(IT-NEWSWIRE.COM, January 17, 2022 ) The Service Virtualization Market size is estimated to reach $2.4 Billion by 2026 at a CAGR of 17.7% during the forecast period 2021-2026. Service Virtualization offers superior application quality, higher parallel testing and reliability throughout the entire software development life cycle for designing innovative software applications. The technology is widely deployed to simulate test environments of IT infrastructure across organizations. The paradigm shift of business models and technologies have accelerated wide-scale deployment of model-based computing applications, thereby driving the growth of the Service Virtualization Industry. The popularity of digitalization, rising demand for advanced data integration solutions, application programming interface, and potential investment in cloud-based technologies are additionally promoting the market positively. Furthermore, the growing number of professional service providers worldwide is encouraging various end user industries to leverage the advantages of Service Virtualization end-to-end to aim for ubiquitous computing and other seamless experience. Therefore, the fundamentals of high-performance software applications for data-driven decisions and online experience performances among the enterprises, along with significant investment of service virtualization tools for motivate the growth of the Service Virtualization Market.
Service Virtualization Market Segment Analysis – By Offerings
By Offerings, the Service Virtualization Market is segmented into Software and Services. The Service based held the largest share of 54% in 2020, owing to the growing emergence of potential vendors of Service Virtualization to provide latest software and quality service at reasonable price. The factors such as tracking & monitoring application, design & development solution along with consulting & implementation services are pertinent to achieve by the business organization, and thus, managed and professional services are witnessing an enormous popularity. In April 2021, VMware is extending its Telco Cloud Platform to also include the radio access network (RAN). The latest update offers service providers to virtualize their RAN functions and move toward an open RAN architecture. In order to enable service providers to update their core networks, VMware launched Telco Cloud Platform in June 2020, and offer virtualization, along with virtual machine and container management, monitoring and automation support to ensure better operational efficiencies. Therefore, the prevalent demand for improved development and testing of applications and other associated technologies, such as hypertext transfer protocols are boosting the growth of the Service Virtualization Market.
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Service Virtualization Market Segment Analysis – By Industry Verticals
By Industry Verticals, the Service Virtualization Market is segmented into Food and beverage, Healthcare, Apparel, Footwear & Accessories, Travel & Hospitality, Consumer Electronics, Banking, financial services and insurance (BFSI), IT & Telecommunication, Retail & E-commerce, Fast-moving consumer goods (FMCG) and others. IT & Telecommunication is estimated to hold the major share of 38% in 2020, owing to the spurred in demand of artificial intelligence and machine learning across diversified verticals. In fact, competitive business landscape and expanding economy propel the development of advanced hybrid cloud capabilities. In October 2019, Nosto, a global leader in ecommerce personalization and artificial intelligence for retail providers launched A/B Testing & Optimization (ABTO) solution. The platform delivers several digital retailers to learn and implement sophisticated A/B and multivariate tests, pertinent to analyze Campaign & Experience Testing, and other deep ecommerce-specific data. Thus, the promising shifts of businesses to cloud-based deployment to manage flexibility in operations boost the Service Virtualization Market.
Service Virtualization Market Segment Analysis – By Geography
North America dominated the Software-defined Anything Market in 2020 with a share of 51%, followed by Asia Pacific. The early adoption of cloud-based solutions, prominence of leading companies such as Google, Oracle, Webtrends and Salesforce and constant research to offer best-in-class hybrid cloud platforms are estimated to generate profitable revenue in this region. In February 2020, leader in scaling network security, Corsa Security announced their participation in the RSA Conference 2020 in San Francisco to demonstrate its Network Security Virtualization Platform. The Corsa Security solution enables enterprises and service providers to gain complete visibility of their SSL/TLS traffic. In addition, Corsa secured an additional $7 million funding from Roadmap Capital in June 2020 that accelerated the momentum of Network Security Virtualization Platform to scale up network security. The growing integration of network security virtualization platform for array of functionalities drives the market positively. The advancements in Asia Pacific, in terms of digital technologies, and surge in adoption of user-experience design tools and software among the SMEs are witnessed to drive the market enormously. In June 2020, the cloud communications for mobile customer engagement provider, Sinch AB signed partnership with ACL Mobile Limited, a cloud communications company in India and Southeast Asia. The acquisition strengthened the portfolio of services to denote enriched user experience regarding A/B Testing Software platforms. Therefore, potential investments and rise of digital enterprise and automotive solutions in these regions are driving the Service Virtualization Market.
