SEATTLE, July 12, 2018 (GLOBE NEWSWIRE) — The global continuous testing market was valued at US$ 998.8 million in 2017, and is projected to exhibit CAGR of 14.1% over the forecast period (2018 – 2026).
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Key Trends and Analysis of the global continuous testing Market:
Increasing digitization by enterprises to automate business processes, rising adoption of cloud technologies, rising use of IoT-enabled devices, machine learning, AI are factors expected to drive growth of the market. For instance, according to Coherent Market Insights’ analysis, installation of IoT (Internet of Things) enabled devices in 2016 was US$ 17.62 billion and it has grown to US$ 20.45 billion in 2017, globally. The IoT enabled devices used in continuous testing is responsible for error detection, which further helps in avoiding failure of the software. Moreover, when IoT enabled devices are used in continuous testing, it helps in avoiding security breaches and thus, protects the system from major damage and failure.
Key Market Takeaways:
- The global continuous testing market is projected to witness CAGR of 14.1% during the forecast period (2018 – 2026), owing to increasing adoption of IoT enabled devices, globally.
- The market in North America accounted largest market share in 2017 and it expected to retain its dominance during forecasted period (2018 – 2026).This is due to significant adoption of cloud technology among all sizes of business. For instance, according to the Healthcare Information and Management and Systems Society (HIMSS), over 80% of IT organizations in healthcare are using cloud software.
- Based on deployment, the cloud segment is expected to exhibit the highest CAGR over the forecast period. This is owing to organizations shifting their workload in the cloud environment. For instance, according to the CISCO analysis, the amount of data stored in the cloud in 2016 was 5.6 ZB and it has grown to 7.0 ZB in 2017. Moreover, adoption of cloud also offers various advantages such as cost efficiency, scalability, agility, and flexibility.
- Major players operating in global continuous testing market include EPAM Systems, Mindtree, HCL Technologies, ATOS, Tech Mahindra, Hexaware, Tricentis, Cigniti, Larsen & Toubro Infotech, and NIIT Technologies.
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