Global Requirement Management Solution Market Overview:
Requirement Management Solution are integral part of the standard project management life cycle. It describe the set of desired characteristics and attributes possessed by a particular product or a service. These solutions help to remove ambiguity such as assumptions, wishful thinking, gray area, interpretations from a projectís requirements to have more clear, realistic, and agreed-upon requirements. The improved requirements management solutions provide better products to market faster while improving the overall quality of software. According to the research performed by the Accompa, 71% of software projects fail due to poor requirements. This figure shows the importance of requirements management tools. This key factor has increased the demand for requirement management solution globally.
- Need for Auditability And Traceability in the Processes
- Save Time of Managing the Software Requirements
- Develop Close Collaboration Between the Clients and Business
- Trend for Enhancing Engineering Requirements Management
- High Cost of Requirements Management Tools
- Demand for Scalable Solution that Can Manage Change Requests and Reduce Rework and Avoid Delays
- Integration of Internet of Things (IoT) in Product Designing and Connected Products
Some of the key players profiled in the report are Jama Software (Portland), Visure Solutions, Inc. (United States), ReQtest (Sweden), IBM Corporation (United States), IRIS Business Architect (United States), Accompa, Inc. (United States), SPEC Innovations (United States), Gatherspace (United States), Seimens AG (Germany), Sparx Systems (Japan), Tricentis (Austria), Modern Requirements Inc.(Ontario) and Inflectra Corporation (United States). Additionally, following companies can also be profiled that are part of our coverage like OSSENO Software GmbH (Germany), Xebrio, Inc (United States), Serlio Software Development Corporation (United States) and Fog Creek Software (United States). Analyst at AdvanceMarketAnalytics see North America and Europe Players to retain maximum share of Global Requirement Management Solution market by 2025. Considering Market by Organization Size, the sub-segment i.e. Large Enterprise will boost the Requirement Management Solution market. Considering Market by End Users, the sub-segment i.e. Medical will boost the Requirement Management Solution market. Considering Market by Platform, the sub-segment i.e. Desktop Terminal will boost the Requirement Management Solution market. Considering Market by Deployment, the sub-segment i.e. On-premises will boost the Requirement Management Solution market.
In February 2020, ReQtest updated its agile project management tool with new requirements management module. This module adds functionality such as versatile requirements hierarchy with strong business logic, full traceability and visibility between requirements, tests & bugs, strengthened connection to Jira, and enhanced reporting.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Requirement Management Solution market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Requirement Management Solution market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Requirement Management Solution Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End Use Industry.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.