Albany, NY -- (SBWIRE) -- 02/03/2016 -- The global market for software testing services is the focus of study of a market research report recently added to the comprehensive database of MarketResearchReports.biz. The report states that the market will expand at 11% CAGR between 2016 and 2020.

The report, titled "Global Software Testing Services Market 2016-2020", states that the rising popularity of crowdsourced testing will be a major driver of the market over the future years. Crowdsourcing refers to a collective effort on a single project from people working in different locations. Owing to the different locations of people working on a single project, the need for multiple real-time feedback over the actual progress of the project is high. Owing to this, the demand for crowdsourced testing has gained huge popularity in the past few years. It being the only testing procedure capable of providing effective insights about the quality of product being developed and aiding project testers to detect defects and bugs in the product over the software testing life cycle, its demand has continuously increased in the past years. The demand for industry-specific testing services has also increased in the software testing services arena in the past few years.

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Recent developments have propelled testing service providers to align their services into specialized industry verticals, a trend which has gained immense popularity over the years. Major companies in the software testing services market, such as Infosys, offer testing services that span across numerous industry verticals such as insurance, retail validation and testing, and healthcare.

The report segments the market on the basis of three criteria: type, end user, and geography.

On the basis of service type, the market is segmented into application testing and product testing. Of these, the segment of application testing dominates the global software testing services market by accounting for over 88% of the market. This market segment is expected to continue growing at an excellent pace over the report's forecast period as well owing to an increase in versatile applications specific to a large user base or a popular market trend.

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On the basis of end-user, the market is segmented into financial services, banking, financial service and insurance (BFSI), telecommunications, and others.

Of these, the BFSI segment led the market by accounting for over 34% share in the global market in 2015. Owing to the critical nature of transactions that the BFSI industry deals with, a high degree of testing services throughout the software development lifecycle of BFSI applications is required.

The report also presents a detailed overview of the competitive landscape of the global software testing services market. The market features the presence of a large number of companies, contributing not just to the remarkable growth of the market but also to the competitiveness. Partnerships with niche service providers as a way to enhance ongoing innovations and improve software tool packages is a popular trend in the market.

Some of the key companies operating in the market are Accenture, IBM, Cognizant, Wipro, Deloitte, Steria, Atos, Gallop Solutions, UST Global, Cigniti, Infosys, CSC, QualiTest Group, NTT Data, Tech Mahindra, Hexaware, TCS, HP, and SQS.

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