Market Size – USD billion in 2018, Market Growth – CAGR of 16.2%, Market Trends – Rapid growth in the demand of IOT and cloud computing.
The Service virtualization market is expected to grow from USD 412.54 billion in 2018 to USD 412.54 billion by 2026, at a CAGR of 16.2% during the forecast period. The driving factor for growth being the rapid growth in demand for IoT and cloud computing.
The service virtualization is a process of software engineering that helps to process, design and implement various Q/A testing and debugging. The more advanced test quality conditions and the fast processing time are some of the factors for market growth. It involves applications like the IoT and cloud computing which are other added factors responsible for the growth. High demand for IoT and cloud computing devices due to the ease of access by the users are the major driving force of the market.
Players will require increased investments to tackle these challenges and facilitate growth in the coming years. This report comprises drivers, restraints, opportunities, and challenges pertaining to the Cloud robotics market; and extensive value chain analysis, patent analysis, analysis of the current manufacturing capability and technology status, commercialization potential in different devices, along with market size forecasts till 2026.
The report “Service Virtualization Market by Deployment mode (On premise, Cloud), Service (Professional, Managed), Industry (Banking & Financial, Automotive, IT & Telecommunication, Healthcare, Retail & E-commerce) and Geography-Global Forecast 2026” is available now to Reports and Data customers and can also be purchased directly at: https://www.reportsanddata.com/checkout-form/1089
Further key findings from the report suggest
- The Service virtualization market is expected to grow from USD 412.54 billion in 2018 to USD 412.54 billion by 2026, at a CAGR of 16.2% during the forecast period. The driving factor for growth being the rapid growth in demand for IoT and cloud computing.
- Based on deployment mode, the market is segmented as on premise and cloud. The on-premises segment is expected to run the Service Virtualization Market. The problem with the data being hosted on the cloud is that there is a chance of losing the data which is not the case in the on premise. On premise, applications are trustworthy, secure, and allows the companies to maintain a controlling level which is not possible in cloud.
- On the basis of the service, market has been segmented as professional and managed. The managed service is believed to be the most utilized sector of the market. For the longer run and any ongoing solution, Managed Services is a better option. The professional services, on the other hand, may bring the highest share of 58% due to the various features of the professional services.
- Based on industry, it is segmented as Financial and Banking, IT & Telecom, Healthcare, Retail & E-commerce, Automotive, Healthcare. Among these, the IT & Telecom industry is the one to work with service virtualization mostly.
- North America market is a dominating the market, due to the increasing adoption of cloud technologies, specifically the mobile cloud. Another reason being the establishment of the world’s largest technological companies, making North America one of the primary regions to adopt service virtualization. Furthermore, the enhanced sell of smartphones and mobile devices has led to the high adoption of IoT and cloud, in the companies.
- The Key players of the market include are CA Technologies (US), IBM (US), Micro Focus (Formerly HPE) (US), Parasoft (US), Cognizant (US), Wipro (India), Maveric Systems (India), Tech Mahindra (India), ITC Infotech (India), and Capgemini (France).
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For this report, the market has been segmented on the basis of deployment mode, service, Industry, and region:
Deployment mode(Revenue, USD Million; 2016–2026)
- On premise
Service(Revenue, USD Million; 2016–2026)
Industry (Revenue, USD Million; 2016–2026)
- Banking & Financial services
- IT & Telecom
- Retail & E-commerce
Regional Outlook (Revenue, USD Million; 2016–2026)
- Canada & Mexico
- Rest of Europe
- South Korea
- Rest of APAC
Rest of the World
- South America
- Middle East and Africa
- North America
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