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Software Composition Analysis Market Growing at CAGR of 20.9% | Key Players Synopsys, Sonatype, Veracode, WhiteHat Security, Flexera

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Software Composition Analysis Market Growing at CAGR of 20.9% | Key Players Synopsys, Sonatype, Veracode, WhiteHat Security, Flexera

August 26
06:58 2020
Software Composition Analysis Market Growing at CAGR of 20.9% | Key Players Synopsys, Sonatype, Veracode, WhiteHat Security, Flexera

Synopsys (US), Sonatype (US), Veracode (US), WhiteHat Security (US), WhiteSource Software (US), Contrast Security (US), Flexera (US), nexB (US), Rogue Wave Software (US), and SourceClear (US).
Software Composition Analysis Market by Component (Solution and Services (Professional and Managed)), Organization Size, Deployment Type (On-Premises and Cloud), Vertical (BFSI, Healthcare, Telecom & IT), and Region – Global Forecast to 2022

MarketsandMarkets expects the Software Composition Analysis Market to grow from USD 154.0 million in 2017 to USD 398.4 million by 2022, at a Compound Annual Growth Rate (CAGR) of 20.9% during the forecast period. Software composition analysis solutions and services help enterprises in open source vulnerability detection, license management, policy management, alerting and reporting, and real-time remediation with minimal false positives.

The services segment is expected to be the fastest growing component in the software composition analysis market, due to increasing instances of cyber-attacks on on-premises and cloud environments, and growing need to license and policy management. Regulations, such PCI DSS and HIPPA, force enterprises to adopt best-in-class software composition analysis solutions. Lack of compliance to application security regulations would result in severe penalties for enterprises and a potential danger of source code vulnerabilities. With an increasing demand for software composition analysis solutions, the demand for services segment is also expected to grow.

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The managed services segment is projected to be the fastest growing service type in the software composition analysis market, as managed software composition analysis service vendors help customers that do not have in-house capabilities for open source code, component, and software analysis. Managed service providers aid in open source code, component, and software analysis by deploying software composition analysis solutions as per the customer’s requirements. Managed service vendors also help customers to adopt best practices of open source analysis and address the pre- and post-deployment queries and thereby helping customers to accelerate their business operations and return on investments.

The support and maintenance segment is expected to grow at a higher rate, as these services help in reviewing the software composition analysis solutions and addressing its concerns. These services range from pre- to post-sales support offered by software composition analysis vendors. Support and maintenance professionals can monitor the software composition analysis solution remotely or going on-site at the client’s location. Support and maintenance service vendors aid in solution upgradation, license management, policy management, and patch upgradation.

The Small and Medium-sized Enterprises (SMEs) segment is expected to adopt software composition analysis solutions and services at a higher rate during the forecast period. SMEs do rely heavily on the open source code, component, and software. Passionate SME employees develop and market their products which may contain hidden vulnerabilities in the open source contents and build-related issues. Lack of awareness of new vulnerabilities and of availability of software composition analysis solutions is observed among SMEs. Development and security team mapping vulnerabilities found in the project with the vulnerabilities’ listed in CVE and NVD may not always solve the problem. Hence, SMEs increasingly need software composition analysis solutions and services.

The retail and e-commerce vertical is expected to grow at the highest CAGR during the forecast period, as retail is subject to growing instances of cyber-attacks. Retail and e-commerce applications are largely being built on open source codes. Development team may not always select the best fit version of open source content. Enterprise professionals have to make sure that the open source language, repository, libraries, and CI tools are covered under policy management. Government compliance enforcement is also one of the crucial factors leading to a high adoption rate of software composition analysis solutions.

Asia Pacific (APAC) is expected to grow at the highest rate during the forecast period, due to the increasing adoption of software composition analysis solutions and services, which would help enterprises tackle cybersecurity concerns. Developing and developed nations in APAC are focusing application areas, such as cloud computing, IoT, smart cities, smart transportations, artificial intelligence (AI), machine learning, and big data analytics. Enterprises are collaborating on large scale and using open source content to address the concerns of vendor lock-ins. The demand for software composition analysis would be growing significantly with the massive growth of open source in APAC. With North America and Europe proving to be saturated marketplaces with intense competition, APAC is an attractive region for vendors to receive higher returns on their investments.

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Major players in the software composition analysis market include Synopsys (US), Sonatype (US), Veracode (US), WhiteHat Security (US), WhiteSource Software (US), Contrast Security (US), Flexera (US), nexB (US), Rogue Wave Software (US), and SourceClear (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; mergers and acquisitions; business expansions; and new product launches, to strengthen their presence in the software composition analysis market and expand their profit margins.

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