Open Source Services Market worth $54.1 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 19, 2022 /PRNewswire/ -- The global Open Source Services Market  is expected to grow from an estimated value of USD 25.6 billion in 2022 to 54.1 billion USD by 2027, at a Compound Annual Growth Rate (CAGR) of 16.2% from 2022 to 2027, according to a new report by MarketsandMarkets™. Some factors driving market growth include gamut of low-cost OSS; freedom from vendor lock-ins; increased usage of cloud technology and IoT devices in enterprises; and simple bug removal processes associated to OSS.

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By service, managed services segment to grow at highest CAGR during forecast period

Managed services provide IT support to enhance client experiences. Companies outsource certain IT functions to third-party providers referred to as Managed Service Providers (MSPs). These outsourced functions are basic, such as keeping IT equipment and other services functional by fully outsourcing the IT team. It sometimes becomes troublesome for companies to concentrate on their core business procedures and simultaneously handle these services. This, in turn, leads to companies' high reliance on third parties to offer managed services. Every technology domain requires well-delivered managed services. Vendors must provide technical expertise, service consistency, and flexibility, regardless of the geographic location of clients. Open source managed services are based on the 'open core model' concept. In this model, the core functionality of the product or service is offered as open source, with additional proprietary fee-based features or services on top. Managed services provide all required skill sets to maintain and upgrade solutions, which are of utmost importance in open source environments. Pre-and post-deployment questions and clients' needs are handled through the managed services unit. These factors are expected to drive the adoption of managed services during the forecast period.

By organization size, SMEs segment to grow at highest CAGR during forecast period

SMEs are defined as organizations with an employee strength ranging from 1 to 1,000. In the current scenario, SMEs face different IT challenges due to their small staff and tight financial budget. Hence, they are increasingly deploying OSS fully. OSS is necessary for SMEs to optimize their operations and maintenance budget and allocate funds toward segments such as R&D to stay updated with market trends. Since there are typically no upfront expenses associated with downloading or installing open-source software, all functions are present. Even if some open source software requires a monthly cost, it is typically less expensive and generally offers greater value. Open source software is one of the most dependable and safe solutions, even though many business owners may dread the worst because of its public nature. This is because thousands of developers view, test, and modify the source code. Users will then be able to find any faults or vulnerabilities right away. Even while hackers can access the source code, the network of workers swiftly foils any attempts they make.

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Due to the intense market rivalry, many SMEs look for an appropriate Enterprise Resource Planning (ERP) system to boost their company's performance, particularly open-source ERP systems. Open source ERP solutions are widely available nowadays. The difficulty is that most SMEs have a limited budget, necessitating an appropriate open-source ERP for a successful implementation. For SMEs to make a wise investment, choosing an appropriate open source ERP must be carefully considered. SMEs' adoption and acceptance of OSS will help expand their customer base and enhance business efficiency through more service offerings to the clients. Governments are also taking initiatives to promote the adoption of OSS by SMEs in their respective countries.

By region, Asia Pacific to grow at significant CAGR during forecast period

Asia Pacific is among the digital hubs of the world, and businesses have been quick to identify the benefits of cloud technology as a facilitator of digital transformation. Major Asia Pacific economies' spending on the public cloud platform is growing at a CAGR of 25%, faster than the US and Western Europe. The pandemic made it urgent for business leaders across Asia Pacific to increase their rate of cloud adoption and digital transformation, thereby embracing great market opportunities for open source service vendors across the region. Countries such as China, Japan, Australia, Singapore, India, and Indonesia are leading this technology adoption, which includes embracing new-age technologies such as AI, edge, IoT, analytics, and cloud. Rapid telecommunications, cloud computing, and IoT advancements have led several organizations to adopt cloud-based strategies.

Key Players

Major vendors in the global OSS market include IBM (US), Accenture (Ireland), Mulesoft (US), Wipro (India), Databricks (US), Suse (Germany), Cisco (US), Percona (US), Infosys (India), HPE (US), HCL Infosystems (India), Happiest Minds Technologies (India), Quansight (US), Swan Solutions & Services (India), Nous Infosystems (India), Charter Global (US), ViSolve (US), Chetu (US), Evoke Technologies (US), HashiCorp (US), Confluent (US), C Ahead Technologies (US), Puppet (US), Eclature Technologies (UK), Tidelift (US) and Collabora (UK).

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