Uptake of Software Testing Services on the Rise in Banking, Financial Services, and Insurance Sector


Published Date : Apr 24, 2017

ALBANY, New York, April 24, 2017 – The global software testing market is poised to exhibit a strong CAGR of 14% from 2017 to 2021, according to a report recently added to the growing repository of MarketResearchReports.biz. Titled “Global Software Testing Market 2017-2021”, the study highlights the current scenario in the market and its future trajectory. It answers some of the pertinent questions related to the software testing market, such as what is the current and projected size of the market, what are the major challenges and trends that are likely to impact the market, and what are the outcomes of the five forces reports. 

The report states that one of the most prominent factors boosting the uptake of software testing services is the surge in test automation services and agile testing services. Companies have been adopting these services to improve the quality of cloud infrastructure and to put into practice newer methodologies for software testing services. The market is also fueled by the rising pressure on software providers to offer business as well as product value. 

Technology-wise, the market is bifurcated into product testing and application testing. The latter is not only the largest segment but is also poised to register the highest CAGR over the course of the forecast period. Application testing may include a range of services: mobile application testing, new offers testing, security testing, and functional as well as non-functional testing. In addition to this, the segment is fueled by the increasing demand for enterprise mobility. 

In terms of end use, software testing services are in demand in sectors such as telecom, media, banking, financial services, and insurance (BFSI), IT, and retail. The BFSI sector accounts for the leading share owing to the rising need to help customers access financial services on the go. 

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By way of geography, the worldwide market for software testing is segmented into Asia Pacific, Europe, the Middle East, and Africa, and the Americas. Currently, the Americas hold the largest share and this regional segment is slated to continue its dominance over the global market throughout the forecast period. Within the Americas, the banking and telecom industries are the main end users of software testing services, which can be attributed to growing consumerization of location-based applications and data services. The soaring adoption of and demand for cloud services is also sure to boost software testing market in the Americas. 

The most prominent players in the global software testing market are Capgemini, Wipro, IBM, and Accenture. These players together dominate the overall market, rendering its vendor landscape a highly consolidated nature. These few established companies have been joining forces with smaller vendors so as to improve their ongoing innovations and enhance their software testing offerings. The aforementioned players also enjoy a strong hold over most regional markets. Other major companies operating in the software testing market are Atos, UST Global, Steria, Gallop Solutions, CSC, Cigniti Technologies, Tech Mahindra, Deloitte, NTT DATA, and Infosys. 

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