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(Hosting-NewsWire.com, June 13, 2018 ) According to a new market research report “ Cloud Testing Market " is expected to grow from USD 5.55 Billion in 2017 to USD 10.24 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 13.01% during the forecast period. Several factors such as the rapidly growing cloud adoption, flexible and scalable delivery model, and reduced cost of ownership are driving the market growth. The adoption of cloud testing solutions and services is high in verticals such as retail and eCommerce; IT and telecom; Banking, Financial Services, and Insurance (BFSI); and media and entertainment; this is expected to boost the growth of the overall market.
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The global cloud testing market is segmented by component (testing tools/platforms and services), testing tool/platform (functional testing tools, performance/load testing tools, Graphical User Interface (GUI) testing tools, Application Programming Interface (API) testing tools, service virtualization tools, and cross browser testing tools), service (professional services and managed services), vertical, and region. The testing tools/platforms component is expected to grow at a higher CAGR during the forecast period, as tools/platforms assist organizations in easily carrying out the testing process on the cloud.
The retail and eCommerce vertical is expected to have the largest market share, whereas the BFSI vertical is projected to grow at the highest CAGR during the forecast period. Technology has assisted the retail and eCommerce businesses in offering seamless and efficient services to their customers. The gap between online and offline retail is driving the recent boom of technological innovations in customer analytics in brick-and-mortar retail stores. Retail and eCommerce enterprises have to keep a check on the digital applications, web services, and APIs that run their websites by monitoring them continuously for their performance.
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The global cloud testing market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America to provide a region-specific analysis in the report. North America is expected to have the largest market share and is projected to dominate the market during the forecast period. With the increase in the adoption of cloud computing solutions among various verticals, such as IT and telecom, BFSI, and retail and eCommerce, the cloud testing market is also set to grow at a rapid pace in in well-established economies, such as the United States (US) and Canada. Due to this, companies are willingly investing in the North American region. Most cloud testing solution and service vendors have an eminent presence in the North American region, and therefore, the competition is stiff among the major market players.
The major vendors who offer cloud testing solutions and services across the globe are IBM (US), Oracle (US), CA Technologies (US), Micro Focus (UK), SmartBear Software (US), SOASTA (US), Xamarin (US), Cygnet Infotech (India), Cavisson Systems (US), Cigniti (India), Tricentis (Austria), Cognizant (US), and Capgemini (France), whereas the key innovators include CustomerCentrix (US) and Neotys (France). These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships, and collaborations, to enhance their position in the market.
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