New Product Developments, to Achieve Growth in the Service Virtualization Market
Service virtualization is adopted by companies across the globe due to increasing adoption of agile and DevOps practices for software development. Therefore, due to national public safety initiatives, service virtualization providers are increasing their efforts to enhance and boost their revenues. The strategic partnership is an important strategy adopted by the key market players to develop new services and gain traction in the service virtualization market. MarketsandMarkets forecasts the service virtualization market to grow from USD 445.5 Million in 2017 to USD 1,040.8 Million by 2022, at an estimated Compound Annual Growth Rate (CAGR) of 18.50%.
The service virtualization ecosystem comprises vendors such as CA Technologies (US), IBM (US), Micro Focus (Formerly HPE) (US), SmartBear Software (US), Parasoft (US), Tricentis (Austria), Cavission Systems (US), Cigniti (India), Cognizant (US), Wipro (India), Sogeti (France), SQS (Germany), Maveric Systems (India), Prolifics (US), Axway (US), Crosscheck Networks (US), Delphix (US), Postdot Technologies (US), WireMock (UK), Solution-Soft Systems (US), Planit Testing (Australia), Tobania (Belgium), Tech Mahindra (India), ITC Infotech (India), and Capgemini (France). These players have adopted various strategies, such as partnerships, collaborations, agreements, mergers and acquisitions, and new product developments, to achieve growth in the service virtualization market.
CA Technologies is another top player catering to the requirements of the service virtualization market. The company works on agile management, DevOps, and security solutions to build a common technology stack across several product lines. The company strides toward building new solutions with an approach to make it easier, faster, and more efficient for its end-users. In June 2016, CA Technologies launched a new version of its service virtualization tool where the new edition, automation continuous delivery enables the development teams to automatically create virtual services and Application Program Interface (API) tests, which are needed to support the rapid development of composite applications and micro-services. In March 2017, CA Technologies partnered with Perficient to provide industry-leading services in order to manage enterprise-scale APIs.
Smartbear Software with a significant presence in the service virtualization market is aspiring to become one of the top providers of service virtualization tool, whose main operation is to reduce dependency and delays during a delivery cycle. These operations are carried out by the company to convert static mocks into rapidly planned virtual services, owing to minimum complexity for more efficiency. In August 2017, SmartBear released a new version ReadyAPI 2.1, which includes overall improvements for all the solutions included in its service virtualization suite. In December 2016, SmartBear Software formed a partnership with Wipro. As per this partnership, Wipro would distribute SmartBear’s testing tools and integrate the SmartBear technology into AssureNXT, which is a Wipro’s next-generation managed services QA delivery platform.
Related Reports:
Service Virtualization Market by Component (Software/Tools and Services), Deployment Type (On-Premises and Cloud), Service Type (Managed Services and Professional Services ), Verticals, and Regions - Global Forecast to 2022
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