Just how large is the sales opportunity for quality engineering solutions? Typically, research firms will tell you that the marketplace for QA and testing solutions is worth between $40 billion and $50 billion annually.
But Justyn Trenner, who heads QA Financial's research arm, QA Vector® Analytics, believes that is a dramatic under-estimate of the total addressable market (TAM) value. By factoring in larger, more realistic, estimates of the proportion of IT budgets spent on quality engineering, and then adding the savings and efficiencies that better engineering offers, Trenner's research ascribes a TAM value of between $800 billion and $1 trillion annually to financial services firms alone.
That larger figure highlights the opportunity in the quality engineering marketplace for vendors and their investors, and also for their customer firms, which have the opportunity to achieve transformational savings with better quality processes.
QA Vector® Analytics has compiled a database from submissions of project and workstream data at a wide variety of financial firms globally that enables financial firms to benchmark efficiency gains from investment in quality improvement. It's from that data that Trenner has derived his estimates. For example, he says: "Some financial firms whose projects and programmes we have benchmarked estimate that they may spend up to 50% of their IT budget on remediation and dependent issues - and these figures are over and above their spend on testing."
He continues, “It is clear that measuring and ensuring efficiency in quality engineering may be the difference between technology that enables business growth and technology that hinders it.”
A copy of the full research report produced by QA Vector® Analytics , Sizing the Quality Engineering Market in Financial Services, is available for download here.
For further information contact: Justyn Trenner, Director, QA Media Limited at firstname.lastname@example.org.