The version control systems market is expected to top USD 757.5 million in 2023. As per Future Market Insights (FMI) analysis, the market will register impressive growth at 10.8% CAGR between 2023 to 2033, as enterprises around the world exhibit high demand for automation and digitization in the software development processes.
Newly released data on the version control systems market indicates an 8.6% y-o-y growth in 2023. Centralized version control systems have the largest market share. On the other hand, the distributed version control systems are forecast to grow at a 12.7% CAGR through the assessment period.
| Attributes | Details |
|---|---|
| Version Control Systems Market Value (2022) | USD 689.5 million |
| Version Control Systems Market Value (2023) | USD 757.5 million |
| Version Control Systems Market Expected Value (2033) | USD 2.1 billion |
| Version Control Systems Market Projected CAGR (2023 to 2033) | 10.8% |
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The global version control market size is estimated to be valued at USD 757.5 million in 2023. The demand for version control systems is expected to rise at a CAGR of 10.7% during the forecast period 2023 to 2033.
Version control systems functioning as standalone applications are now being integrated with various software offerings. This integration enables developers to use the enhanced features of a version control system and keep track of every change, as the file is in consideration.
Technological advancements have led to a transition towards automation and digitization to reduce associated human tasks and errors. The ease of operation and user-friendliness also reflect the high demand for the same. The high demand for automated software management and tracking tools is expected to drive the growth of the market on a global scale. The global version control systems market is anticipated to witness growth in revenue to USD 2.1 billion by 2033.
Software development has emerged as the underlying enabler of digital transformation. The mounting demand for automation and digitization in the software development process, coupled with the increasing adoption of smartphones and tablets, is projected to drive the adoption of version control systems.
The increasing adoption of smartphones and tablets, and advancing technologies have resulted in increased spending on application development and deployment. Version control systems, being an integral component of the software development process will reflect a positive growth trajectory.
Companies operating in the version control systems market are delivering software solutions proactively, and are providing consultation services to help end-users maneuver through the ever-changing requirements.
With the deployment of the version control systems market, the companies operating in the market are helping software teams to collaborate and maintain the complete history of code changes. This allows developers to keep track of the modifications being made to the software modules.
Companies have been working with software development teams to cater to their customization demands aimed at meeting their frequently-changing industry-specific requirements.
According to the Future Market Insights analysis, the overall version control systems market spending in the United States alone is likely to increase at a rate of 10.1% between 2023 to 2033, with a market value of USD 757.5 million in 2023. According to the report, the United States was predicted to account for a market share of 24.7% in 2022.
The United States will emerge as the largest market for version control systems in North America, due to the strong presence of service providers like IBM, Microsoft, and Broadcom. This is attributed to the increase in demand for customized version control systems across different industry verticals.
Growing penetration of smartphones and the internet in the country also drive market growth. Growing demand for mobile apps and the rising necessity to manage diverse versions of these apps are anticipated to offer major growth opportunities to emerging and established players in the Version Control Systems market.
The version control systems market in Germany is anticipated to be valued at around USD 162.3 million by 2033. In recent years, many SMEs in European countries including the United Kingdom, France, and Germany have adopted version control software solutions and services owing to the popularity of cloud-based solutions.
The market in Europe for software development services is on the rise. The shortage of skilled software developers is pushing European companies towards outsourcing their processes.
A huge gap between the number of available software developers and the number of software development jobs has been plaguing the region. In 2014, the EU Commission had foreseen a shortage of 900,000 IT professionals for 2020. However, in 2017, the EU Commission altered this estimate to a shortage of 500,000. Thereby, European countries happen to be a high-potential market for version control systems.
Moreover, the abundant benefits offered by version control systems, including interoperability, portability, and auditing, are expected to boost market growth. Furthermore, growing development teams in the region and increasing demand for collaborations for projects to accelerate the product delivery processes are likely to support growth. The version control market in Germany is anticipated to expand at a CAGR of 8.7% over the forecast period.
According to the FMI analysis, the market for version control systems in China is likely to grow at a CAGR of 10.5% between 2023 to 2033, with a market value of around USD 44.4 million in 2023.
