Service Virtualization Market To Reach $2,278.5 Million By 2030

Service Virtualization Market Growth & Trends

The global service virtualization market size is expected to reach USD 2,278.5 million by 2030, according to a new study by Grand View Research, Inc., progressing at a CAGR of 17.4% from 2024 to 2030. Increasing adoption of digitization by enterprises to automate business processes is one of the key trends stimulating market growth. Besides this, growing adoption of DevOps and agile methodologies for software development, in an attempt to improve collaboration between software development and testing teams, is anticipated to provide a fillip to the market.  

Service virtualization enhances operational efficiencies and collaboration between development, quality, operations, and assurance teams to provide a continuous integration, testing, and delivery of software. Its tools and services cater to various needs of software development teams. They also enable developers to enhance the quality of test conditions and accelerate time to market, resulting in high operational efficiencies and increased return on investment.

Various industries such as IT, banking, insurance, retail, and telecom are widely adopting service virtualization solutions to enhance productivity, reduce time to market, streamline workflows, deliver high-quality products and services, and reduce costs associated with software development. However, issues related to data security regulations and policies are estimated to challenge the growth of the market.

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Service Virtualization Market Report Highlights

• The service segment held the largest market revenue share of 69.2% in 2023. The growing need for efficient testing environments in software development drives segment growth.

• The cloud segment held the largest market revenue share in 2023. The growing need for flexible and scalable infrastructure solutions that cloud-based deployments offer fuels the demand for cloud deployment.

• The large enterprises segment held the largest market revenue share in 2023. Large enterprises often manage extensive and diverse IT infrastructures that require continuous testing, development, and integration of software applications.

• IT & telecommunication segment held the largest market revenue share in 2023. The IT and telecommunication industries increasingly emphasize quick development and frequent releases through the growing acceptance of agile and DevOps practices.

• North America service virtualization market held the largest market revenue share of 40.5% in 2023.

Service Virtualization Market Segmentation

Grand View Research has segmented the global service virtualization market on the basis of component, deployment, enterprise size, end use, and region

Service Virtualization Component Outlook (Revenue, USD Million, 2018 - 2030)

• Software

• Service

Service Virtualization Deployment Outlook (Revenue, USD Million, 2018 - 2030)

• Cloud

• On-premise

Service Virtualization Enterprise Size Outlook (Revenue, USD Million, 2018 - 2030)

• Large Enterprise

• SMEs

Service Virtualization End Use Outlook (Revenue, USD Million, 2018 - 2030)

• BFSI

• Healthcare

• IT & Telecommunication

• Automotive

• Retail & E-Commerce

• Others

Service Virtualization Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • South Korea

• Latin America

  • Brazil

• Middle East and Africa (MEA)

  • Saudi Arabia

  • South Africa

  • UAE

List of Key Players of Service Virtualization Market

• Broadcom

• IBM

• Open Text Corporation

• SmartBear Software

• Parasoft

• Capgemini Group

• Microsoft

• Wipro

• Cavisson Systems Inc.

• Prolifics