Open source services market on course to become $50B industry
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The open source services market, pegged as a $21.7 billion industry in 2021, is on course to more than double within five years. That’s according to a new report from MarketsandMarkets, which predicts that both the “professional” and “managed” open source services segments will grow 130% to $50 billion by 2026.
“Open source” refers to software that is made freely available for anyone to access, copy, and modify — it adheres to a collaborative, community-led philosophy, one that lowers the bar to entry and the cost of building software. It also gives larger enterprises the freedom to deploy software wherever they wish, including on-premises — this provides greater control and protections over customer data, and allows developers to more easily integrate the software into their existing systems and workflows.
On the flip-side, switching to open source software might present compatibility issues, while inherent vulnerabilities and the threat of supply chain attacks can also be cause for concern. And that is why the open source services market is predicted to flourish in the coming years, with MarketsandMarkets noting that the growing adoption of cloud computing and broader digital transformation efforts serving as a major driving force behind this push. Enterprise-grade open source services support gives companies the peace of mind that there software stack is robust, secure, and kept up-to-date.
Notable players in the open source services space include Red Hat, which IBM acquired for $34 billion in 2018; Cisco; Oracle; Suse; and Databricks.
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