Emergence of open standards supporting community and collaborative development is driving the global open source service market.
Covid-19 Impact & Market Status
The global spread of the revolutionary COVID-19 has presented a slew of new issues for the corporate sector. Multiple groups have created lists of open-source software that may be utilized in a successful reaction and recovery strategy in the aftermath of the COVID-19 pandemic. These project hubs take on discovering open source projects, making it easier for governments to locate projects that meet their requirements.
The pandemic has benefited the market for open-source services. Businesses are facing new challenges due to the COVID-19 epidemic and the development of remote work settings. Adopting new business tactics or deploying new technologies has shown to be a successful path to expansion. As businesses seek a competitive advantage and the latest technologies, open-source technology is increasingly adopted. With each passing year, the percentage of open source software continues to climb. The recent economic crisis exacerbates a tendency that began long before the COVID-19 outbreak.
This report offers a comprehensive overview of the key elements of the market such as drivers, restraints, opportunities. Furthermore, current market size, growth rate estimates through the forecast span 2021-2028, individual sectors and sub-sectors, countries, and regions contributing majorly to the growth of Global Open Source Service Market are studied in the report. The report gives some recommendations and solutions that help market players take informed decisions in the Global Open Source Service Market.
Support Service Segment Witnessed Fastest Market Expansion
The global open source market is classified into Support, Maintenance, and Management Services, Training Services, Consulting Services, and Implementation based on Service Type. Support services mentioned above are gaining traction in both startups and established organizations. Because firms are progressively adopting strategies to make developers more aware of Linux and other open-source packages, the consulting services category is predicted to earn the most significant market share throughout the projection period.
Manufacturing Sector to Grow At Fster Rate
The global open source market is classified into banking, financial services, and insurance (BFSI). Manufacturing, retail and distribution, and other industries include healthcare and life sciences based on end-use industries. Among these, the manufacturing sector is predicted to develop at the fastest rate owing to key factors such as growing focus on production planning, inventory planning, and demand forecasting.
North America Held the Supreme Position in the Market
North American region and the key nations that is United States and Canada held supremacy in the global open source service market due to businesses quickly embracing services as a resu;t of technical advancements.
The explosion of web, internet and information technology is resulting into remarkable progress of global open source service market.
Owing to benefits such as cost savings, high-quality software, simpler licence management, low software costs, efficient scaling and consolidation, open source services are experiencing rapif adoption as opposed to closed source services thus fostering remarkable progress in global open source service market.
The factors such as rise of Kubernetes, emergence of fog computing, big date getting bigger, business referring cloud platforms rather than maintaining applications locally, open source services ensuring more security, and data encryption encourage further adoption of open source services.
The market value of global Open Source Service Market is 12.68 Bn and is estimated to grow at a CAGR of 24.2 percent during the projected period, 2021-2028. The global Open Source Service Market growth is predicted to be fuelled by a lower total cost of ownership and higher returns on investments.
Due to the expanding availability of open open-source platforms, the freedom to alter the code, and the growing number of tech-savvy people, worldwide open-source services are developing exponentially. This is fueling the growth of global Open Source Service Market.
The open-source services place a strong emphasis on open-source technologies across the board. This covers essential business solutions like customer relationship management (CRM), big data, and server-to-data connectivity software. Open-source services are custom-made to meet a company's open-source software requirements, and they are provided through introductory offers such as specific I.T. service solutions. The real benefit of open source software is that it allows coders from many backgrounds and viewpoints to contribute to frequent updates, increasing the code's value and adaptability.
The open-source services allow users to interact with and modify the source code. The worth of the code rises proportionally as the number of users changes it and improves its usefulness and adaptability. Because open-source services give businesses increased security, quality, and cost-effectiveness, the global Open Source Service Market is growing. Furthermore, the open-source software eliminates the need for users to pay for upgrades, multi-user fees, or administration fees.
Open-source software's lack of security and the expensive cost of integrating services, on the other hand, are significant growth inhibitors. Furthermore, emergence of open standards supporting community and collaborative development is driving the global open source service market. Additionally, the explosion of web, internet and information technology is resulting into remarkable progress is anticipated to be growth opportunit to the global open source service market.
The major players in global open source services market are Databricks, IBM, HashiCorp, Chetu, ViSolve, HPE, Infosys, Cisco Systems, Evoke Technologies, SUSE, Accenture, Wipro, MuleSoft, and Percona among others.
Latest Innovations in Global Open Source Service Market
- IBM announced breakthroughs in quantum computing capabilities in May 2021. With the introduction of Qiskit Runtime, the business makes it faster and easier for developers to use quantum software. Qiskit, an IBM-developed open-source quantum computing platform for a worldwide developer community, promises to make quantum computing accessible to everyone.
- SUSE released Longhorn 1.1 in January 2021, allowing developers to construct apps and store data in edge settings on resource-constrained devices with confidence. Longhorn is a Kubernetes storage solution that is 100 percent open source, microservices-centric, and cloud-native. Longhorn 1.1 adds a slew of new capabilities and enhancements for business DevOps teams.
- Cisco Systems announced the Cloud-Native SD-WAN (CN-WAN) open-source project in August 2021 to demonstrate how Kubernetes apps may be automatically mapped to SD-WAN, resulting in enhanced performance over the WAN.
- Accenture and Fujitsu teamed together in May 2020 to work on Hyperledger's "Hyperledger Cactus" project, an open-source collaborative effort to improve cross-industry blockchain technology sponsored by the Linux Foundation.
Open Source Service Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 12.68 Billion|
|Growth Rate||CAGR of 24.2 % during 2021-2028|
|Segment Covered||Service Type, End-Use, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Databricks, IBM, HashiCorp, Chetu, ViSolve, HPE, Infosys, Cisco Systems, Evoke Technologies, SUSE, Accenture, Wipro, MuleSoft, and Percona among others.|
Key Segments of the Global Open Source Services Market
Service Type Overview, 2018-2028 (USD Billion)
- Training Services
- Consulting Services
- Support, Maintenance, and Management Services
End-Use Industry Overview, 2018-2028 (USD Billion)
- Healthcare and Life Sciences
- Retail and Distribution
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa