Cloud Deployment of Version Control Systems to Accelerate, Future Market Insights Predicts Version Control Systems Demand to Total US$ 629.3 Mn in 2021
The version control systems market study by Future Market Insights (FMI) offers insights into key segments including type and deployment. As per the report, the leading market players are adopting various organic and inorganic strategies as they aim for expanding their footprint globally.
DUBAI, UAE, Aug. 19, 2021 /PRNewswire/ -- As per Future Market Insights (FMI), the global market for version control systems (VCS) is projected to expand at a CAGR of 10.7% over the forecast period 2021-2031, totaling US$ 629.3 Mn in 2021. Despite logistical challenges amid restrictions imposed to contain the pandemic in 2020, the market is forecast to register 9.3% year-on-year growth in 2021.
Surge in demand for automation and digitalization in the software development process is creating favourable environment for growth of the version control systems market. Besides this, increasing need for user-friendly solutions is accelerating demand for automated tracking tools and software solutions. This in turn presenting a positive demand outlook.
Software developers operating in the market are adopting cloud-based VCS for increasing efficiency and minimizing overall cost of operations. Apart from this, integration of cloud based deployment services with the source control system is helping developers to streamline their development processes. Considering this, demand for version control systems will continue increasing on account of their features including, interoperability, portability, and auditing.
In the forthcoming years, manufacturers will increasingly invest in research and development activities to capitalize on existing growth opportunities. Among various systems, sales in the centralized VCS segment are soaring due to high demand for cost-effective tools to reduce complexities in software development. FMI has estimated the segment to account for 63.6% share of the overall market by the end of 2021.
Regionally, North America will emerge as a highly lucrative market. Growth prospects are likely to remain positive for the U.S. market driven by robust presence of service providers including IBM, Microsoft and rising adoption of smartphones. As per the study, the U.S. is likely to grow at a rate of 10.1% over the forecast period 2021-2031, totalling US$ 210.6 Mn in 2021.
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"Increasing popularity of digitization and automation across various sectors including banking, financial services and insurance (BFSI), healthcare, information technology (IT) & telecom is propelling demand for version control software solutions," said a FMI analyst.
Key Takeaways from Version Control Systems Market Survey
- The U.S. is leading the market for version control systems in North America and is likely to grow at a rate of 10.1% over the forecast period 2021-2031.
- Driven by wide adoption of version control software solutions, Germany is expected to reach a valuation of around US$ 162.3 Mn by the end of 2031.
- Demand outlook for China remains positive. China is anticipated to expand at a CAGR of 10.3% over the forecast period 2021-2031, totalling US$ 44.4 Mn in 2021.
- India market for version control systems is forecast to surpass a valuation of US$ 61.2 Mn by the end of 2031 in comparison to US$ 3.6 Mn registered in 2020.
- Based on systems, centralized version control systems are estimated to account for over 63.6% of the total market share in 2021.
Key Drivers
- Growing demand for digitalization and automation in software development process is expected to drive the market growth.
- Various benefits offered by VCS including portability, auditing and interoperability will facilitate implementation across diverse sectors.
Key Restraints
- Data privacy issues are expected to limit growth of the version control systems market.
- Dearth of technological expertise will adversely impact the market growth.
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Competitive Landscape
Version control systems manufacturers are focusing on new product innovations along with undertaking strategic acquisitions and partnerships to expand their market footprint while addressing evolving needs of customers.
For instance, in 2019, Micro Focus announced the acquisition of Interset, a global leader in security analytics software. This new innovation adds advanced machine learning and User and entity behavioural analytics to an already established Micro Focus' security risk & governance portfolio.
In 2020, IBM Corporation announced the acquisition of Instana, an application performance monitoring and Observability Company. With the acquisition of Instana, IBM will help companies use artificial intelligence (AI) to better manage the complexity of modern applications.
Some of the leading players operating in the version control systems market profiled by Fact.MR are:
More Valuable Insights on Version Control Systems Market
FMI, in its new report, offers an unbiased analysis of the global version control systems market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in version control systems market with detailed segmentation:
Type
- Local Version Control Systems
- Centralized Version Control Systems
- Distributed Version Control Systems
Deployment
- Cloud
- On-premise
Enterprise size
- SMEs
- Large Enterprises
Industry
- BFSI
- Healthcare
- IT & Telecom
- Retail
- Education
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Key Questions Covered in the Version Control Systems Market Report
- The market survey also highlights projected sales growth for version control systems market between 2021 and 2031
- The report offers insight into version systems control demand outlook for forecast period 2021-2031.
- Version control systems market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Version control systems market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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