MarketsandMarkets estimates the global open source services market size to grow at a compound annual growth rate (CAGR) of 18.2%
over the forecast period, to reach $ 50.0 billion by 2026 from $ 21.7 billion in 2021. The key factors expected to drive market growth are lower software license costs and lower software license costs. simpler management, the pressing need to adopt higher quality software offering more flexibility, agility and reliability, and a growing trend of open standards that support community and collaborative development.
New York, September 29, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Open source services market with COVID-19 impact, by type of service, vertical and region – Global forecast to 2026” – https://www.reportlinker.com/p05336559/?utm_source=GNW
These factors are driving the demand for the open source services market.
The impact of COVID-19 on the global open source services market
The pandemic has had a positive impact on the open source services market. The COVID-19 pandemic and the proliferation of remote working environments have created new and complex hurdles for businesses to overcome.
Adopting new business strategies or implementing new technologies is a proven growth path. More and more, open source technology is being chosen as organizations seek competitive advantage and the latest innovations.
The percentage of open source software continues to increase year on year. The latest economic downturn only accelerates a trend that was occurring long before the arrival of the COVID-19 pandemic.
Managed Services Segment Expected To Grow At A Higher CAGR Over The Forecast Period
Based on services, the open source services market is segmented into two categories: professional and managed. The managed services segment for open source services is expected to grow at a higher CAGR as managed services provide all the skills required to maintain and upgrade solutions which are of utmost importance in open source environments.
Questions and customer needs before and after deployment are taken care of by the Managed Services Unit.
Healthcare and Life Sciences vertical to hold highest market share in 2021
Healthcare and Life Sciences is one of the fastest growing verticals in the adoption of open source technologies and services due to Advanced Clinical Decision Support (CDS ). Using open source to advance CDS makes sense for a number of reasons.
By its very nature, an open source solution is easier to modify. Because the source code is accessible, clinicians and IT professionals working together can design a CDS system that organically integrates into an organization’s clinical workflow.
Changes are more difficult with proprietary systems because the source code is not accessible and the organization must engage the vendor to perform the changes. In addition to the flexibility of open source solutions, open source has the advantage of benefiting from the contribution of many contributing physicians and organizations, rather than being developed by a single team of vendors.
APAC is expected to grow at the highest CAGR during the forecast period
Asia Pacific has witnessed the advanced and dynamic adoption of new technologies and is expected to register the highest CAGR during the forecast period. In addition, the IT spending of organizations in the region is gradually increasing, which is expected to lead to increased adoption of open source software solutions and services.
China, Japan and India are the leading countries in terms of adoption of open source software solutions and services in the region. While spending on technology solutions in APAC has increased, a decline is being observed due to the recent COVID-19 pandemic.
The COVID-19 pandemic makes it more urgent for APAC business leaders to increase their rate of cloud adoption and digital transformation. In addition, the current pandemic has forced the APAC government and public sector to embrace digital innovation and meet regulatory compliance standards, creating huge market opportunities for open service providers. source.
â¢ By company: level 1 to 20%, level 2 to 25% and level 3 to 55%
â¢ By designation: C level executives â 40%, director level â 33% and others â 27%
â¢ By region: North America: 32%, Europe: 38%, APAC: 18% and RDM: 12%
The open source services market includes major vendors, such as IBM (US), SUSE (Germany), Percona (US), MuleSoft (US), Wipro (India), Accenture (Ireland), Evoke Technologies (US), Cisco Systems (US), Infosys (India), HPE (US), ViSolve (US), Chetu (US), HashiCorp (US) and Databricks (United States). The study includes an in-depth competitive analysis of the major players in the open source services market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
The report segments the global open source services market by services into two categories: professional and managed. , manufacturing, healthcare and life sciences, consumer and retail goods, and others (government, media and entertainment, and education).
â¢ By region, the market has been segmented into North America, Europe, APAC, MEA and Latin America.
Main advantages of the report
The report would assist the market leaders / new entrants in this market with the information on the closest approximations to revenue figures for the entire Open Source Services market and sub-segments. This report would help stakeholders understand the competitive landscape and gain insight to better position their businesses and plan suitable go-to-market strategies.
The report would help stakeholders understand the pulse of the market and provide them with insight into the key market drivers, restraints, challenges, opportunities and impact of COVID-19.
Read the full report: https://www.reportlinker.com/p05336559/?utm_source=GNW
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