 2027 at a CAGR of 18% between 2022and 2027.
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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