Research analysts have predicted that the global software testing services market will grow at a CAGR of close to 11% between 2016-2020, due to the growing popularity of crowdsourced testing.
Crowdsourcing is a collective effort from people working in different locations on a single online project. Crowdsourced testing has gained immense popularity over the years because it is the only testing process that offers real-time feedback on product development, provides insight about the quality of the product, and helps testers detect bugs and defects over the software testing life cycle.
Industry-specific testing services offerings is another significant trend that is envisaged to propel the growth of the software testing services market during the forecast period. Recent developments have driven companies to align testing services into vertical specialisations, which has gained popularity over the years. For instance, Infosys, one of the key players in the global software development market, offers testing services through various specialised practices, such as healthcare, insurance, and retail validation and testing practice.
At present, the application testing services segment dominates the software testing services market, with a market share of over 88%. The growth of this segment is projected to continue over the next five years due to an increase in application verticalisation specific to a concentrated user base. The growing consumerisation of IT has encouraged companies to develop versatile applications to strengthen their presence and engage customers.
Financial services sector
In 2015, the financial services sector led the market with more than 34% of the total market share. Almost all the financial application development and maintenance requires a high degree of testing services throughout the software development lifecycle. Intense competition among global leaders and the shift to specialised services are pushing financial institutions to seek for enterprise-grade testing services.
Edited from press release by Jordan Platt.