The bug tracking software market is anticipated to grow with a CAGR of ~5% over the forecast period of 2019-2028. According to a study published by Insure Insights on the bug tracking software market, increasing adoption of cloud technology, rising demand for development of error-free softwares, and growing investments for test processing in various IT and software developing companies are some significant factors which are driving the market across the globe.
Top Driver: Increasing Utilization of Cloud Computing and Increasing Number of Bugs are Driving the Bug Tracking Software Market
A bug is defined as an error or fault in a computer program within the computer technology. The bugs lead to unanticipated and incorrect results in the outcome of the program. Bug tracking is defined as a process of determining, reporting, capturing, and managing data associated with bugs in a program or software. The software which is being used for bug tracking is called a bug tracking software. These types of software are mainly used by software testers and developers across the globe for fixing the errors within the program and applications. One of the significant factors that lead towards the global market growth of bug tracking software is rising investments and spending in software testing processes, increasing cloud services, and the adoption of cloud technology. This software is an integral part of the software testing process. Therefore, increased activities in the testing market eventually drive the growth of the global bug tracking software market.
Also, the surge in adoption of DevOps technology and an increase in digitalization due to the development of IT infrastructure in organizations is leading to rising the investment by organizations in software testing that leads to growing the market.
Cloud Deployment to Make Crucial Contribution to Growth of Global Bug Tracking Software Market
Based on deployment the bug tracking software market has been segmented as on-premise, and cloud. The cloud segment holds the largest share based on the deployment as the bug tracking software companies are adopting cloud-based technologies for seamless and agile applications, and it also leads to saving the cost of the physical hardware for SMEs and large enterprises. Furthermore, cloud technology allows individuals to access and fix the bugs from any place.
Based on end-users, the global bug tracking software market has been segmented as BFSI, telecommunications, manufacturing, information technology(IT), retail, and others. IT holds the largest share in the end-user segment due to the presence of various software companies across the globe, and the rising adoption of automation by various companies and industries in the various region is also anticipated to drive the market.
Established IT & Telecom Industry in North America is Driving the Market
North America dominated the overall bug tracking software market share in 2018, due to well-developed facilities and infrastructure for the IT & telecom sector. Additionally, the early adoption of digitalization in software, development of various software testing tools, presence of key players in countries such as the US and Canada are some of the key factors which are leading to enhance the growth of the market in the region. Furthermore, the increased adoption of cloud computing in the region is also fuelling the growth of the market in the region.
Players to Focus on Expanding Applications in the BFSI Industry
The global bug tracking software market is expected to grow with a significant CAGR due to the presence of various companies including Airbrake, Atlassian (JIRA), Axosoft, Bugsnag Inc., Bugsnag Inc., IBM Corporation, Inflectra Corporation, and others. The companys follow both organic and inorganic strategies for global expansion and enhance its customer base across the globe.
Atlassian: In January 2020, the Atlassian announced an update to Jira Software for receiving updated road maps which had faced some issues in the past years due to some bugs.
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