Software Testing Market size to exceed $90 Bn by 2032

Software Testing Market size is predicted to cross USD 90 billion by 2032, according to a new research report by Global Market Insights Inc.
 

As per the report, increasing digitalization in emerging economies is a key driver behind market growth. Moreover, surging digitalization has proliferated the requirement for software applications to automate business operations, create cutting-edge user interfaces, and implement innovative services across industries, creating lucrative opportunities for software testing solutions.
 

Furthermore, rising adoption of digital technologies in India is likely to pave the way for industry growth. In fact, in July 2022, the government of India launched various digital portals such as the single sign-in portal Meri Pehchaan, and IndiaStack, Global, and others which will elevate the demand for software testing for better functionality of these portals.
 

Rising focus on improving product quality and reducing time to market to drive professional services demand

Based on component, software testing market from the services segment is estimated to grow at over 6% CAGR from 2023 to 2032, due to the capability of professional services in managing strategy, implementation, and testing in product life cycle, their growing adoption amongst companies is creating a strong impetus for market demand.
 

In fact, many companies are focusing on enhancing their professional software testing service offerings. Citing an instance, in January 2023, Cognizant, an American multinational information technology company, entered into an acquisition agreement with Mobica, a UK-based IoT software engineering service provider for enhancing its IoT software engineering service offerings.
 

Browse key industry insights spread across 430 pages with 447 market data tables and 42 figures & charts from the report, “Software Testing Market Size By Component (Application Testing, Services [Professional and Managed]), By Application (IT, Telecom, BFSI, Manufacturing, Retail, Healthcare, Transportation & Logistics, Government & Public Sector, Consumer Electronics, Media), By Type & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/software-testing-market
 

Huge investment in testing services by retail companies to impel application segment growth

In terms of application, software testing market from retail segment is set to reach  USD 10 billion by 2032, owing to huge investments by retail companies in testing services to gain a competitive advantage. In fact, in March 2022, Walmart Inc., an American multinational retail corporation, unveiled its plan to hire thousands of software engineers which will bolster the demand for software testing for retail applications.
 

Increasing deployment of cloud-based software to spur system integrator demand

The system integrator segment will surpass USD 50 billion by 2032. System integrators help connect systems, external and internal disparate applications, cloud-based software solutions to bring different subsystems together. The growing deployment of cloud-based software is likely to elevate the demand for system integrators. During the interaction between different integrated sub-systems, system integration helps in fault detection.
 

Strong availability of skilled IT professionals to strengthen Asia Pacific market

Asia Pacific software testing market is slated to accounted for USD 20 billion in 2032, attributed to strong availability of skilled IT professionals. In fact, the IT/Software industry in India is projected to employ 5.1 million people, with an addition of 4,45,000 people in FY 2021-2022. Moreover, the high availability of skilled professionals at comparatively lower wages than in the U.S. and European nations has compelled many software development firms to establish their offices in developing economies.
 

Mergers and acquisitions to define competitive landscape for software testing industry

Major players involved in the software testing market include Mobisoft Infotech LLC, Sauce Labs Inc., Tech Mahindra Limited, Tricentis, Microsoft Corporation, Qualitest Group, Tata Consultancy Services Limited, and Wipro Limited, among others. Many of these firms are focusing on mergers and acquisition strategies to expand their market hold. Citing an instance, in May 2022, Cigniti Technologies, a prominent digital assurance and quality engineering services provider, announced the acquisition of Aparaa Digital, a leading, data engineering, blockchain, and analytics services company.
 

This acquisition is expected to help Cigniti’s strategic pursuit to be a specialized assurance and digital engineering services provider.