Due to updates or in the process of fixing bugs or adding new features, sometimes the software gets new errors or bugs.
With regression testing, you can check all those codes that could be impacted due to new features or changes to ensure no new bugs are introduced in the tested code.
It ensures that the new changes or features have not spoiled or introduced bugs in the functional code.
This test is significant as it will add some features in your software
Proper Regression Testing will provide convenience to your users
If bugs are introduced which are eroding the main functionality of your software, it will hamper the image and growth of your software.
So proper testing ensures that we can identify these bugs, or they can cause huge trouble.