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Software Failure caused Loss of $1.1 Trillion in 2016

Software Failure caused Loss of $1.1 Trillion in 2016

According to the software failure report issued by Tricentis, software failure had cost nearly 1.1 trillion dollars to businesses in 2016. Bugs have become a serious headache for companies and it's one hard job to find those bugs before the customer does.

To put the enormity of the issue in perspective, the above figure is equal to 17,701 gulf stream jets which cost $60 million apiece. The time lost to find the software failure is equal to 315 years, six months, two weeks, six days, 16 hours, 26 minutes. Software failure happens across the world once in every five minutes and also impacts people in different ways. 

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To find the total number of affected people and assets, an in-house team had setup a google account and focus on the articles contained word "software bug" or software glitch" and the results found was interesting, almost 1,159 stories were found and 363 companies were negatively affected by software failure. The most common type of failure was bugs and 432 of those kind were found.

Software Failure caused Loss of $1.1 Trillion in 2016

40% of companies affected by software failure were public traders and the most bugs found belonged to government software. The reports says that a government software fails about 15 time in one month. Comparatively, the loss was only 4.2 billion in 2015.

As software usage continues to rise around the world, the possibility of failure is also expected to increase in the current year. There is no bug-free software. Bbut, if companies can ensure they go through relevant software testing methods on time, it can save up huge money.