A Triton Market Research report on the global bug tracking software market states that, the industry, which generated $219.74 million in 2018, is likely to surge at a CAGR of 9.34% by the year 2027.
A study by Triton Market Research with the title ‘Global Bug Tracking Software Market,’ covers the Global Analysis and Forecast for 2019-2027 by Size (Small-, Medium-, Large-sized Enterprises), by Deployment Model (Cloud Deployment Model, On-premise Deployment Model), by Industrial Vertical (Information Technology, Telecommunication, BFSI, Manufacturing, Retail, Other Industry Verticals) and by Geographical Region (Asia-Pacific, North America, Europe, Latin America, Middle East and Africa).
A bug tracking software refers to a tool that is used to find, report and manage the bugs in software. It helps in tasks like issue tracking, defects tracking, ticket management, task management and workflow management effectively.
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According to the report, the global bug tracking software market is estimated to reap $496.14 million by 2027, surging with a CAGR of 9.34% over the estimated period 2019-2027. The growing need to deliver error-free software in the shortest time is the primary driver of the global bug tracking software market. The upsurge in the budgetary allocation of software testing processes and the overall investments in the information technology market are also likely to aid market growth. The surge in the adoption of testing systems is also affecting the global market positively. However, the availability of different free and open-source bug tracking software is hampering the bug tracking software market growth.
Based on size, the bug tracking software market is divided into small-, medium- and large-sized enterprises. While according to the deployment model, the market is segmented into the cloud and on-premise. Whereas, considering the industrial vertical, it is categorized into information technology, telecommunication, BFSI, manufacturing, retail and other industry verticals.
Considering the regional landscape, Asia-Pacific is likely to be the fastest-growing region for the bug tracking software market during the projected years. It is also anticipated to be the largest bug tracking software market contributing the highest to the total revenue. The growing internet penetration across small-, medium- and large-sized enterprises in the region is the primary driver of the market. The rapidly growing IoT technology in Asian countries, including Japan, India and ASEAN countries, is propelling the bug tracking software market. Government initiatives towards the development of smart cities and smart grids are expected to push the demand for IoT applications, thereby aiding the global bug tracking software market growth.
Some of the major players in the bug tracking software market are Raygun, Inflectra Corporation, ReQtest, Atlassian, Zoho Corporation Pvt Ltd, Bugsnag Inc, Airbrake LLC, Nulab Inc, Axosoft LLC and JetBrains sro.
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Question & Answer: Bug Tracking Software Market
Question 1: What are the drivers of the global bug tracking software market?
Answer: The growing need to deliver error-free software in the shortest time is the primary driver of the global bug tracking software market. The upsurge in the budgetary allocation of software testing processes and the overall investments in the information technology market are also likely to aid market growth. The surge in the adoption of testing systems is also affecting the global market positively.
Question 2: Which factors are hampering the bug tracking software market growth?
Answer: The availability of different free and open-source bug tracking software is hampering the bug tracking software market growth.
Question 3: How is the Asia-Pacific region impacting the bug tracking software market outlook?
Answer: Considering the regional landscape, Asia-Pacific is likely to be the fastest-growing region for the bug tracking software market during the projected years. It is also anticipated to be the largest bug tracking software market contributing the highest to the revenue. The growing internet penetration across small-, medium- and large enterprises in the region is the primary driver of the market.
The rapidly growing IoT technology in Asian countries, including Japan, India and ASEAN countries, is propelling the bug tracking software market. Government initiatives towards the development of smart cities and smart grids are expected to push the demand for IoT applications, thereby aiding the global market growth of bug tracking software.
Question 4: Which are the major players covered in the competitive landscape of the report on the bug tracking software market?
Answer: Some of the major players in the bug tracking software market are Raygun, Inflectra Corporation, ReQtest, Atlassian, Zoho Corporation Pvt Ltd, Bugsnag Inc, Airbrake LLC, Nulab Inc, Axosoft LLC and JetBrains sro.
Related Report:
Global Enterprise Application Market
The Global Enterprise Application Market is predicted to display growth at $333.28 million by 2027, with a CAGR of 7.71% over the forecasting period 2019-2027. Business-specific benefits, including the easy flow of information within or outside the organization, data collection & storage and minimum operational costs, are the primary drivers of the global market growth. The increasing real-time data access demand, coupled with the adoption of a customer-oriented approach, is also aiding the market growth. The advent of cloud computing and mobile applications has created numerous opportunities for the enterprise application market.
The evolving business models and the globalization of models are opening new horizons for market growth. Moreover, the rising adoption from small- and medium-sized enterprises is also aiding the global enterprise application market’s growth.
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