Open Source Services Global Market Report 2022

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New York, June 08, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Open Source Services Global Market Report 2022” – https://www.reportlinker.com/p06284268/?utm_source=GNW
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The global open source services market is expected to grow from $24.63 billion in 2021 to $30.57 billion in 2022 at a compound annual growth rate (CAGR) of 24.1%. The market is expected to grow to $70.39 billion in 2026 at a compound annual growth rate (CAGR) of 23.2%.

The open source services market consists of sales of open-source services by entities (organizations, sole traders, and partnerships) that refer to software for which the original source code is made freely available and may be redistributed and modified according to the requirement of the user.OSS typically includes a license that allows programmers to modify the software to best fit the needs and control how the software can be distributed.

Open source code is shared publicly. Anyone can access the repository to use the code independently or contribute to the improvements of the design and functionality of the project.

The main service types in the open source services market are consulting and implementation services, support, maintenance, and management services, and training services.The consulting and implementation services market consists of sales of consulting and implementation service open-source services by entities (organizations, sole traders, and partnerships) that refer to professional services such as implementation, configuration, custom development, and training, as described in any order form and which are governed by the supplement for consulting services or similar agreement.

Major industries that use open source services include banking, financial services, and insurance, telecom and IT, manufacturing, government, healthcare, retail, and others.

North America was the largest region in the open source services market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the open source services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Reduced cost of ownership and time to market has been contributing to the growth of the open-source services market.MySQL Databases, Apache HTTP Server, WordPress by Automatic, Ubuntu by Canonical, MuleSoft Data Integration Platform, Red Hat are using open source.

Using OSS can reduce development costs to clients in numerous ways such as costs associated with acquisition, deployment, support and maintenance.For instance, according to a study published by Linux Foundation Consulting, clients using open system software save 20-55% over commercial solutions, these cost savings start with acquisition but extend to deployment, support, and maintenance.

Reduced cost of ownership and time to market will drive the growth of the open sources services market during the forecast period.

Partnerships between the companies to accelerate the technology evolution and reduce time to market are gaining trend in the open-source services market.The information technology players across the globe are entering into strategic partnerships or consortiums to develop innovative open-source platforms and services for various industries.

For instance, in November 2021, Synechron, Inc., a New York-based information technology and consulting company joined Fintech Open-Source Foundation, to expand initiatives to increase open-source collaborations in the fintech industry.

In October 2021, Accenture an Irish- based multinational company with leading capabilities in digital, cloud, and security acquired umlaut for an undisclosed amount.The acquisition will significantly scale Accenture’s capabilities to help companies use digital technologies like cloud, artificial intelligence, and 5G to transform how they design, engineer, and manufacture the products as well as embed sustainability.

Umlaut, a German-based is engineering consulting and services firm.

The countries covered in the open source services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Read the full report: https://www.reportlinker.com/p06284268/?utm_source=GNW

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