San Francisco, California, March 20, 2018: TMR Research states that the demand for service virtualization is slated to rise in the near future as it’s a key smart technology for several industries. Its latest report, titled “Service Virtualization Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024”, offers a comprehensive outlook of the market. The growing awareness amongst companies to build business and brand through reputation and goodwill has significantly prompted the uptake of service virtualization. An analytical understanding of the global service virtualization market explains how the demand for these tools will be determined by small, medium, and large setups.
Intensifying competition in the market has prompted several technology-based companies to invest in innovative ways for developing better digital solutions. The growing need to improve time-to-market and testing cycles has played a major role in the uptake of service virtualization. On the basis of deployment, the global service virtualization market is segmented into on-premise and cloud. Presently, on-premise holds a dominant share in the global market. However, in the coming years the demand for cloud-based technologies is expected to spike due to their greater flexibility. Cost-effectiveness of cloud-based solutions with secure deployment options are expected to favor market growth.
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In terms of geography, North America is leading the global service virtualization market. This regional market is segmented to witness tremendous growth in the coming years due to the higher acceptance of technology. A steady economy and fast-paced digitization have collectively helped North America to remain the lead for several years.
Some of the leading players operating in the global service virtualization market are Tricentis, Cavission Systems, Cigniti, Micro Focus, Crosscheck Networks, Cognizant, Parasoft, Wipro, Axway, Maveric Systems, SmartBear Software, SQS, Postdot Technologies, Capgemini, Tech Mahindra, and Solution-Soft Systems. The study states that the global market is highly competitive due to strong presence of several players.