Software testing is decisive factor for achieving reliability and more correctness in any program, application or in whole system. The system would become more adaptable by proper testing. In this process testing tools play an important role to help the developers. The first objective of this paper is to focus of significance of testing and its categories as per the testing performed by the particular entities. Secondly it represents the different vendors and their associated software testing tools with their key features. It also analyzes testing tools which work differently to check different types of application. Further the cost effectiveness for various testing tools has been shown by different charts. The ten high cost, ten low cost, open source and various free testing tools are shown to focus the effectiveness of cost factor.