Defect Management Tools Market size is poised to witness lucrative growth rate during the forecast period i.e., between 2024-2036. 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.
Growth Drivers
Challenges
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.
Our in-depth analysis of the global market includes the following segments
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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. Asia Pacific industry is set to dominate majority revenue share by 2036, attributed to 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 global defect management tools 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.
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.
Author Credits: Abhishek Verma
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