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Global Software Testing Services Market in BFSI Sector 2012-2016

Global software testing services market: 7% CAGR forecast between 2012-16


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2014-01-30 06:45:01 - Global Software Testing Services Market in BFSI Sector 2012-2016 - a new market research report on companiesandmarkets.com

The Global Software Testing Services market in BFSI sector to grow at a CAGR of 6.91 percent over the period 2012-2016. One of the key factors contributing to this market growth is the need to reduce operational time and cost. The Global Software Testing Services market in BFSI sector has also been witnessing a shift from on-premise software testing to cloud-based software testing. However, lack of data control in outsourced services could pose a challenge to the growth of this market.

The Global Software Testing Services market in the BFSI sector is characterized by a lack of skilled and qualified personnel to meet the Testing industry standards. Therefore, this trend has affected many businesses and their efforts to deploy quality production.

 

 

The biggest challenge involving this trend is that financial companies are finding it difficult to determine which functions of the software production should be taken care of by in-house personnel and which should be outsourced to third-party service providers. The challenge is aggravated in the case of high-end and specific areas of industrial and specific knowledge. Therefore, responsibilities that are attached to the role of a business analyst are being taken care of by in-house personnel and functions involving testing and quality assurance are being increasingly outsourced to the independent software testing vendors.

One of the main growth drivers is the need to reduce operational time and cost. The market is witnessing increasing demand for testing software from companies because the quality of applications is highly dependent upon testing. Hence, to avoid poor execution, slow test turnaround or excessive costs in the software´s lifecycle, companies are relying more on testing services, thereby increasing the adoption of the outsourced software testing services.

One of the major inhibitors of the market growth is the lack of control over data. When software testing is outsourced to a third-party service provider, access to production data is required in order to replace it as test data for conducting tests. Therefore, financial firms have limited control over their data as it resides with the service provider, and this raises concerns about the misuse of the data.

The key vendors dominating this space include Accenture plc, Capgemini SA, IBM Corp., and Wipro Ltd.

The other vendors mentioned are Cognizant Technology Solutions Corp., Computer Sciences Corp., Groupe Steria SA, HCL Technologies Ltd., Hewlett-Packard Co., Hexaware Technologies, Infosys Ltd., ITC Infotech India Ltd., Logica plc, Micro Focus International plc, Software Quality Systems AG, TCS Ltd., Tech Mahindra Ltd., Thinksoft Global Services Ltd., and UST Global.

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