The version control systems market is set to grow at a 10.7% CAGR from 2021 to 2031, driven by the need to reduce software development complexities.
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.
Newly released data on version control systems indicates a 9.3% y-o-y growth in 2021. Centralized version control systems have the largest market share. On the other hand, the distributed version control systems is forecast to grow at a 12.7% CAGR through the assessment period. 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.
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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.
Key Points Covered in Version Control Systems Market Survey
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Key Takeaways from Version Control Systems Market Study
Competitive Landscape
According to the Future Market Insights analysis, IBM, Microsoft, Broadcom, Micro Focus, Apache Software Foundation, Canonical, Git, Perforce Software, Mercurial, and Dynamsoft, are identified as key players in the version control systems landscape.
Companies manufacturing version control systems are aiming for product innovation and strategic partnerships with other software vendors to enhance their portfolios while addressing the demand of an expanding customer pool. Introduction of new products and strategic partnerships are key with the top players in the version control systems landscape.
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Market Segmentation by Category
Type
Deployment
Enterprise size
Industry
Key Questions Answered in the Report
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The article discusses the growth of the version control systems market, projected to rise at a 10.7% CAGR from 2021 to 2031.
The growth is driven by the need to reduce software development complexities and the cost benefits of cloud-based deployments.
COVID-19 has led to greater adoption of online services, impacting the version control systems market positively.
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