Bug Tracking Software Market Growth Set to Surge Significantly at a CAGR of 13.60% by 2026
Increase in need to deliver bug-free software in shortest turnaround time is primarily driving the growth of global bug tracking software market.
PORTLAND , PORTLAND, OR, UNITED STATE, August 23, 2022 /EINPresswire.com/ — Increase in adoption of DevOps & testing automation, rise in need to deliver bug-free projects successfully, surge in investment for software testing as well as cloud-based project management software fuel the growth of the global bug tracking software market.
On the other hand, availability of free bug tracking software restrains the growth to some extent. Nevertheless, benefits in regards to bug tracking software, such as enhancing ROI by reducing cost of software development, early detection of bugs and understanding bug trends are expected to create lucrative opportunities for the key players in the industry.
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According to the report, the global bug tracking software market was estimated at $218.2 million in 2018 and is expected to hit $601.6 million by 2026, registering a CAGR of 13.6% during 2019–2026.
Based on deployment, the cloud segment contributed to nearly three-fifths of the total market revenue in 2018 and is expected to dominate throughout the forecast period. The rapid growth of the market is due to increasing need for mobility in businesses, rising adoption of cloud technology by small scale businesses and rapidly growing use of mobile apps. Moreover, the segment is projected to grow at the fastest CAGR of 14.5% during the study period.
Based on organization size, the large enterprises segment accounted for more than half of the total market share in 2018 and is anticipated to rule the roost throughout the estimated period. The fact that as this type of organizations have implemented bug tracking software at large-scale due to the rising demand for handling errors in complex software coding spurs the growth of the segment. Simultaneously, the small enterprises segment is predicted to register the fastest CAGR of 16.5% during 2019–2026.
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Based on geography, the North America region generated the highest revenue in 2018, holding nearly two-fifths of the total market. This is pertaining to large presence of software development companies where software testing is quite obligatory and the existence of majority of market vendors in this region. The Asia-Pacific region, on the other hand, would showcase the fastest CAGR of 16.2% during the forecast period.
The key market players analyzed in the report include Atlassian (JIRA), Bugsnag Inc., Axosoft, Airbrake, IBM, Zoho Corporation, Inflectra Corporation, Nulab (backlog), JetBrains, and Raygun.
Key Benefits:
• This study presents the analytical depiction of the bug tracking software industry along with the current trends and market forecast to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and bug tracking software market opportunity.
• The market is quantitatively analyzed from 2018 to 2026 to highlight the financial competency of the industry.
• This report also provides the global market forecast.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the bug tracking software market.
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