On the basis of geographical analysis, the global defect management tools market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing geographic presence of IT companies in Asia, surge in the usage of AI and ML techniques, and government initiatives for technological development in the region. For instance, in 2030, AI is predicted to contribute to more than 25 percent of China’s gross domestic product, followed by North America with 14 percent and United Arab Emirates with 13 percent. Moreover, the market in North America is projected to occupy the largest share over the forecast period, which can be credited to the early adoption of digitalization in software development and rising implementation of automation in testing environment in the region. In addition, growing deployment of cloud-based enterprise resource management software in several organizations is also expected to fuel the region’s market growth over the coming years.
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The global defect management tools market is further classified on the basis of region as follows:
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Our in-depth analysis of the global defect management tools market includes the following segments:
By Organization Size
By Industry Vertical
September 2021- Inflectra launched Spira v6.12, which is rest management system that lets users see different sets of industry-specific sample data and decide which sample data they want in the system.
August 2021- YouTrack, JetBrains’s premium bug tracking software, is now available in three new languages- Korean, Chinese and Portuguese.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The major factors driving market growth are shortage of automation tools to defect or bug tracking and growing investments of companies on testing processes.
Ans: The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2030.
Ans: Higher cost to train and recruit defect management tools experts is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth are increasing geographic presence of IT companies in Asia, and surge in the usage of AI and ML techniques.
Ans: The major players in the market are IBM Corporation, Inflectra Corporation, Zoho Corporation, Microsoft Corporation, Perforce Software, Inc, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by component, deployment, organization size, industry vertical, and by region.
Ans: The cloud segment is anticipated to hold largest market size in value and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.