Service virtualization emulates specific behavior of some missing components in a heterogeneous component based applications that aids in comprehensive testing and product development. The component applications include service oriented architectures, API driven application, cloud-based applications etc.
Rising digitization across the globe coupled with increasing demand for advanced data integration services are major factors driving growth of the global service virtualization market. In addition, increasing adoption of cloud based services and solution is another factor further driving growth of the global service virtualization market.
The global market is segmented on the basis of component, deployment type, vertical, and region. On the basis of component, the global market is segmented into software and services. The software segment accounts for highest market share in the global market.
On the basis of deployment type, the global market is segmented into on-premises and cloud. The cloud segment accounts for highest market share and is expected to witness significant growth over the forecast period. On the basis of vertical, the global market is segmented into IT services, telecommunication, banking, financial services, and insurance (BFSI), retail and e-commerce, healthcare, automotive, and others. The IT services segment is expected to dominate the global market over the forecast period. The banking, financial services, and insurance (BFSI) segment is expected to witness highest growth over the forecast period.
On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America service virtualization market dominates the global market in terms of revenue and is expected to maintain its dominance over the forecast period. The Asia Pacific service virtualization market is expected to witness highest growth in terms of revenue in the global market over the forecast period.
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