Expanding IoT industry to facilitate the growth of the software composition analysis market

 

Software Composition Analysis Market

The software composition analysis is a group of techniques used to evaluate and improve the effectiveness of software products, such as those that are designed for use in finance or computer science. These include methods like technical analysis, software modeling, or software verification. Software composition analysis is also sometimes referred to as software engineering, owing to the significant involvement of software professionals in the process. A strong software composition process can help ensure that a product is developed, tested, and maintained using the most appropriate software in the most relevant situations.

Growing risk to open-source codes and reliance on commercial and IoT-based software services on open-source codes is a prime factor driving the growth of the software composition analysis. Moreover, expansion of e-commerce has resulted in the rise in the adoption of various services such as  Real-time Gross Settlement Systems (RTGS), Electronic Clearing Service (ECS), National Electronic Fund Transfer (NEFT), and mobile transactions is again fostering the growth of the software composition analysis market. According to the India Brand Equity Foundation, Indian e-commerce is projected to increase from 4% of the total food and grocery, apparel, and consumer electronics retail trade in 2020 to 8% by 2025. As of August 2020, the number of internet connections in India significantly increased to ~760 million, driven by the ‘Digital India’ programme.

North America is projected to gain significant growth over the forecast period and this is attributed to the strong presence of the IT &software industry in the region. According to CompTIA, there is more than 525,000 software and IT services companies in the United States around 40,500 tech startups were established in 2018 alone). Also, the rapid adoption of such advanced technology in the region is again fostering the growth of the software composition analysis market.

Key Developments:

1.      In May 2018, WhiteSource, the provider of open source security and license compliance management announced the launch of its next-generation Software Composition Analysis solutions - Effective Usage Analysis

2.      In June 2020, Checkmarx announced the launch of Checkmarx SCA (CxSCA), the company’s new, SaaS-based software composition analysis solution

3.      In August 2019, - Veracode, a provider of application security testing (AST) announced its new Veracode Software Composition Analysis (SCA), to offers both vulnerable methods detection technology as well as machine learning models to identify vulnerabilities that have been fixed by open source projects but not disclosed to the National Vulnerability Database (NVD).


Location: India

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