The Business Research Company’s Testing Software Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Testing Software Global Market Report 2023 evaluates testing software market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global testing software market size is expected to grow from $48.77 billion in 2022 to $52.79 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the testing software is expected to grow to $70.69 billion in 2027 at a CAGR of 7.6%.
The surging adoption of smart consumer products is expected to propel the growth of the testing software market going forward. Smart consumer products refer to devices that are connected to the internet, developed for consumers, and can exchange data about themselves, their surroundings, and their users. Automation of software testing is a crucial component of the foundation for smart product online activities. It’s a crucial area that takes a lot of attention from individuals in software testing roles online. For instance, according to Earthweb, a US-based online media company, in 2021, 258.54 million smart homes were there globally in the US, of which 23% of broadband households have three or more smart home appliances. Therefore, the surging adoption of smart consumer products is driving the growth of the testing software market.
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The testing software market segments in the report are:
1) By Type: System Integrator, Pureplay Software Testing
2) By Component: Application Testing, Services
3) By End-User: BFSI, IT And Telecom, Life Sciences and Healthcare, Manufacturing, Energy and Utilities, Retail, Consumer Goods, Logistics, Other End Users
The table of contents in TBRC’s testing software market report includes:
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