Service Virtualization Market Drivers
Rise in adoption of Cloud Computing
The proliferation of digitalization due to the rapid internet penetration worldwide is influencing businesses of all sizes and sectors to adopt virtualization with intelligent orchestration to boost the demand of the Service Virtualization Market. The growing awareness towards the fundamentals of virtualization tools owing to the cost, scalability and flexibility drive the market growth. In September 2020, Episerver, the leading digital experience platform provider acquired Optimizely, the provider of A/B testing and multivariate testing tools. The strategic acquisition enables customers with enriched experience with an optimized platform. In addition, more business organizations across the globe are shifting their workloads to cloud service, resulting in the massive demand of multitude Service Virtualization solutions, which is driving the Service Virtualization Industry.
Growing business software and services market
The increase in the volume of enterprise data, rising automation platforms for business processes along with massive deployment of enterprise software across various sectors, are leading the demand for business software and solutions, thereby driving the growth of the Service Virtualization market. The factors such as time-to-market, development costs and premium application are imperative to achieve for the businesses for profitability, and better strategic decision-making. In September 2020, AB Tasty, the fastest-growing provider of AI-powered experimentation & personalization, launched an integrated suite of technology partners with the leading Product Analytics Platforms, and they are Amplitude, Heap and Mixpanel to seek data-driven decisions through leveraging customer data. Hence, the latest launches of business analytic solutions and massive adoption of advanced technologies such as hybrid architecture and application programming interface contributing positively to the growth of Service Virtualization Market.
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Service Virtualization Market Challenges
High Cost of Service Virtualization solution
There are wide ranges of solutions covered within the Service Virtualization platform, such as development testing, end-to-end testing, test automation, and others, which is often considered as a challenging process to select the best fit according to the business need. However, there are customized versions, developed particularly to manage ever-changing consumer needs with premium price range. Thus, the expensive variant of Service Virtualization solutions proves to be a demotivating factor for many small and medium sized companies to adopt. These are the factors that hinder the growth of the Service Virtualization Market.
Service Virtualization Market Landscape
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Service Virtualization market. The Service Virtualization market top 10 companies include Conductrics, Optimizely, Convert, Parasoft, Wingify, Pagewiz, BlueConic, Evergage, Maxymizely, AB Tasty, Amdocs and among others
In November 2020, Parasoft announced a partnership with Lattix Inc. The partnership combines Lattix Architect and Parasoft C/C++test's automated software testing tool suite, which helps in fast, visual representation for quality enforcement and continuous compliance.
In May 2021, Amdocs, a leading provider of software and services to communications and media companies was acquired by SES, a world-leading content connectivity solutions provider. The progress of this acquisition is due to the Amdocs Quality Engineering’s end-to-end testing framework that helps SES to automate their end-to-end flow validation process.
In August 2019, the global leader in software test automation for embedded, enterprise, and IoT markets, Parasoft announced the partnership with Auriga Inc., the leader in outsourced R&D for testing. The strategic business collaboration is developed to offer Auriga clients to seek reduced time-to-market by leveraging Parasoft’s automated software testing tool suite, ensuring quality at each stage of the SDLC.
North America dominated the Software-defined Anything Market in 2020 with a share of 51%, owing to the early adoption of cloud-based solutions, prominence of leading companies such as Google, Oracle, Webtrends and Salesforce and constant research to offer best-in-class hybrid cloud platforms are estimated to generate profitable revenue in this region.
The proliferation of digitalization due to the rapid internet penetration is influencing businesses to adopt virtualization with intelligent orchestration, thereby boost the market demand.
The Service based held the largest share of 54% in 2020, owing to the growing emergence of potential vendors of Service Virtualization to provide latest software and quality service at reasonable price.
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