Outsourced Software Testing Market Size, Share, Growth, and Industry Growth by Type (Hardware and Software) By Application (BFSI, IT & Telecommunication, Retail, and Others) Regional Forecast By 2031

Outsourced Software Testing Market Report Overview

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The global outsourced software testing market size is estimated to be USD 30.639 billion in 2021 & the market is projected to touch USD 109.37 billion in 2031, exhibiting a CAGR of 13.54% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with outsourced software testing experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Outsourced software testing is a process in which companies outsource their testing. The software is responsible for the planning of software testing.

The key drivers of the outsourced software testing market are the rise in the IT sector and the high need for the development of software, the rise in demand for cost-effective operations, and the emergence of digital technologies such as cloud computing, artificial intelligence (AI) and Internet of Things (IoT). These factors are predicted to fuel market growth across the globe during the forecast period. Growing preference for managing stringent regulatory compliances and the rise in the need to provide high-quality results to customers are anticipated to accelerate market growth. On the contrary, privacy concerns and data security are anticipated to limit market growth in the forthcoming years.

COVID-19 Impact: Slowdown of Economic and Low Rate of Cash Flow to Obstruct Market Growth

The rise in cases of COVID-19 globally is resulting in an economic slowdown. The shutdown of manufacturing units temporarily halted production activities. Closure of several businesses and lack of workforce for live safety. Low cash low and lower demand for the product reduce market growth. Further, partial and full lockdowns impacted market growth. The market witnessed supply and chain disruptions and a low rate of collaboration. These factors limit market growth during the pandemic period.

LATEST TRENDS

"Rise in IT Sectors Globally to Fuel Market Growth "

The rising need for IT sectors and the increased need for the development of software are estimated to fuel market growth. Ongoing research activities and advancements in technology are predicted to surge market progress. Rapid urbanization and digitalization are projected to surge market growth. Growing preference for managing stringent regulatory compliances and the rise in the need to provide high-quality results to customers are anticipated to accelerate market growth. Further, several IT companies are adopting advanced technology and huge investment by market players is estimated to surge market growth.

Outsourced Software Testing Market Segmentation

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• By Type

Based on type, the market is divided into hardware and software.

Hardware is expected to be the top part of the segmentation type.

• By Application

Based on the application, the market is divided into BFSI, IT & telecommunication, retail, and others.

IT & telecommunication is expected to be the top part of application segmentation.

DRIVING FACTORS

"Increased Demand for Cost-Effective Operations to Surge Market Growth"

Increasing demand for cost-effective operations and a high need to standardize software deployment among end-user are predicted to fuel market growth. A rise in the need to manage stringent regulatory compliance is estimated to accelerate market progress. High need for the development of software, the rise in demand for cost-effective operations, and the emergence of digital technologies such as cloud computing, artificial intelligence (AI), and the Internet of Things (IoT). These factors are predicted to fuel market growth across the globe during the forecast period.

"Rapid Technology Advancement and Several Collaborations among Market Players to Propel Market Growth"

Rapid technology advancement and several collaborations among key players are predicted to propel market progress. Key players are focused on growth strategies such as a merger, strategic collaborations, and acquisitions activities which are expected to fuel market growth. Several testing services can be outsourced to a third party such as mobile app testing, performance testing, functional testing, security testing, automation testing, cross-browser testing, usability testing, and localization testing. Such several testing is estimated to fuel market growth in the upcoming years.

RESTRAINING FACTORS

"Privacy Concerns and Data Security to Limit Market Growth "

Privacy concerns and data security are anticipated to limit market growth in the forthcoming years.

Outsourced Software Testing Market Regional Insights

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"Presence of a Large Number of Software Companies in North America to Drive Market Share "

North America is estimated to account for the highest outsourced software testing market share owing to the presence of a large number of software companies. the rise in the IT sector and the high need for the development of software, the rise in demand for cost-effective operations, and the emergence of digital technologies such as cloud computing, artificial intelligence (AI), and the Internet of Things (IoT). These factors are predicted to fuel market growth in the region.

Asia Pacific is estimated to dominate market growth due to the growing IT sector in regions such as India, China, and Japan.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

LIST OF TOP OUTSOURCED SOFTWARE TESTING COMPANIES

• HCL Technologies Limited (India)
• Logica plc (U.K.)
• Hewlett-Packard Company (U.S.)
• Thinksoft Global Services (India)
• Larsen & Toubro Limited (India)
• Infosys Limited (India)
• Accenture plc (Ireland)
• Cigniti Technologies Limited (India)
• Sutherland Global Services, Inc. (U.S.)
• Mindtree (India)
• Capgemini SE (France)
• Tech Mahindra Limited (India)
• Atos SE (France)
• IBM corporation (U.S.)
• CGI Inc. (Canada)
• Software Quality Systems (Germany)
• Wipro Limited (India)
• Amdocs (U.S.)
• Cognizant Technology Solutions Corp (U.S.)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.