According to a new market research report "Continuous Testing Market by Service (Professional Services and Managed Services), Interface (Web, Mobile, and Desktop), Deployment Type, Organization Size, Industry Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Continuous Testing Market size expected to grow from USD 1.15 Billion in 2018 to USD 2.41 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period.
The increasing adoption of IoT-enabled devices and advancements in Artificial Intelligence (AI), neural networks, and machine learning technologies are expected to be the major drivers of the Continuous Testing Market.
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North America is expected to have the largest market size during the forecast period.
North America is expected to be the largest contributor to the Continuous Testing Market in terms of regional revenue. This region comprises developed countries, such as the US and Canada. North America is open to the adoption of new and emerging technologies, and its strong financial position enables it to invest majorly in leading tools and technologies for effective business operations. The need for reducing time in software development cycle in enterprises in the US and Canada has encouraged the adoption of continuous testing. This gives organizations in North America a competitive edge over other organizations from other regions.
The Banking, Financial Services, and Insurance (BFSI) industry vertical is expected to hold the largest market size during the forecast period.
The Banking, Financial Services, and Insurance (BFSI) industry vertical includes commercial banks, insurance companies, non-banking financial companies, stock brokerage firms, and payment gateway providers. This industry vertical deals with critical financial data and different types of software; hence, it is a good contributor to the Continuous Testing Market. Due to continuous changes in the financial environment, companies require different software to carry out critical operations. Continuous testing in the BFSI industry vertical can help financial and insurance companies ensure business-critical software remain bug-free and stable.
The large enterprises segment is expected to hold the larger market share during the forecast period.
Organizations with more than 1,000 employees have been categorized as large enterprises. The use of continuous testing in large enterprises is relatively higher as compared to that of Small and Medium-sized Enterprises (SMEs). This is due to the affordability and high economies of scale, which enable large organizations to benefit from continuous testing. Enterprises leave no stone unturned to compete in today’s cut-throat competitive market. Hence, they invest significantly in automation testing and building delivery pipelines for optimizing the whole testing process. All these services are favorably welcomed and highly adopted by large organizations.
The major vendors in the Continuous Testing Market include Mindtree (India), EPAM Systems (US), HCL Technologies (India), Atos (France), Tech Mahindra (India), Hexaware (India), Tricentis (Austria), Cigniti (India), Larsen and Toubro Infotech (India), NIIT Technologies (India), CA Technologies (US), IBM (US), Capgemini (France), Spirent Communications (UK), Micro Focus (UK), Syntel (US), Cognizant (US), Parasoft (US), Softcrylic (US), LogiGear (US), QualiTest (US), Testplant (UK), Vector Software (US), QA Mentor (US), and SmartBear Software (US).
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