Global software testing services in BFSI sector to grow at 6.91pc CAGR

DUBLIN, IRELAND: Research and Markets analysts forecast the global software testing services market in BFSI sector to grow at a CAGR of 6.91 percent over the period 2012-2016.

One of the key factors contributing to this market growth is the need to reduce operational time and cost. The global software testing services market in BFSI sector has also been witnessing a shift from on-premise software testing to cloud-based software testing. However, lack of data control in outsourced services could pose a challenge to the growth of this market.

An analyst from the team said: "The global software testing services market in the BFSI sector is characterized by a lack of skilled and qualified personnel to meet the testing industry standards. Therefore, this trend has affected many businesses and their efforts to deploy quality production."

"The biggest challenge involving this trend is that financial companies are finding it difficult to determine which functions of the software production should be taken care of by in-house personnel and which should be outsourced to third-party service providers."

"The challenge is aggravated in the case of high-end and specific areas of industrial and specific knowledge. Therefore, responsibilities that are attached to the role of a business analyst are being taken care of by in-house personnel and functions involving testing and quality assurance are being increasingly outsourced to the independent software testing vendors."