The global defect management tools market is estimated to garner a large revenue by growing at a robust CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed largely to the shortage of automation tools to defect or bug tracking. Along with these, as the IT infrastructure in organizations is becoming more software-oriented, software required for managing all the IT operations are becoming more complex. This often results in more technical defects in enterprise software during the technical phase, which in turn is expected to augment the sales for these tools in the forthcoming years. Furthermore, growing investments of companies on testing processes, escalating demand for the delivery of bug-free software with short turnaround time, and upsurge in adoption of AI and machine learning are expected to provide lucrative opportunities for market growth in the near future. As of now, more than 75 percent of devices used by people all around the world use one form of AI or another. The number of AI based startups grew by almost 15 times over the last two decades.
The market is segmented by industry vertical into BFSI, telecommunications, manufacturing, information technology, retail, energy and utility, automotive, and others, out of which, the information technology segment is anticipated to hold the largest share in the global defect management tools market. This can be accounted to the rising trend of bring your own device and mobility amongst IT-based organizations, and rising significance of defect or bug testing among enterprises. Additionally, on the basis of deployment, the cloud segment is predicted to acquire the largest share over the forecast period owing to the increasing adoption of cloud technology as a result of its hassle-free software updates and maintenance, and high cost-effectiveness. Apart from these, cloud-based defect management tools provide users with various plans suiting their specific needs, which is also assessed to boost the growth of the market segment in the future. CLICK TO DOWNLOAD SAMPLE REPORT
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.
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.
The global defect management tools market is further classified on the basis of region as follows:
Our in-depth analysis of the global defect management tools market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are shortage of automation tools to defect or bug tracking and growing investments of companies on testing processes.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2030.
Higher cost to train and recruit defect management tools experts is estimated to hamper the market growth.
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.
The major players in the market are IBM Corporation, Inflectra Corporation, Zoho Corporation, Microsoft Corporation, Perforce Software, Inc, and others.
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.
The market is segmented by component, deployment, organization size, industry vertical, and by region.
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.
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization