According to CRI Report, the global test management software market has been segmented into deployment, pricing, organization size, vertical, and region/country. The test management software market size is anticipated to register an exponential CAGR of 7.1% from 2021 to 2027 and reach USD 515 million by 2027.
Test management software helps development teams manage, track, and maintain their software tests. Unlike test automation software or software testing tools, test management software is not designed to run software tests themselves. Instead, developers use test management solutions to maintain test cases and test results in a structure similar to a repository, which is then turned into actionable intelligence. Moreover, test management software integrates with software testing tools, test automation tools, and other development tools. Test management software offers test cases and conditions, which are then used by testing solutions. By leveraging test management tools, businesses can keep track of all tests that might need to be examined when developing a software product, standardizing the conditions in which organizations test their software.
The global test management software market has been segmented into deployment, pricing, organization size, vertical, and region/country.
Based on the deployment, the test management software market has been bifurcated into on-premises and cloud-based. The cloud-based deployment model holds a significant share within the test management software market and is expected to grow with significant CAGR during the forecast period. In the last couple of years, software as a service model has gained exceptional traction among small and large businesses. Furthermore, large enterprises are utilizing cloud-based models by using a hybrid cloud approach.
Based on the pricing, the test management software market has been classified into monthly, yearly, and one-time licenses. The yearly segment holds the maximum market share within the market and is expected to grow with a substantial CAGR during the study period. This is mainly attributed to the rising demand for cloud-based subscriptions. Moreover, a one-time license holds the second-largest market share within the market. One-time license segment revenue is generated through the on-premise deployments and their maintenance & implementation cost.
Based on organization size, the test management software market has been segmented into small & medium-sized enterprises and large enterprises. Small & medium-sized enterprises hold the larger market share within the market. This can be attributed to the increasing numbers of SMB’s as well as the increased adoption of test management software. Major SMB’s are integrating test management software with the software testing software, which is the major trend witnessing within the market.
Based on verticals, the test management software market has been segmented into BFSI, IT & telecom, manufacturing, energy & utilities, healthcare & life sciences, education, aerospace & defense, and others. BFSI, IT & telecom, manufacturing, and healthcare & life sciences contribute the largest share within the market.
Based on the region, the test management software market has been segmented into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. North America holds the leading share within the market. This can be attributed to the rapid adoption in the various industry verticals and the rise in IT spending. The industry verticals such as BFSI, manufacturing, IT & Telecom, aerospace & defense, and healthcare are the most significant contributors to revenue generation. Europe holds the second position in the global market in terms of revenue. The UK, Germany, and France are the major growth engines of the market. Moreover, the presence of several leading players in the region is also driving the market growth. Furthermore, Asia-Pacific (APAC) is expected to grow with the fastest CAGR rate during the projected period. This can be attributed to a growing number of software outsourcing destinations in this region. Organizations are rapidly adopting test management tools across large and SMEs to manage and track the software tests.
IBM (US), National Instruments (US), SmartBear (US), Micro Focus (UK), Jama Software (US), XQual (France), TestCaseLab (Ukraine), Adaptavist (UK), Tricentis (US), PractiTest (Israel), Plutora Test (US), Inflectra (US), Test Collab (Canada), QACoverage (US), and Meliora Testlab (Finland) are the key companies of the global Test Management Software market.