Global Software Composition Analysis Market to record 20.9% CAGR through 2027

February 12, 2021

According to the research report titled ‘Global Software Composition Analysis Market Size study with COVID Impact, by Component (Solution and Services (Professional and Managed)), by Organization Size (Large enterprises, small and medium sized enterprises), by Deployment Type (On-Premises and Cloud), Vertical (BFSI, Healthcare, Telecom & IT, Government and defense, Retail and e-commerce, Manufacturing, Automotive) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global software composition analysis market was remunerated at USD 228 million in 2019 and is anticipated to record a y-o-y growth rate of 20.9% during 2020-2027.

Increasing penetration of different services such as mobile transactions, electronic clearing service (ECS), national electronic fund transfer (NEFT), and real-time gross settlement systems (RTGS), along with inclination towards online transactions are the key factors propelling global software composition analysis market growth.

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As per Statista, in 2018, about 1.8 billion people purchased goods online globally, with USD 2.8 trillion worth e-retail sales which is expected to surge to USD 4.8 trillion by 2021.

For those unversed, software composition analysis (SCA) is a software which offers protection against potential cyber threats and is responsible for conducting security review of the software codes along with swotting open-source material at every phase of software development life cycle (SDLC).

Mounting demand for cloud based SCA solutions, and increased application in FinTech sector are further augmenting the industry share. Citing an instance, Checkmarx Inc., in 2016, partnered with WhiteSource Software Ltd. to offer the former company’s users with a robust Open Source Analytics (OSA) solution.

On the downside, DevOps complexities, and constraints regarding budget across small and medium-sized enterprises are likely to impede worldwide software composition analysis industry expansion over the study period.

Speaking of the regional landscape, North America is projected to lead global software composition analysis market share with respect to revenue by 2027, creditable to growing product acceptance among various organizations in several economies across the region.

On the other hand, Asia Pacific software composition analysis industry is poised to amass notable profits over the coming years, attributable to technological advances in the field.

Major companies swaying global software composition analysis market dynamics are SourceClear, Rogue Wave Software Inc., nexB Inc., Flexera, Contrast Security Inc., WhiteSource Software Inc., WhiteHat Security Inc., Veracode, Sonatype, and Synopsys.

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