Automation Testing Market to value $40 Billion by 2027, Says Global Market Insights Inc.

Automation Testing Market to value $40 Billion by 2027, Says Global Market Insights Inc.

PR Newswire

SELBYVILLE , Del., Nov. 10, 2021

- Major automation testing market participants include Tricentis, Qualitest, Cognizant, Capgemini, Wipro Limited, Accenture, TCS, Micro Focus International plc, Microsoft Corporation, SmartBear Software, and Tech Mahindra Limited, among others

SELBYVILLE  , Del., Nov. 10, 2021 /PRNewswire/ -- The automation testing market demand is expected to surpass USD 40 billion by 2027, as reported in the latest study by Global Market Insights Inc. Rising penetration of IoT and smart home-connected devices across the globe is likely to drive the industry demand. According to November 2020 statistics by Forbes, there will be around 35 billion smart connected devices online by 2021 and the number is expected to cross 75 billion by 2025. These IoT-connected devices require several automation testing processes including Quality Assurance (QA) testing, piolet testing, and test validations. These testing ensure that end-users receive best-in-class User Experience (UX) across multiple end-point interfaces such as mobile, web, and devices. 

Automation Testing Market

Adding to this, automation testing offers several benefits in IoT devices such as fast & continuous app testing, better test coverage, quick defect fixes, improves testing productivity, and elimination of hardware resource bottlenecks. This will further add new opportunities for automation testing providers in the market over the forecast timeline.

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The managed services segment held about 30% of the automation testing market share in 2020 and will grow at a 20% CAGR till 2027. The market growth is credited to increasing demand for managed services across product-based companies. Managed service providers help these enterprises to focus on their core businesses and deliver high-quality products with an optimum ROI & less time to market. Managed service providers are implementing Artificial Intelligence (AI), machine learning, and predictive analytics technologies in their managed services to stay competitive in the market. These players are also entering into long-term collaborations with their clients to increase revenue.

The embedded software segment held around 10% of the market share in 2020 and is projected to grow at 14.5% CAGR from 2021 to 2027. The embedded software segment growth is credited to the increasing uptake of embedded software in the industrial sector. The proliferation of smart factories and increasing uptake of Robot Process Automation (RPA) in the industrial sector will provide growth opportunities for the market during the forecast period. Equipment with embedded software work on real-time scenarios and require continuous testing, creating high market opportunities.

The Banking, Financial Services, and Insurance (BFSI) segment held a market share of around 15% in 2020 and is projected to grow at a 12.5% CAGR through 2027. Rising demand for reliable software in banking applications is poised to fuel the segment demand. The banking software offers various functions, such as deposit & transfer of funds, balance inquiry, and withdrawal, which require safeguard software systems with zero error detection, accelerating the demand for automation testing in the market. The increasing adoption of mobile wallets for connected banking systems and financial transactions in developing economies including India will further accelerate testing services demand in the banking sector.

The Europe automation testing market is anticipated to register a CAGR of 14.5% from 2021 to 2027. The market growth is attributed to the presence of major automotive OEMs, such as Volkswagen, Daimler AG, Audi, and BMW Group, which are highly emphasizing on the development in ADAS and electrification of vehicles. Europe is home to some of the largest software companies, such as SAP, Software AG, Eleks, and Avira Operations GmbH & Co. KG, contributing to the industry growth. The flourishing software industry in Germany will fuel the market growth.

Key players are highly focused on strategic mergers and acquisitions to cater to the competitive edge in the market.

Some major findings of the automation testing market report include:

Key players operating in the automation testing market are Tricentis, Qualitest, Cognizant, Capgemini, Wipro Limited, Accenture, TCS, Micro Focus International plc, Microsoft Corporation, SmartBear Software, and Tech Mahindra Limited, among others. Companies are highly focused on strategic initiatives, such as acquisitions, partnerships, and collaborations, to achieve a competitive advantage over other players in the market

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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Global Market Insights Inc.
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