New York, USA, May 04, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Safety Critical Software Testing Market By Offering, By Type, By Technology, By Application - Forecast to 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 43.2% to attain a valuation of around USD 650 Billion by the end of 2030.
Safety Critical Software Testing Market Key Players
- CRITICAL Software (Portugal)
- Tecmata GmbH (Germany)
- Parasoft (US)
- Rapita Systems Ltd. (UK)
- Esterline Technologies Corporation (US) QA Systems GmbH (Germany)
- HP Development Company
- L.P. (US)
- Imbus AG (Germany) Vector Software Inc. (US)
- HBM PRENSCIA INC.(US)
- Verum (The Netherlands)
- ALD Ltd. (Israel)
- LDRA (UK)
- General Digital Corporation (US)
- HBM PRENSCIA INC. (US)
- Atkins Limited (UK).
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Safety Critical Software Testing Market Report Scope:
| Report Metrics | Details |
| Safety Critical Software Testing Market Size by 2030 | USD 650 Billion |
| Safety Critical Software Testing Market CAGR during 2022-2030 | 43.2% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | There are various key driving factors that are improving the safety critical software testing market during the forecast period. |
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Drivers
Increasing Deployment in Various Industries to Boost Market Growth
The market's primary driver of growth is now being seen as the expanding deployment of safety-critical solutions across numerous industries. For instance, the software is widely applied in the healthcare sector for applications in both medical intensive care and life support systems. Moreover, they have uses in nuclear engineering and amusement parks with parachutes and attractions. As these solutions are more technologically sophisticated, highly dependable, and secure compared to the conventional safety testing solutions, the space, railroad, and aviation industries are progressively embracing safety essential software testing solutions.
Opportunities
Constant Technological Advances to offer Robust Opportunities
The field of safety critical software testing may find attractive opportunities as a result of the ongoing technical developments in vital communication systems. Big Data, automation, artificial intelligence, and 5G connections are just a few of the cutting-edge technologies that are heavily utilized by critical communication systems. It is anticipated that the adoption of safety essential software testing solutions would grow in these systems, improving the effectiveness and dependability of the communication process.
Restraints and Challenges
Data Security Issues to act as Market Restraint
Data security issues, high implementation cost, and increasing concerns about security may act as market restraints over the forecast period.
Market Segmentation
The global safety critical software testing market is bifurcated based on type and vertical.
By type, automation testing will lead the market over the forecast period. The market's largest segment is expected to be the automation testing category, which is growing more quickly. Automation testing is typically used to test the iterative development process and aids in achieving higher levels of safety, quality, and security. Also, compared to manual testing, this sort of testing requires less time-consuming effort. In addition, it offers precise analysis to considerably improve the capacity to find bugs by detecting runtime issues.
By vertical, healthcare will spearhead the market over the forecast period. As safety critical software testing has applications in a variety of machinery, including robotic surgery machines, infusion pumps & insulin pumps, ventilation systems, defibrillator machines & dialysis machines, and radiation therapy machines, among others, the healthcare vertical is expected to experience the fastest growth rate in the upcoming years. Nearly all medical systems, wearable technology, and smartphone applications for healthcare monitoring are connected and gather vital patient data. Safety critical software testing is heavily used in these systems since they need to be extremely secret, dependable, and secure, which is driving market expansion in the healthcare industry.
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Regional Analysis
North America to Head Safety Critical Software Testing Market
Over the projection period, North America will have the biggest market share. It includes nations including Mexico, the United States, and Canada. The US alone has contributed to growth in safety critical software testing sector of between 80% and 85% because the presence of reputable vendors in the market and its high-end infrastructure are fostering its development. Because of the region's growing adoption of cutting-edge technologies like analytics, automation, and virtualization, North America will lead the market for testing safety-critical software. Over the review period, North America is expected to hold the greatest market share, with the US accounting for close to 80%–85% of that share. There are many well-known players in the nation, and they have a sizable consumer following. The rapid use of next-generation technologies including automation, virtualization, and analytics technologies has contributed to the region's robust market expansion. Also, the market in North America benefits from the spike in new business creation and the presence of a sizable number of vendors who provide safety critical software testing.
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COVID-19 Analysis
The market for safety-critical software testing has been significantly impacted by the COVID-19 pandemic, as have the global economy and other businesses. There has been a burgeoning demand for medical equipment and supplies including ventilators & diagnostic tools since the pandemic's start. The need for testing services in this sector has developed as a result of the fact that these devices frequently require safety-critical software. Contrarily, because of the epidemic, many businesses have had to postpone or abandon their projects as they deal with supply chain interruptions, travel restrictions, & other issues. The market for testing safety-critical software has also slowed down as a result of this. Some businesses were compelled by the pandemic to establish remote work arrangements, which had an effect on the testing procedure. Projects were delayed because testing teams lacked access to the infrastructure and tools needed to run tests remotely. The pandemic's impact on the economy forced many businesses to reduce spending, especially on software testing. Also, as businesses focused on other aspects of their operations, this resulted in a decline in the need for testing services. Therefore, COVID-19 had a complex and wide-ranging effect on the market for safety-critical software testing. The epidemic has led to delays and budget cuts in other sectors, despite the rise in demand for the testing services for medical equipment and technology.
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