Service Virtualization Market Statistics: 2027

Service virtualization is defined as the process which provides a team with easy access to the constrained components that impedes development and testing. Service virtualization is basically used for integrating those applications that depend upon cloud or service-oriented architectures. Service virtualization is basically used to manifest as environment constraint, in which components that are technically out of scope for testing are required to enable full end-to-end functionality.  It helps organizations to attain high efficiency, increased productivity, reduced time and better development, improved collaborations between testing, and development teams and streamlined workflows.   

COVID-19 scenario Analysis:

• The emergence of COVID-19 pandemic has severely affected almost all industries across the world. Further, lockdown enforcements and restrictions on movements of non-essential goods as well as resources in various countries has disrupted the supply chain of electronic components & networking equipment. Thus, this has led to delay in supply of electronic components required in manufacturing of equipment. 
• It is expected that the U.S. and global tech market growth is slowing down to nearly 2% in 2020, due to which ICT spending in major economies such as the U.S. have declined in the first half of 2020, but it is expected to recover in the second half. 
• In addition, there is a notable ramp-up in technologies such as work-from-home infrastructure, collaboration tools, virtualization infrastructure, VPN networking, mobile devices, security, desktop support and zoom during the COVID-19. Interest for video conferencing solution is surging during the crisis. This generates large amount of data and will require high end technologies to analyze.
• Furthermore, there are strong indications that the current decrease in demand for technology and digital solutions will be just a short-term phenomenon. In the medium-to-long run the COVID-19 technology impact may be extremely positive. Everyone is forced to embrace new technologies and discover their benefits. Additional investments in digital infrastructure can be expected.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis 

Adoption of digital technologies, enhanced test conditions, accelerated time to service virtualization market, better utilization of system resources, bug fixing, rapid provisioning of services, increased adoption of BYOD, DevOps are some of the driving factors of the growth of this market. However, the data security concern with the IT is one of the constant factors, which can hinder growth of the market. However, organizations keep on looking forward to enhance technological advancements to overcome the challenge.     

Increase in quality with service virtualization: 

Service virtualization helps in achieving deeper control of testing environment. Service virtualization enables an environment to pretend that the services are available and stable.  One of the major benefits of using service virtualization is reduced infrastructure, which is requires to develop and test applications in enterprises, which helps to remove the need of an expensive test lab and save time by detecting development errors early in the production and this is one of the key factors of driving the growth of the service virtualization market.  

Enhanced development with technology advancements in service virtualization: 

As the technology is evolving with advancements in the internet of things, adoption of cloud, and artificial intelligence, organizations are expecting growth in the service virtualization market as well. In addition, Parasoft, one of the leaders in software testing solutions have recently released Parasoft virtualize community edition in order to enable software developers and testers to quickly access a comprehensive system test environment. These worldwide release and mergers are expected to boost a large number of opportunities for the service virtualization market. 

Key Segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the global service virtualization market archiving industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of global service virtualization market share.
• The current market is quantitatively analyzed from 2019 to 2027 to highlight the global service virtualization market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the service virtualization market. 
• The report provides detailed service virtualization market analysis based on competitive intensity and how the competition will take shape in coming years.