Digital Assurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Digital Assurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Digital Assurance Market is registering a CAGR of 12.9% during the forecast period. The digital economy is transforming the way business runs, owing to the significant shift in the quality assurance service and competitive rivalry. Modern businesses are opting for reliability and digital assurance to leverage the market demand. In order to enhance performance while ensuring the customer experience, the market demands digital assurance.

Key Highlights

• Digital assurance is not confined to testing applications across social, mobile, analytics & cloud (SMAC), IoT, and big data, among others. It also ensures that the desired business outcomes are achieved as a result of the digital transformation initiatives adopted. For instance, digital assurance solutions go beyond the functional validations required for applications such as SMAC and perform various aspects such as network capability, optimal performance, interoperability, and enhanced security. This instance enables the business to adopt digital assurance over traditional Quality Assurance (QA) testing.
• In the current market scenario, organizations must focus more on creating consistent and seamless experiences apart from meeting the customer's demands for products and services. By leveraging digital assurance omnichannel capabilities, organizations can deliver automated solutions that offer better accessibility, seamless experience, and lesser wait time.
• Due to the increasing demand for digitalization, it is used in nearly every enterprise. For businesses going through a digital transition, digital assurance is a technique for ensuring smooth interactions between various parts of the digital ecosystem and networks. The World Economic Forum estimates that by 2025, digital transformation will have increased the global economy by USD 100 trillion. The market for digital assurance is therefore driven by IT businesses' expanding digital transformation projects.
• The open-source and as-a-service solutions are broadly available and straightforward to use. Still, it can be difficult to exchange and connect data across many repositories, resulting in a lack of quality transparency at the business level, negatively impacting the trust of the overall Digital Assurance market and becoming a challenge for market growth.
• Additionally, COVID-19 has brought about a reactive yet deliberate transformation of enterprises' digital presence and support to the customers. Also, the economic scenarios have increased the pressure on the business to ensure a memorable online experience. Creating and disseminating digital content has increased significantly due to the growing push for digital engagement. According to a study of 1,600 marketing and creative professionals by Bynder in 2021, the digital transformation initiatives have gained traction during the pandemic, and owing to this, generating more digital content and creative output, implementing new digital experience technologies, and investing in customer data and analytics are the focal points of marketing departments. This is expected to have a positive impact on the market.

Key Market TrendsHealthcare sector is expected to register significant growth

• The global pandemic of COVID-19 is spreading worldwide, led by growing health concerns, and the implementation of the stay-at-home policy has effectively impacted the world of digital health. Also, there has been a trend in the growth of mobile healthcare applications in the market. For instance, the Indian government introduced the "AROGYASETU" mobile app to create awareness against the virus.
• Similarly, there is also growth in the number of avid users of these healthcare apps. There is evolving competition in the digital health application market. Hence businesses, to stand out at the top of the list with high FRD, must develop bug-free, easy-to-use software applications to maintain their competitive position. This instance showcases a positive market outlook and is expected to increase digital assurance adoption.
• The organizations need to test the application's user interface (UX testing) and make it patient-centric and doesn't involve any complexities. Further, as the users are likely to input critical health data into the applications, it mandates the organizations to implement strict and secure authorization accessibility and perform security testing to help prevent data breaches.
• Moreover, healthcare professionals from various departments often need to collaborate in critical cases. However, their collaboration, subsequent decision-making, and treatment may sometimes get delayed due to the unavailability of resources. Furthermore, in urgent cases, quick and easy access to patients' insights on a centralized portal can help in swift collaboration among various departments and decision-making, ultimately expediting patient care. ​
• Furthermore, healthcare organizations globally rely on digital strategies and visual content to tell their stories, drive funding and engage with donors. However, it has been challenging to collaborate with much more stringent regulations and confidentiality policies while maintaining high-security standards effectively. Digital assurance solutions are helping these organizations solve these problems, enabling them to manage better and distribute their media, content, and communications materials across various programs, locations, and affiliates.

The Asia Pacific Market is Witnessing The Highest Growth

• The Asia Pacific is expected to register significant growth majoring owing to the economies in the region that hold tremendous potential to grow toward digital transformation. Each economy, including China, India, and Japan, has developed a niche market for itself towards specific ICT segments. The region is home to a few market players, including TCS, Hexaware, and Maveric Systems.
• As the region has been moving towards the digital future, COVID-19 has created greater urgency towards it, with instances such as workspaces and customer and partner interaction being moved online. With growing transformation, quality assurance also needs to balance multiple conflicting priorities. These include the need to support the rapidly changing technology landscape and the requirement for greater speed delivery while ensuring omnichannel experiences for the users.
• Companies in the region are developing their capabilities in the market through certifications to enable organizations in digital transformation. In August 2022, QualityKiosk Technologies, a Mumbai-based independent digital transformation company, was awarded the UiPath Services Network (USN) Certification. A leading enterprise automation software provider UiPath offers an end-to-end automation platform for automation. It can help firms to quickly scale their digital business processes due to the UiPath Platform, which combines the industry's top Robotic Process Automation (RPA) solution with a comprehensive set of features.
• Businesses in the APAC region have been rapidly transforming digital, placing some demand on cloud networks and data centers. Edge computing is developed to address the problems brought on by this situation. Organizations can minimize latency, improve security, and increase reliability by processing and storing data as close to the source as possible. Edge computing has proven essential in creating smart cities and businesses in the area, which is creating an opportunity for the Digital Assurance Market in the region because companies want to test their digital journey to increase their process visibility.
• Additionally, emerging economies like India embrace digital transformation led by government initiatives and technological vendor investments. For instance, Google Inc's parent company Alphabet announced an Investment fund of USD 10 billion through the India Digitization Fund towards building India-specific use cases and providing support to Indian companies towards digital transformation. Google further indicated the development of a low-cost OS that would run 5G services. These instances are set to leverage the adoption of digital assurances in the region.

Competitive Landscape

Digital Assurance Market is moderately consolidated, with prominent vendors in the market leveraging new product development, investments, and partnerships to gain competitive advantages. In addition, the COVID-19 situation helps businesses to give priority to their digital transformation by offering services at an aggressive price and thereby maintaining their competitive position in the market.

• October 2021 - Sauce Labs Inc., one of the leading providers of continuous testing solutions, announced that API testing and monitoring were added to its continuous testing cloud. The new data-driven API testing and monitoring tools aid agile and DevOps teams speed up debugging and remediation, reducing release cycles, and delivering quality at scale. The Sauce Labs cloud's new API testing features are completely integrated with Sauce Connect tunnels, allowing organizations to test and monitor internal and public APIs more confidently.
• September 2021 - Rey Assurance, Indonesia's first dedicated and integrated health, life, and critical illness insurance technology company, launched its AI-based proprietary product options for individual and group members and its unique health and wellness ecosystem. Rey raised USD 1 million in pre-seed funding from the Trans-Pacific Technology Fund.
• June 2021 - Reliance Jio Infocomm (RJio), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), began field-testing its 5G network in four circles across India. The tests are being carried out in collaboration with partners and using their technology. In Mumbai, trials are undertaken using its technology, while those in Delhi collaborate with Ericsson, Nokia in Pune, and Samsung in Gujarat.

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