Open Source Services Market Growth Trajectory Through 2024-2033

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The Open Source Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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https://www.thebusinessresearchcompany.com/report/open-source-services-global-market-report

According to The Business Research Company’s Open Source Services, The open source services market size has grown exponentially in recent years. It will grow from $36.67 billion in 2023 to $44.98 billion in 2024 at a compound annual growth rate (CAGR) of 22.7%. The growth in the historic period can be attributed to emerging markets growth, the rising focus on digitizing business processes, increasing the it spending, and increasing big data and automation.

The open source services market size is expected to see exponential growth in the next few years. It will grow to $107.46 billion in 2028 at a compound annual growth rate (CAGR) of 24.3%. The growth in the forecast period can be attributed to rising the utilization of cloud computing, rising government support, and growing number of tech savvy people. Major trends in the forecast period include introduction of new open-source versions, launch of quantum-centric supercomputing, investing on artificial intelligence, technological advancements and product launches.

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, and 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 source services market during the forecast period.

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The open source services market covered in this report is segmented –

1) By Service Type: Professional Services, Management Services

2) By End-Use Industry: Banking, Financial Services And Insurance (BFSI), Telecom And IT, Manufacturing, Government, Healthcare, Retail, Other End-User

Major companies operating in open-source services are focusing on advancements in technology to strengthen their position in the market. For instance, in September 2022, Google AI, a US-based company division of Google dedicated to artificial intelligence that provides open source services, launched TensorStore, an open-source C++ and Python library structured for the storage and manipulation of n-dimensional data. Through improved management and processing of massive datasets, the library seeks to address important engineering difficulties in scientific computing.

The open source services market report table of contents includes: