Global Software Composition Analysis Market - Insights
Software composition analysis solutions & services are responsible for checking open-source contents at every stage of the software development life cycle (SDLC). These solutions can detect vulnerabilities and have ability for risk management, alerting and reporting, license management, policy management, and remediation. The global Software Composition Analysis Market generated revenue of US$ 194.7 million in 2017. The global Software Composition Analysis Market is expected to generate a revenue of US$ 582.9 million with a CAGR of 15.7% by 2025.
Growing applications in BFSI sector is expected to offer lucrative growth opportunities for the software composition analysis solutions and services during the forecast period.
The banking and finance sector could benefit by adopting IT solutions for improvement of banking services. For instance, according to the Coherent Market Insights’ analysis, in 2014, the IT spending on BFSI sector was US$ 487.2 billion, which increased to US$ 498.42 billion in 2015. Increasing adoption of online transactions and rising use of services such as National Electronic Fund Transfer (NEFT), Real-time Gross Settlement Systems (RTGS), Electronic Clearing Service (ECS), and mobile transactions is propelling demand for security solutions. This is owing to facility of safe and secure tractions provided by the software composition analysis solutions and services, as online transactions are vulnerable to hacking.
Figure: Global Software Composition Analysis Market, by Solution (2017, %)
SOURCE: COHERENT MARKET INSIGHTS, 2018
The Banking, Financial Services, and Insurance (BFSI) segment held the dominant position in 2017.
On the basis of industry vertical, the global Software Composition Analysis Market size is segmented into banking, financial services, & insurance (BFSI), government & defense, IT & telecom, healthcare, retail & E-commerce, automotive, manufacturing, and others. The BFSI segment held dominant position in the Software Composition Analysis Market in 2017 and is projected to retain its dominance throughout the forecast period. High adoption of open source software in banking, financial services and insurance sector is one of the major driving factors for growth of the segment.
Majority of the banks and financial institutions use open source software to increase operation efficiency and avoid vendors lock-in. Furthermore, government institutions are focusing on creating awareness related to use of open software. For instance, The Institute for Development & Research in Banking Technology (IDRBT), constituted by the Reserve Bank of India, is helping banks in India, to integrate affordable technologies in banking system such as open source software. Some of the application areas for open source software include, mobile banking, business intelligence, setting up of financial portals, and others.
North America held the dominant position in Software Composition Analysis Market in 2017
On the basis of geography, the software composition analysis market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America held the dominant position in the market in 2017 and is projected to retain its dominance throughout the forecast period. The U.S. and Canada are major economies driving growth of Software Composition Analysis market in this region. Launch of novel products, strategic partnership, and acquisition by key players and increasing funds for the market are some of the factors expected to create a lucrative environment for growth of global software composition analysis market in North America. For instance, in 2016, Checkmarx Inc. entered into strategic partnership with WhiteSource for providing Checkmarx users with a comprehensive Open Source Analysis (OSA) solution
Figure: North America Software Composition Analysis Market, Market share (%)
SOURCE: COHERENT MARKET INSIGHTS, 2018
Key Players- Global Software Composition Analysis Market.
The major players operating in the global AIops Platform industry include, WhiteSource Software, Sonatype, Inc., Synopsys, Inc., WhiteHat Security, Veracode (CA Technologies), Flexera, NexB, Inc., SourceClear, and Rogue Wave Software..