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 drive the growth of the global bug tracking software market
PORTLAND, Oregon, Aug. 7, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Bug Tracking Software Market by Deployment (On-premise and Cloud), Organization Size (Small Enterprises, Medium-sized Enterprises, and Large Enterprises), and Industry Vertical (BFSI, Telecommunications, Manufacturing, Information Technology, Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026." The report provides an in-depth analysis of the drivers & opportunities, wavering market trends, competitive market scenario, and market size & estimates. 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.
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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.
The cloud segment to lead the trail by 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.
The large enterprises segment to maintain its dominance till 2026
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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North America to dominate the global bug tracking software in terms of revenue
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.
Frontrunners in the Industry
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.
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