Using the correct testing tool at the right time in a project can significantly increase the efficiency of testing by automating processes, increasing communication, promoting best practices and re-use of tests and test data.

The leading functional automated testing tools include:

HP: Unified functional testing software (which includes QTP - QuickTest Professional tool)
HP Unified Functional Testing is industry-leading software that accelerates functional testing by simplifying test design and maintenance for both GUI applications and non-GUI components, and also validates integrated test scenarios, resulting in reduced risk and improved quality for your modern applications. HP Unified Functional Testing includes the HP Functional Testing (HP QuickTest Professional and all the add-ins) and the HP Service Test products.

Micro Focus - SilkTest (formerly Borland and Segue)
Creates powerful, robust and fast test automation across a broad range of application technologies to identify quality problems early in development lifecycles. Silk4Net™ and Silk4J™ options bring the power of SilkTest to the IDE of choice: Visual Studio or Eclipse.

Micro Focus - TestPartner (formerly Compuware)
TestPartner™is an automated testing tool that accelerates functional testing of complex applications developed with a range of distributed technologies. Its visual storyboard approach enables collaboration between application users and quality professionals.

IBM Rational Robot
IBM Rational Robot is a general purpose test automation tool for QA teams who want to perform functional testing of client/server applications.

Odin Technology - Axe
Axe is a class of business process-oriented tools that allow non-technical users to automate testing. It provides a means to rapidly deploy automated testing systems that can be used by staff without specialist automation skills and minimal training. This reduces the cost of introducing and maintaining test automation by a factor of four. Axe can translate scripts to run with many of the functional testing tools mentioned above.

Selenium is one of the better Open Source projects that provides a suite of tools to automate web app testing across many platforms.

Acutest also have experience with legacy tools such as Compuware's QARun, Mercury WinRunner and others which you may have in-house but are struggling to find support.

As well as functional regression testing tools there are also automated performance testing tools

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