TBRC’s market research report covers open source services market size, open source services market forecasts, major open source services companies and their market share, key strategies to undertake, and more.

LONDON, May 18, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the open source services market, 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.

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The global open source services market size 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 global open source services market growth is expected to reach $70.39 billion in 2026 at a CAGR of 23.2%.

Partnerships between companies to accelerate the technology evolution and reduce time to market are gaining popularity among the open source services market trends. 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 the Fintech Open-Source Foundation to expand initiatives to increase open-source collaboration in the fintech industry.

Major players in the open source services market are IBM, Wipro, Accenture, Evoke Technologies, Cisco Systems, Infosys, HPE, ATOS, Red Hat, HCL, Oracle, Databricks, SUSE, Percona, Mulesoft, ViSolve, Chetu, HashiCorp, C AHEAD, Happiest Minds, Swan Solutions & Services Pvt. Ltd., and FUJITSU.

The global open source services market analysis is segmented by service type into consulting and implementation services, support, maintenance, and management services, training services; by end-user industry into banking, financial services, and insurance, telecom and IT, manufacturing, government, healthcare, retail, 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 global open source service market during the forecast period. The regions covered in the global open source services market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Open Source Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide open source services market overviews, open source services market analyze and forecast market size and growth for the whole market, open source services market segments and geographies, open source services market trends, open source services market drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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