ICT RESEARCH REPORTS Software-Composition-Analysis-Market | Page 2

Fund Transfer (NEFT), Real-time Gross Settlement Systems (RTGS), Electronic Clearing Service
(ECS), and mobile transactions is propelling demand for security solutions. This is owing to
facility of safe and secure tractions provided by the software composition analysis solutions and
services, as online transactions are vulnerable to hacking.
The Banking, Financial Services, and Insurance (BFSI) segment held the dominant
position in 2017.
On the basis of industry vertical, the global Software Composition Analysis Market size is
segmented into banking, financial services, & insurance (BFSI), government & defense, IT &
telecom, healthcare, retail & E-commerce, automotive, manufacturing, and others. The BFSI
segment held dominant position in the Software Composition Analysis Market in 2017 and is
projected to retain its dominance throughout the forecast period. High adoption of open source
software in banking, financial services and insurance sector is one of the major driving factors for
growth of the segment.
Majority of the banks and financial institutions use open source software to increase operation
efficiency and avoid vendors lock-in. Furthermore, government institutions are focusing on
creating awareness related to use of open software. For instance, The Institute for Development
& Research in Banking Technology (IDRBT), constituted by the Reserve Bank of India, is helping
banks in India, to integrate affordable technologies in banking system such as open source
software. Some of the application areas for open source software include, mobile banking,
business intelligence, setting up of financial portals, and others.
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North America held the dominant position in Software Composition Analysis Market in
2017
On the basis of geography, the software composition analysis market is segmented into North
America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America held the
dominant position in the market in 2017 and is projected to retain its dominance throughout the
forecast period. The U.S. and Canada are major economies driving growth of Software
Composition Analysis market in this region. Launch of novel products, strategic partnership, and
acquisition by key players and increasing funds for the market are some of the factors expected
to create a lucrative environment for growth of global software composition analysis market in
North America. For instance, in 2016, Checkmarx Inc. entered into strategic partnership with
WhiteSource for providing Checkmarx users with a comprehensive Open Source Analysis (OSA)
solution
Key Players- Global Software Composition Analysis Market.