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Version Control Systems Market Worth $716.1 Million by 2023
June 14, 2018 | PRNewswireEstimated reading time: 2 minutes
According to a new market research report "Version Control Systems Market by Type (Centralized Version Control Systems & Distributed Version Control Systems), Deployment Type (Cloud & On-Premises), Organization Size, Vertical (IT & Telecom, BFSI), and Region - Global Forecast to 2023", published by MarketsandMarkets, the market is expected to grow from $438.8 million in 2018 to $716.1 million by 2023, at a CAGR of 10.3% from 2018 to 2023. This market's growth is primarily driven by the increasing demand for automation and digitalization tools in software development processes and the continuously growing adoption of smartphones and tablets.
The cloud segment is projected to grow at a higher CAGR than the on-premises segment during the forecast period.
Based on deployment type, the cloud segment of the Version Control Systems Market is projected to grow at a higher CAGR than the on-premises segment during the forecast period. Cloud deployment of version control systems helps cut down the total cost of ownership and increase data storage capabilities for organizations. Organizations are finding cloud-based version control systems attractive, as they are affordable, easy to deploy, offer agility to organizations, and provide more scalability functions as compared to on-premises solutions. These factors are supporting the growth of the cloud-based version control systems.
The small & medium enterprises segment is projected to grow at a higher CAGR than the large enterprises segment from 2018 to 2023.
Based on organization size, the small & medium enterprises (SMEs) segment of the Version Control Systems Market is expected to witness a higher growth than the large enterprises segment during the forecast period. SMEs have limited budgets and hence require cost-effective solutions that can help them optimize their business processes. The implementation of cloud-based version control systems is expected to result in increased revenue, desired business outcome, and improved business efficiency for SMEs. SMEs majorly prefer open-source version control systems due to their cost-effectiveness. Faster software delivery, which is a critical focus area for SMEs, is adequately fulfilled by the implementation of version control systems.
The North America region is estimated to lead the Version Control Systems Market in 2018.
North America is estimated to lead the global Version Control Systems Market in 2018. The North American region is the earliest adopter of cloud technologies and has advanced infrastructure capabilities. It is also the largest revenue generating region for the Version Control Systems Market. The presence of key players, such as Perforce Software, GitHub, SourceGear, Microsoft, IBM, CollabNet, and CA Technologies, is a major driving factor for the growth of the Version Control Systems Market in this region.
About MarketsandMarkets
MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
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