Version Control Systems Market Expected To Grow 716.1 million USD by 2023

The version control systems market has been segmented on the basis of type, deployment type, organization size, vertical, and region. Based on type, the market has been segmented into centralized version control systems (CVCS) and distributed version cont

(EMAILWIRE.COM, July 17, 2018 ) The version control systems market is projected to grow from USD 438.8 million in 2018 to USD 716.1 million by 2023, at a CAGR of 10.3% from 2018 to 2023. Continuously increasing adoption of smartphones and tablets, growing need to reduce complexities in software development, and rising demand for automation and digitalization tools are major factors driving the global market.

Based on organization size, the small & medium enterprises (SMEs) segment of the version control systems market is projected to grow at a higher CAGR 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 the open-source version control systems due to their cost-effectiveness.

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Based on vertical, the IT & telecom segment is projected to lead the version control systems market from 2018 to 2023. Growth in the development of mobile applications, the recurring release of updated software versions, and the need to identify and resolve software bugs have led to an increased demand for version control systems in IT & telecom organizations. Version control systems help IT & telecom organizations to secure the source code of the current version and work on the latest release.

The Asia Pacific version control systems market is projected to grow at the highest CAGR from 2018 to 2023. The emergence of DevOps is also expected to drive the demand for version control systems in this region. Organizations adopting DevOps are more likely to have a positive effect on the growth of market in this region.
Key players in the version control systems market include Atlassian (Australia), AWS (US), CA Technologies (US), Canonical (UK), Codice Software (Spain), CollabNet (US), GitHub (US), IBM (US), IC Manage (US), LogicalDOC (US), Luit Infotech (India), Micro Focus (UK), Microsoft (US), Perforce Software (US), and SourceGear (US). These companies adopt different growth strategies, such as expansions, agreements, collaborations, partnerships, acquisitions, new product launches, and product enhancements to increase their shares in the market.

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