The global Computer Software Assurance Market is estimated to be valued at US$ 8.48 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Computer software assurance refers to practices, processes and tools used to confirm that software products and systems meet specification requirements and perform as intended. This involves confirmation of security, quality, reliability and functionality of the software. With growing digitization and deployment of advanced technologies, software assurance is increasingly gaining importance across industries to ensure legal and regulatory compliances. Organizations use software assurance solutions to verify safety, security and reliability of their software products and IT infrastructure. It helps identify vulnerabilities, defects and compliance issues during development, testing and deployment stages.
Market key trends:
One of the major trends in the computer software assurance market is the rising focus on regulatory compliances. With increasing instances of cyber threats and data breaches, governments across the world are introducing stricter regulations around data privacy and cybersecurity. Notable regulatory frameworks driving demand include General Data Protection Regulation (GDPR) in European Union, Health Insurance Portability and Accountability Act (HIPAA) in United States and California Consumer Privacy Act (CCPA). Growing need to meet such compliance requirements is prompting organizations to adopt robust software assurance practices and solutions. Another key trend is the increasing sophistication of attacks which is strengthening the business case for software assurance. Emerging technologies like AI, ML and IoT have also expanded the attack surface, forcing companies to rigorously test their systems with software assurance tools.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants is moderate due to the presence of established vendors and need for strong technological expertise and capital investments.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of several vendors providing computer software assurance and pricing pressure mounted by buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of a large number of software assurance providers.
Threat of new substitutes: The threat of new substitutes is low as there are limited alternatives available for computer software assurance.
Competitive rivalry: High due to presence of large number of international players.
Key Takeaways:
The global computer software assurance market is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period due to increasing cyber threats across the BFSI, IT and telecom industries.
Regional analysis: North America is currently dominating the market due to implementation of stringent regulations around data privacy and security. Asia Pacific is expected to grow at the fastest pace during the forecast period. Regulatory mandates around data security and growing digital footprint are driving the market adoption in the region.
Key players operating in the computer software assurance market are IBM Corporation, Accenture PLC, Cognizant Technology Solutions Corporation, Capgemini SE, Hewlett Packard Enterprise (HPE), Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited (EY), KPMG International Cooperative, PricewaterhouseCoopers (PwC), Synopsys, Â Inc., Micro Focus International plc, Veracode (Acquired by Thoma Bravo), Trustwave Holdings, Â Inc., WhiteHat Security (Acquired by NTT Ltd.), Rapid7, Â Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it