Biometric-as-a-Service Market Rewriting its Growth Cycle
test management software market is projected to reach USD 4.2 Billion by 2030 with a CAGR rate of 19.23% during the forecast period, 2022-2030.
Shraddha Nevase
Test Management Software Market Overview
With a 7.1% CAGR, the Test Management Software Market Trends was valued at USD 352 million in 2020 and is projected to reach USD 4.2 Billion by 2027 with a CAGR rate of 19.23% during the forecast period, 2022-2030.
Development teams may manage, track, and maintain their software tests with the aid of test management software. Test management software is not intended to execute software tests on its own, unlike test automation software or software testing tools. Instead, they keep test cases and test results organized in a repository-like format using test management tools, which are then transformed into useful intelligence.
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Additionally, test automation tools, software testing tools, and other development tools are all integrated with test management software. Testing solutions utilize the test cases and circumstances that test management software provides. Businesses can standardize the testing environment for their software by using test management solutions to keep track of all tests that may be necessary when creating a software product.
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Test Management Software Market Segmentation
- By Deployment
The test management software industry has been divided into on-premises and cloud-based versions based on the deployment. The market for test management software now has a sizable proportion held by the cloud-based deployment strategy, which is anticipated to expand at a sizable CAGR over the projected period.
- By Pricing
The test management software market has been divided into monthly, annual, and one-time licenses based on pricing. The yearly segment currently has the largest market share and is anticipated to increase at a strong CAGR throughout the research period. The increasing demand for cloud-based subscriptions is primarily to blame for this. A one-time license also commands the market's second-largest market share.
- By Organization Size
The test management software industry has been divided into small and medium-sized businesses and large businesses based on the size of the organization. Within the market, small and medium-sized businesses have a bigger market share. This is due to both the rise in the number of SMBs and the widespread use of test management software.
- By Industry Size
The test management software market has been divided into BFSI, IT & telecom, manufacturing, energy & utilities, healthcare & life sciences, education, aerospace & military, and others based on industry verticals. The top four market contributors are BFSI, IT & telecom, manufacturing, and healthcare & life sciences.
Regional Classification
North America dominates the market. In terms of revenue, Europe comes in second on the worldwide market. The main market growth engines are the UK, Germany, and France. Furthermore, the market expansion is being fueled by the presence of several major competitors in the area. Additionally, during the anticipated period, Asia-Pacific (APAC) is anticipated to increase at the fastest CAGR. This can be attributable to the region's expanding number of locations for software outsourcing. To manage and track software testing, businesses large and small are quickly implementing test management systems.
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Industry News
Test Management for Jira (TM4J), the top-rated QA and test management app in Jira for enterprise teams, was acquired by SmartBear, a prominent provider of software development and quality tools, from London-based Adaptavist on March 31, 2020. TM4J joins the SmartBear portfolio, which includes Zephyr and CucumberStudio, two market-leading technologies for corporate agility at scale.
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