According to a recent report published by Allied Market Research, titled “Bug Tracking Software Market by Deployment, Organization Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2019-2026″, the global bug tracking software market size was valued at $218.22 million in 2018, and is projected to reach $601.64 million by 2026, growing at a CAGR of 13.60% from 2019 to 2026.
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Rise in adoption of DevOps & testing automation, surge in need to deliver bug-free projects successfully, rise in investment for software testing, increase in adoption of cloud-based project management software are some of the key factors that accelerate the growth of the global bug tracking software market. In addition, benefits associated with bug tracking software, such as improving ROI by reducing cost of software development and early detection of bugs & understanding bug trends, are expected to fuel the market growth. However, availability of free bug tracking software is expected to hamper the global bug tracking software market growth.
Based on deployment, the cloud segment dominated the bug tracking software market share, in 2018, and is anticipated to maintain its dominance during the forecast period. This is attributed to increase in adoption of cloud technologies to achieve agility and cost savings in SMEs as well as large enterprises.
Based on end-user industry, the information technology sector accounted for the highest revenue in 2018 bug tracking software market. However, the retail segment is expected to grow at the highest CAGR during the forecast, period due to increase in trend of digitalization in the retail industry.
While doing the bug tracking software market analysis it has been observed that the market is witnessing the trend of implementing artificial intelligence technology in the bug tracking software. The inclusion of AI into the future project management is further anticipated to enhance the productivity in project outputs. For instance, AI-powered programming tool called DeepCode, from Zurich, assists developers for fixing bugs and optimizing code. It also helps in faster logging, tracking and fixing bugs.
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Companies are realizing the benefits of having integrated bug tracker in the testing process. It brings significant software quality and cost saving in terms of money and time in the software development lifecycle. It assists developers in tracing specific failed test case and underlying requirement. Further, prioritizing and assigning bugs to understand tedious issues. This enables development team to save time spent for resolving smaller issues and focus more on high priority bugs. Use of bug tracking software also facilitates better communication through chat interfaces and email for solving new bugs and generating clear reports. One of the key advantages of it is this software enables the enterprise to manage resources efficiently and provide fast solutions. It also allows companies to maintain a record of the previous bugs by spotting the bugs in the formal testing stage and produce bug-free data in the production stage. Furthermore, a good bug tracking software results into enhancing customer satisfaction. Thus, resulting in spreading a positive word of mouth about this software.
Key Findings of the Bug Tracking Software Market :
By deployment, the cloud segment led the market in terms of revenue in 2018. Based on organization size, the large enterprises segment accounted for the highest revenue in the bug tracking software market in 2018. The small enterprises segment is projected to witness highest growth rate during the forecast period. According to industry vertical, information technology segment generated the highest revenue for glitch tracking software market in 2018. Region wise, North America led the market in terms of revenue in 2018. Some of the key players operating in the bug tracking software industry include Airbrake, Atlassian (JIRA), Axosoft, Bugsnag Inc., IBM, Inflectra Corporation, JetBrains, Nulab (backlog), Raygun, and Zoho Corporation.
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