The global Software Composition Analysis market was valued at US$ 194.7 million in 2017 and is projected to reach US$ 582.9 million by 2025, exhibiting a CAGR of 15.7% over the forecast period (2018-2025) according to a new market research report by Coherent Market Insights.
Global Software Composition Analysis Market Report, by Component (Solution, Services), by Deployment Model (Cloud Based and On-Premise), by Organization Size (Small & Mid-sized Enterprises and Large Organizations), by Vertical( Banking, Financial Services, and Insurance, Government & Defense, IT & Telecom, Healthcare, Retail & E-Commerce, Automotive, Manufacturing, and Others), and by Geography (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa).
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Growing adoption of open source prominent across various industries such as telecom, automotive, healthcare, and e-commerce is expected to positively impact on growth of global Software Composition Analysis market. Several advantages of open source software such as low development costs, time-to-market, and acceleration of innovation and developers productivity have increased the adoption of open source software by various organizations. Such increasing adoption of open source software has raised security concerns, as security is an important aspect and integral part of software development, either in open source or closed source software. Cross-Site Scripting attacks, SQL-Injection Attacks, and Denial-of-Service (DoS) Attacks are some of the most prevalent cyber-attacks. Therefore, need for security in open source software has boosted the adoption of software composition analysis software in recent years.
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Key Takeaways of the Market:
- Asia Pacific is projected to witness significant growth in the market with the highest CAGR over the forecast period. Growing IT, telecom, and e-commerce sectors in emerging economies such as India and China is expected to fuel demand for software composition analysis solutions as this is used to secure various software uses in these sectors. For instance, according to the data published by the International Trade Centre in 2016, China was the fastest growing e-commerce market in the world. Furthermore, according to the same source, China had the most number of internet users as compared to other Asian countries, estimating a total of 642 million users in 2014.
- Small and mid-sized enterprises segment is expected witness significant growth with the highest CAGR during the forecast period. Software development consumes larger part of revenue share in small- and medium-sized enterprises (SME) than that in large enterprises, hence SME’s ensure optimum security and analysis of the open source platforms upon which software is developed. This leads to increased adoption of software composition analysis tools among small- and medium-sized enterprises.
- Major players operating in the global software composition analysis industry include, WhiteSource Software, Sonatype, Inc., Synopsys, Inc., WhiteHat Security, Veracode (CA Technologies), Flexera, NexB, Inc., SourceClear, and Rogue Wave Software.
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