Dublin, March 31, 2023 (GLOBE NEWSWIRE) -- The "Open Source Services Global Market Opportunities And Strategies To 2032" report has been added to ResearchAndMarkets.com's offering.
The open source services market reached a value of nearly $29,795.92 million in 2022, having grown at a compound annual growth rate (CAGR) of 24.0% since 2017. The market is expected to grow from $29,795.92 million in 2022 to $83,197.58 million in 2027 at a rate of 22.8%. The market is then expected to grow at a CAGR of 27.7% from 2027 and reach $1$282,113.85 million in 2032.
Growth in the historic period resulted from emerging markets growth, the rising focus on digitizing business processes, increasing the it spending, and increasing big data and automation.
Going forward, the rising utilization of cloud computing, rising government support, and growing number of tech savvy people will drive the growth. Factors that could hinder the growth of the open source services market in the future include the impact of the Russia-Ukraine war.
The open source services market is segmented by service type into professional services and management services. The professional services market was the largest segment of the open source services market segmented by service type for 79.8% of the total in 2022. Going forward, the management services market is expected to be the fastest growing segment in the open source services market segmented by service type, at a CAGR of 23.3% during 2022-2027.
The open source services market is segmented by end-user industry into banking, financial services, insurance, telecom and IT, manufacturing, government, healthcare, retail and other end user. The telecom and IT market was the largest segment of the open source services market segmented by end-user industry for 27.2% of the total in 2022. Going forward, the healthcare market is expected to be the fastest growing segment in the open source services market segmented by end-user industry, at a CAGR of 24.0% during 2022-2027.
Asia Pacific was the largest region in the open source services market, accounting for 30.0% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the open source services market will be South America, and Middle East where growth will be at CAGRs of 32.2% and 32.1% respectively. These will be followed by Asia Pacific, and, Western Europe where the markets are expected to grow at CAGRs of 23.5% and 23.1% respectively.
The global open source services market is fragmented, with a large number of small players. The top ten competitors in the market made up to 24.27% of the total market in 2021. This can be due to the existence of number of local players in the market serving customers in particular geographies. IBM Corporation was the largest competitor with 7.21% share of the market, followed by Oracle Corporation with 4.90%, Hewlett Packard Enterprise with 3.38%, Accenture with 2.20%, Cisco Systems with 2.02%, Infosys with 1.74%, Salesforce.com with 1.08%, HCL with 0.75%, Atos Information Technology Incorporated with 0.52% and Wipro with 0.47%.
The top opportunities in the open source services market segmented by service type will arise in the professional services segment, which will gain $42,256.0 million of global annual sales by 2027. The top opportunities in segment by end-user industry will arise in the telecom and IT segment, which will gain $15,114.6 million of global annual sales by 2027. The open source services market size will gain the most in the China at $5,945.2 million.
Market-trend-based strategies for the open source services market include introduction of new open-source versions, launch of quantum-centric supercomputing, investing on artificial intelligence, technological advancements and product launches.
Player-adopted strategies in the open source services market include new service launches, strategic collaborations and partnerships, strategic acquisitions.
The report covers the following chapters
- Introduction and Market Characteristics
Brief introduction to the segmentations covered in the market, definitions and explanations about the open source services market.
- Key Trends
Highlights the major trends shaping the global open source services market. This section also highlights likely future developments in the market.
- Global Market Size and Growth
Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis
Historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.
- Market Segmentation
Contains the market values (2017-2032) and analysis for each segment by service type, and by end-user industry in the market.
- Regional Market Size and Growth
Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape
Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and Acquisitions
Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies
Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations
Includes recommendations for open source services providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
Scope
Markets Covered:
1) By Service Type: Professional Services; Management Services
2) By End-Use Industry: Banking, Financial Services And Insurance (BFSI); Telecom And IT; Manufacturing; Government; Healthcare; Retail; Other End-User
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 279 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $29795.9 Million |
| Forecasted Market Value (USD) by 2031 | $282113.9 Million |
| Compound Annual Growth Rate | 25.2% |
A selection of companies mentioned in this report includes
- IBM Corporation
- Oracle Corporation
- Hewlett Packard Enterprise
- Accenture
- Cisco Systems
For more information about this report visit https://www.researchandmarkets.com/r/sqw396
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