According to the research report titled ‘Software Testing Market Size By Component (Application Testing, [By Type (Functional and Non-Functional)], Services [Professional and Managed], By Application (IT & Telecom, BFSI, Manufacturing, Retail, Healthcare, Transportation & Logistics, Government), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026‘, available with Market Study Report, global software testing market is anticipated to exceed a valuation of USD 60 billion by the end of the forecast period 2020-2026.
 

Rising implementation of machine learning and artificial intelligence in software technology, surging adoption of DevOps, and escalating demand from IT sectors for cost-effective error detection solutions are catalyzing global software testing market growth.
 

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Citing an instance, Atos and Google Cloud, in Paris, established an artificial intelligence (AI) laboratory in April 2019 in partnership with Google, to enhance data processing services and deliver the best technologies by leveraging AI. Such strategic moves are enhancing the remuneration scope of the industry.
 

Moreover, increasing prevalence of mobile based applications, agile testing approach by companies to deliver high-quality software applications, and rising digitalization in developing economies are simultaneously fueling the industry growth.
 

On the contrary, dearth of skilled professionals is likely to hamper the business domain over the analysis timeframe.
 

In terms of component, worldwide software testing industry is bifurcated into services and application testing.
 

Based on the application scope, the market vertical is classified into manufacturing, transportation & logistics, BFSI, IT & telecom, government & public sector, healthcare and retail. The healthcare segment is expected to show momentous growth in the ensuing years, accreditable to increasing demand for digital health diagnostics by consumers. Whereas, BFSI segment holds majority industry share, owing to sustained demand for error detection solutions in banking services like money withdrawal, online transaction and others.
 

As per regional analysis, North America currently holds a considerable market share, creditable to presence of numerous software development companies in the region.
 

Parallelly, Asia Pacific industry is slated to register a significant growth rate over the projected period, chiefly on the back of booming online retail business in China and India.
 

Leading companies in global software testing market are Tata Consultancy Services Limited, Accenture plc, Cognizant Technology Solutions Corporation, Wipro Limited, International Business Machines Corporation, Infosys Limited, Capgemini SE, HCL Technologies Limited, Atos SE, Amdocs Limited, Cigniti Technologies Limited, Tech Mahindra Limited, and Qualitest among others.