According to a new research report “Software Composition Analysis Market by Component (Solution and Services (Professional and Managed), Organization Size, Deployment Type (On-Premises and Cloud), Vertical (BFSI, Healthcare, Telecom & IT), and Region – Global Forecast to 2022”, published by MarketsandMarkets™, the market size is expected to grow from USD 154.0 Million in 2017 to USD 398.4 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 20.9% during the forecast period.
The demand for software composition analysis solutions is expected to be majorly driven by the increasing threat levels on open-source codes. Moreover, commercial and IoT-based software products’ dependence on open-source codes and stringent regulations are expected to boost the adoption of software composition analysis solutions and services among enterprises.
Solutions segment is expected to hold the largest market share during the forecast period
Software composition analysis solution makes sure that the open-source codes, components, and software do not disrupt the functioning of project and affect the user experience. These solutions guarantee the checking of open-source contents at every stage of SDLC. Significant capabilities provided by the software composition analysis solution are vulnerability detection, risk management, alerting and reporting, license management, policy management, and remediation.
The retail and e-commerce vertical is expected to grow at the highest CAGR during the forecast period
The retail vertical is expected to grow at the highest CAGR during the forecast period. The retail industry is always on the top in terms of cost-cutting, improving revenue margin, adopting the latest technologies, and using open-source codes. Moreover, retailers need to adhere to various compliance mandates through regulatory standards such as PCI DSS and TR-39. The use of open-source codes is quite prevalent in the retail and e-commerce vertical.
Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period
North America is estimated to have the largest market size in 2017, while APAC is projected to be the fastest growing region at the highest CAGR during the forecast period as APAC enterprises are deploying software composition analysis solutions at a faster rate. Large enterprises and SMEs in APAC realize the significance of Open Source Software (OSS) security, and are receptive toward adopting dedicated software composition analysis solutions to secure their open-source codes from cyber threats, and misuse for monetary gains of computer hackers.
Major market vendors providing software composition analysis solutions and services are Synopsys (US), Sonatype (US), Veracode (US), WhiteHat Security (US), WhiteSource Software (US), Contrast Security (US), Flexera (US), nexB (US), Rogue Wave Software (US), and SourceClear (US).