Bug Tracking Software Market driven by software development, quality assurance, agile methodologies, and demand for efficient issue tracking.
PORTLAND, ORIGON, UNITED STATES, September 12, 2023/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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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 report has offered an all-inclusive analysis of the global bug tracking software market taking into consideration all the crucial aspects like growth factors, constraints, market developments, top investment pockets, future prospects, and trends. At the start, the report lays emphasis on the key trends and opportunities that may emerge in the near future and positively impact the overall industry growth.
Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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The report presents in-depth insights into each of the leading bug tracking software market end user verticals along with annual forecasts to 2026. The report provides revenue forecast with sales, and sales growth rate of the global Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
Leading market players-
► Atlassian (JIRA)
► Bugsnag Inc.
► Zoho Corporation
► Inflectra Corporation
► Nulab (backlog)
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