The Test Data Management Market to grow from USD 584.6 million in 2017 to USD 1,060.9 million by 2022, at a Compound Annual Growth Rate (CAGR) of 12.7%.
The market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. In this region, IT organizations have better technical support to black-box testing teams. It is one of the driving factors for the growth of TEST DATA MANAGEMENT market. Major contributing countries in the APAC region for TEST DATA MANAGEMENT market are India, China, Australia, and Japan. To increase the productivity, Small and Medium-sized Enterprises (SMEs) are adopting cloud deployment. Whereas, large organizations are focused to adopt TEST DATA MANAGEMENT solutions and services to comply with the regulations, reduce the storage expenses, and adequate management of test data throughout the testing lifecycle.
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The BFSI vertical is expected to be the fastest growing vertical in terms of the adoption of TEST DATA MANAGEMENT solutions during the forecast period. The vertical covers organizations that provide financial products or services, including banks, insurance companies, non-banking financial companies, mutual funds, and others. Companies in the BFSI vertical have to comply with a lot of regulations and compliances, such as Payment Card Industry Data Security Standard (PCI-DSS), Gramm-Leach-Bliley Act (GLBA), BASEL II, Dodd Frank Act, and Solvency II. For TEST DATA MANAGEMENT, to manage the confidentiality of data, it is necessary that all the processes run smoothly and without errors. Hence, BFSI companies spend a considerable amount on the management of test data throughout the testing life cycle.
The SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs face some specific challenges, such as the requirement of domain-specific personnel and skilled workforce, budget constraints, and limited economies of scale. The increased competition has prompted SMEs to invest in TEST DATA MANAGEMENT solutions for better quality of data and the need to make effective decisions for their business growth.
The cloud deployment type is expected to grow at a higher CAGR during the forecast period. The cloud deployment helps to reduce the overall costs, while providing highly flexible and scalable access to solutions. Companies are deploying solutions on the cloud to improve mobility, collaboration of data, and reduction of data loss during the transit. Due to these benefits, many vendors are switching from on-premises deployment mode to the cloud deployment. Speak to Research Expert @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=207756824
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