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Software Composition Analysis Market Size Expected to Reach $462.8 Million with CAGR of 12.4% by 2026 – IndustryARC

Software Composition Analysis Market

Market Research Reports, Business Consulting Services & Analytics

Software Composition Analysis Market Drivers Increasing Threats of Open Source Software Offers Benefits of Integration, an Expansive Array of Components

HYDERABAD, TELANGANA, INDIA, November 30, 2022 / -- IndustryARC, in its latest report, predicts that Software Composition Analysis (SCA) Market size is estimated to reach $462.8 million by 2026 at a CAGR of 12.4% during the forecast period 2021-2026 owing to the increasing dependency on open source software (OSS), growing penetration of IoT and cloud based services across various industries. SCA offers automating visibility to the OSS, in order to provide security risk management, license compliance, security and other management services against various threats including open source vulnerabilities, making it a more secure and popular solution among the enterprises. Apart from that, increasing cyber-attacks, growing adoption of financial technologies in e-commerce and BFSI sectors are few of the main drivers of Software Composition Analysis market. In May 2019, three banks, Dutch Bangla Bank Limited, NCC bank and Prime Bank suffered a major cyber-attack. Beside this, stringent government regulations are a major growth factor to consider for this market. Hence, the above-mentioned factors will drive the Software Composition Analysis industry growth in the forecast period 2021-2026. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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Key takeaways:

1. North America dominated the SCA market with a market share of more than 35% in 2020, early adoption of advanced technologies and growing usage of digital payment methods are the key factors, boosting the market growth.

2. The major driving factor behind the growth of software composition analysis market during the forecast sector 2021-2026, are rising open source vulnerabilities and growth of FinTech sector.

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Segmental Analysis:

1. According to the Software Composition Analysis market report of IndustryARC, Cloud-based deployment of SCA technology held the major share of the market and is estimated to grow with a CAGR of 14.6% during 2021-2026, owing to the digital transformation and technological advancements across the world.

2. In February 2020, Microsoft announced their $1.1 billion investment plan to drive the digital transformation in Mexico over next five years.

3. The SCA market is segmented into BFSI, IT & Telecom, Retail and E-commerce, Healthcare, General Manufacturing, Education, government and others, on the basis of end-user industry. Retail and e-commerce sector is anticipated to grow with the fastest CAGR of 12.4% during the forecast period 2021-2026.

4. According to the same report, this growth is mainly driven by mobile shopping, which will grow 21% per annum over the next four years. Furthermore, the availability of different web-based, cloud-based, multi device supporting Open Source retail POS software plays a major role in the growth.

5. According to a FDIC’s biennial How America Banks report 2019, more than 34% American households reported that they used mobile as their primary method of accessing their bank accounts in 2019. Apart from that, government’s strict regulatory norms, increasing online transaction for e-commerce sector and presence of key market players in region are fuelling the market growth.

6. In April 2020, Facebook invested $6 billion in Indian e-commerce Giant, the Reliance Industry. Hence, the above mentioned factors are analysed to drive the market in the forecast period 2021-2026.

Competitive Landscape:

The top 5 players in the Software Composition Analysis industry are -

1. Synopsys

2. Sonatype

3. Veracode

4. WhiteHat Security

5. WhiteSource Software

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Related Reports:

A. Open Source Services Market

B. FinTech Market

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