New York, USA, Aug. 28, 2023 (GLOBE NEWSWIRE) --
Open Source Services Market Analysis
Market Research Future (MRFR)'s report highlights “Open Source Services Market Information By Services, By Enterprise Size and By Region - Forecast till 2032”; the market will touch USD 99.1 billion at a 16.80% CAGR by 2032.
Key Players
Key players profiled in the global open source services market report include
- IBM Corporation,
- Oracle Corporation,
- Red Hat, Inc.,
- Accenture Plc.,
- Wipro Limited,
- Cisco System, Inc.,
- SUSE,
- MuleSoft, LLC,
- Data bricks Inc.,
- ViSolve.Com,
- Hewlett Packard Enterprise Development LP,
- Infosys Limited,
- Kubermatic GmbH,
- others.
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Scope of the Report – Open Source Services Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 99.1 Billion |
| CAGR during 2023-2032 | 16.80% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Amalgamation of technical support and maintenance boosting OSS vendor offerings |
| Key Market Dynamics | Emphasis on reduced cost of ownership and time to market and the growing adoption of OSS due to the offered agility, flexibility, and reliability of the services along with lower total cost of ownership |
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Drivers
Increasing Integration of AI to Boost Market Growth
The use of artificial intelligence to assist businesses in optimizing existing processes and creating new goods and services is accelerating market expansion. Additionally, AI algorithms are used to find patterns in code and recommend changes or optimizations, which in turn are driving the market expansion. AI algorithms also assist in automating the process of creating, developing, and testing code.
Opportunities
Surplus Growth of Cloud Computing Solutions to offer Robust Opportunities
Cloud computing expansion is yet another growth factor. With the potential to scale operations and lower infrastructure costs, cloud computing has emerged as a crucial element of the digital transformation of business. Businesses are searching for novel solutions that will enable them to stay competitive. Since open source platforms offer a flexible and affordable approach to develop and deploy cloud-based applications, they are indeed a natural fit in case of cloud computing.
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Restraints and Challenges
Security Risk to act as Market Restraint
Security risk related to open source services coupled with issues associated with operational & architectural complexities may act as market restraints over the forecast period.
Open Source Services Market Segmentation
The global open source services market is bifurcated based on industry, enterprise size, and services.
- By services, managed services will lead the market over the forecast period.
- By enterprise size, large enterprise will domineer the market over the forecast period.
- By industry, healthcare & life sciences will spearhead the market over the forecast period.
COVID-19 Analysis
The market for open source services has been significantly impacted by the COVID-19 epidemic. Businesses across various industries have become more dependent on technology to sustain efficiency and stay connected as a result of the transition to remote employment and digital operations. As a result, demand for the open source services has increased as businesses look for adaptable, affordable solutions that are simple to incorporate into current systems. Additionally, the open source community has been instrumental in the pandemic, with developers from all around the world helping to create tools and solutions to handle the specific problems presented by the epidemic. As a result of corporations learning the advantages of collaborative & community-driven software development, open source services have become more well-known. There has been an increase in demand for the open-source service providers throughout the continuing COVID-19 epidemic. Vendors in the industry are innovating and developing new solutions to stop the spread of the virus by raising awareness by using and growing open source repositories that contain datasets, models, visualizations, online and mobile apps, and more. For instance, Locale.ai developed an interactive, open-source visualization of all reported COVID-19 incidents. New data is added to the map in real-time as it becomes accessible.
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Regional Analysis
North America to Head Open Source Services Market
In 2022, this market was headed by North America. Due to the increased need for more heterogeneous computing, the availability of large amounts of data has sped up the development of the cloud-native, AI, and machine learning technologies. In North America, such advancements are enthusiastically embraced. Additionally, the North American region's fastest growing market for open source services was Canada, while the U.S. market had the biggest market share. A highly educated and talented labor force in the area has also contributed to the development and use of the open source in different sectors. Additionally, this region has well-established laws and guidelines for data security and privacy, which attracts businesses searching for open source solutions that are secure and open.
APAC to Have Admirable Growth in Open Source Services Market
From 2023 to 2032, the APAC market is anticipated to experience rapid expansion. This is a result of the area being home to important market players like IBM Corporation, Oracle Corporation, Red Hat, Inc., and other names. Due to the region's rapid adoption of new technologies and increased cloud investment, the industry will expand. In addition, the Indian market grabbed the maximum growth rate in the Asia-Pacific region, while China's Open Source Services market had the greatest market share. The area has a sizable and quickly growing technology industry, and many businesses and organizations are searching for flexible, affordable solutions to suit their IT requirements. These businesses have an appealing choice in open source solutions since they offer flexibility, scalability, and cost savings over proprietary software. There is a sizable and expanding community of startups and business owners in the area who are widely turning to the open source solutions to spur innovation and development. Business leaders in Asia Pacific were forced by the epidemic to accelerate their digital transformation and cloud adoption rates, creating excellent market prospects for the open source service providers there.
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