China, Japan, and South Korea are creating potential growth opportunities for version control systems owing to the rising emphasis of software developers on minimizing the complexities involved in the process of software development.
In the wake of this pandemic, there has been an increase in demand for digitization to run businesses across the globe. Growing demand for automation is anticipated to fuel demand. Companies across China are focused on implementing digital technologies in order to resume business operations through 2023 and beyond.
The market in India is anticipated to reach USD 61.2 million by 2033. The demand for centralized and distributed version control systems has increased rapidly across various industry verticals in major economies of the South Asia and Pacific region including India and Australia, which has created key potential growth opportunities for the market.
Moreover, in India, there has been a steady growth in the adoption of version control systems in the fields of IT & telecom and BFSI. Open-source distributed version control systems are increasingly gaining popularity in the country, owing to their ease of application and free-of-cost features.
Open-source distributed version control systems permit developers to alter and develop the source code as per their requirements with no cost and are predominantly gaining popularity among individual software developers.
The demand for distributed version control systems is projected to show major growth as developers seek cost-efficient operations. Furthermore, rapid growth in the retail and healthcare sector is expected to drive the market. The version control market in India is anticipated to expand at a CAGR of 14.9% over the forecast period.
The market is segmented into local version control systems, centralized version control systems, and distributed version control systems. The Centralized Version Control System segment was expected to dominate the market with a share of 63.6% of the global market in 2022.
The growth can be attributed to the rising demand for cost-effective tools for development along with the increasing demand to minimize complexities in software development. There has been an increase in traction for distributed version control systems and the segment is expected to grow at the highest CAGR of 12.7%.
In terms of deployment, the market is segmented into cloud and on-premise variants. The cloud segment is expected to register the highest CAGR of 10.4% during the forecast period, while also creating an incremental opportunity of USD 26.3 million between 2023 to 2033.
Software development companies are primarily focused on the deployment of cloud-based version control systems as they allow companies to reduce overall operating costs. Additionally, the cloud-based deployment also offers additional services that are integrated with the source control system, helping developers to streamline their development process.
For example, cloud-based service providers provide issue tracking integrated with the source control systems, which allows developers to identify and track issues that primarily initiate during the development process.
In terms of enterprise size, the market is segmented into small and medium enterprises (SMEs) and large enterprises. The large enterprises segment is expected to hold the largest share of the market accounting for USD 333.5 million in 2022, while growing at a considerable CAGR of 9.9% between 2023 to 2033.
The growth of the segment can be primarily attributed to the growing need for better-quality solutions and an efficient development process in large enterprises. Furthermore, high investments in research and development activities also contribute to business productivity.
In terms of end-use industries, the market is segmented as BFSI, healthcare, IT & telecom, retail, education, and others. With the growing popularity of digitization and automation across all industries, there has been a rise in demand for version control software solutions.
The BFSI industry segment is dominating the global version control systems and it is estimated to account for 19% of the total market value share by the end of 2023. The growing demand for machine learning and artificial intelligence is expected to bolster the deployment of numerous applications and software in the BFSI and retail industry verticals. Version control systems play a crucial role in BFSI organizations.
These organizations rely on mobile and software applications in order to execute financial activities and customer queries. The high dependency on software shall require banks to upgrade various software applications.
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. The introduction of new products and strategic partnerships are key with the top players in the version control systems landscape.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 10.8% from 2023 to 2033 |
| Market Value in 2023 | USD 757.5 million |
| Market Value in 2033 | USD 2.1 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, India, Malaysia, Singapore, Thailand, China, Japan, South Korea, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Segments Covered | Type, Deployment, Enterprise Size, Industry, Region |
| Key Companies Profiled | IBM Corporation; Microsoft Corporation; Broadcom, Inc.; Micro Focus; Apache Software Foundation; Canonical; GitHub; Perforce Software; Mercurial; BitMover Inc.; Codice Software; Dynamsoft |
| Customization & Pricing | Available upon Request |
The market is estimated to reach USD 2.1 billion by 2033.
The United States, China, and India dominate the global market.
The deployment growing demand for mobile apps is the key opportunity.
Market companies aid software teams in collaborative coding history.
Adopted version of control software solutions and services boosts Germany’s market.
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Version Control Systems Market
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