SmartBear Recognized as a “Visionary Leader” in Booming API Testing Market
Amidst the very competitive landscape that is the global API testing market, SmartBear stands out from the crowd.
In the newly released API Testing Market: Global Forecast to 2022 report, market research firm MarketsandMarkets ranked SmartBear's API testing toolset, which includes SoapUI Pro for functional testing, LoadUI Pro for performance testing, ServiceV Pro for service virtualization, and TestServer for server-based API testing as one of the best in the world.
“The API testing market is set for explosive growth over the next few years," said Shekab Naim, Senior Research Manager at MarketsandMarkets. "SmartBear is well positioned in this hyper growth market through easy to use tools that accelerate API testing and shorten the delivery timelines, enabling organizations to build a robust API strategy that keeps them consistently ahead of the competition.”
The report covers both API testing tools/software vendors and providers of API testing services. In total, MarketsandMarkets analyzed 25 different organizations that compete in the API testing market, including major players like IBM, CA Technologies, Micro Focus (formerly HPE), and SmartBear, among others.
SmartBear was one of five companies named a “Visionary Leader” and listed in the top right corner of the report’s MicroQuadrant. The report grades players in the space on “Strength of Product Portfolio” and “Business Strategy Excellence.”
SmartBear shined in these categories, earning a 4/4 score, labeled as “excellent.”
- Breadth and depth of product offering
- Product features and functionality
- Product Differentiation and Impact on Customer Value
- Geographic footprint
- Overall Strength of Product
In addition to surveying the competitive landscape of the market, the report also analyzed the strong growth potential globally.
According to the report, “The global API testing market is expected to grow from USD 447.4 million in 2017 to USD 1,0991.1 million by 2022, at a CAGR of 19.69% from 2017 to 2022.” (Tweet this.) The largest driver of this growth stems from banking, financial services, and insurance verticals – which are expected to see a compound annual growth rate (CAGR) of 20.51% over the next five years. This is consistent with SmartBear’s customer base, which consists of global financial companies like Barclays and insurance firms like Zurich.
The report is available for download on smartbear.com. Additionally, all of the tools in SmartBear’s ReadyAPI suite, which are referenced in the report are available for a free, fully-functional 14-day trial download.
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