As per the revised report by Future Market Insights (FMI), the global version control systems market is expected to expand at a CAGR of 10.7% over the forecast period (2021-2031). The growth can be attributed to the growing need to reduce complexities in software development, with market valuation expected to surpass US$ 629.3 Mn in 2021.
Besides this, the market is driven by the cost benefits offered by cloud-based deployments of version control systems solutions. The primary factors driving the growth of version control systems market include the increasing demand for automation and digitalization tools.
North America is anticipated to account for more than 31% of the market by 2031, owing to higher requirements to reduce complexities in software development processes.
Key Takeaways from Version Control Systems Market Study
- Large enterprise applications will dominate the market through 2031 with a 53.6% value share, supported by large-scale data transformation requirements in these businesses.
- The IT & telecom industry will reflect higher adoption rates holding 23.2% of the market in 2021, supported by the introduction of 5G technologies.
- China leads the East Asia market, reflecting a CAGR of over 10.3% through 2031, with growing demand for cost effective version control systems for SMEs in the region.
- The U.S. market is projected to expand at a CAGR of 9.8% through 2031, supported by the presence of key players in the market.
- Germany will hold the lead in Europe by the end of 2031, with a CAGR of over 11.2% owing to the rising penetration of the internet and smartphone technologies in the region.
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“Growing adoption of tablets and smartphones is expected to drive the adoption of version control systems for software and operating systems. Digital transformation investments are expected to create opportunities in the foreseeable future for the version control systems market,” says a Future Market Insights (FMI) analyst.
Impact of COVID-19 on Version Control Systems Market
The COVID-19 pandemic has disrupted many industries, including the version control systems sector. Different industry verticals have suffered notable losses as a result of mobility and travel restrictions for public health reasons, among other social distancing measures.
Disruptions in services are having an impact on economies and trade, given the role of services in offering inputs connecting supply chains and facilitating trade. The extent of impact on trade varies by mode of supply and sector.
Trade involving proximity among consumers and suppliers is severely impeded. The COVID-19 crisis is leading to greater adoption of online services in retail, education, health, and telecom sectors.
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Who is Winning?
The moderately consolidated version control systems market is characterized by players who are increasingly focusing on the development of new product offerings in addition to strategic endeavors towards geographical expansion. Moreover, growing demand for automation and digitalization tools is anticipated to drive the growth of the version control systems market.
Prominent players in the version control systems market include but are not limited to IBM Corporation, Microsoft Corporation, Broadcom, Inc., Micro Focus, Apache Software Foundation, Canonical, Git, Perforce Software, Mercurial, BitMover Inc., Codice Software, and Dynamsoft, among others.
More Valuable Insights on Version Control Systems Market
A revised market research report published by Future Market Insights (FMI) on the global version control systems market includes global industry analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides valuable insights on the basis of type (local version control systems, centralized version control systems, and distributed version control systems); deployment (cloud and on premise); enterprise size (SMEs and large enterprises); industry (BFSI, healthcare, IT & telecom, retail, education, and others), and across six major regions.
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The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.