New Delhi, March 20, 2024 (GLOBE NEWSWIRE) -- According to the latest report by Astute Analytica, the Asia Pacific software composition analysis market is projected to surpass US$ 370.51 million by 2032, up from US$ 96.45 million in 2023, at a CAGR of 16.13% during the forecast period 2024–2032.
Asia-Pacific’s SCA demand is being driven by the increasing number of internet users and adoption of mobile devices in the region. These factors are major contributors to the overall growth of the software composition analysis market. Rapid technological developments are a key factor in keeping companies competitive in this market. It is also important for market players to tailor their strategies based on understanding customer procurement behavior and adoption trends. Open-source software has become very popular across industries, but it comes with its own risks. A shocking 84% of commercial and proprietary codebases contain known open-source vulnerabilities, according to a new report. Furthermore, almost half (48%) of these codebases contain highly dangerous high-risk vulnerabilities. Compared to last year, there was an increase of 4% in known open-source vulnerabilities.
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In certain sectors across the Asia Pacific software composition analysis market like aerospace, aviation, automotive transportation, logistics where open-source is heavily used (73%), 63% of total code was found containing high-risk vulnerabilities (CVSS severity score of 7 or above). Energy and clean tech sector: 78% of codebase was found to be open source which further 69% of that contained high risk vulnerability. Open-source usage has risen sharply over the past five years across industries.
- Education technology: Increased by 163%
- Aerospace & related industries: Increased by 97%
- Manufacturing & robotics: Increased by 74%
Internet-of-Things (IoT) codebases had undergone a sharp increase with each consecutive year revealing a consistent rise in high-risk vulnerabilities at over five years; reaching up to a level as fatal as a mind-blowing figure at 130%. On another note, about 91% audited codebases used outdated open-source components which leads them exposed to well-known software issues.
The research reports conclude with recommendations for industry stakeholders, policymakers, and investors, which can guide strategic decisions and investments in the Software composition analysis market. The market forecasts and outlook provided in these reports are based on comprehensive analyses and can help stakeholders understand the potential future scenarios of the software composition analysis market.
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Key Findings in Asia Pacific Software Composition Analysis Market
| Market Forecast (2032) | US$ 370.51 million |
| CAGR | 16.13% |
| By Application | Software Development (47.3%) |
| By Component | Solution (77.1%) |
| By Industry | BFSI (29.4%) |
| By Enterprise Size | Large Enterprises (73.4%) |
| By Deployment Mode | Cloud (61.4%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Growing Demand for SCA Due to Supply Chain Risks
SCA is the most widely used measure against software supply-chain attacks, with 59% of US and Asia-Pacific organizations using it. The criticality of SCA is underscored by the fact that 72% of organizations suffered at least one breach via a software vulnerability in the last year. High-profile supply chain attacks in the software composition analysis market like those targeting Kaseya and SolarWinds have demonstrated that basic SCA solutions are no longer sufficient. The increasing awareness of risks associated with insecure open-source components in software supply chains has sparked demand for software composition analysis solutions. Automated SCA tools capable of keeping up with rapid development cycles driven by DevOps, cloud computing and digital transformation are also in high demand.
The explosion of open source, cloud services, APIs and emerging technologies such as IoT and containers has exponentially expanded the software supply chain attack surface. Attackers are capitalizing on vulnerabilities in complex software ecosystems to inject malware, steal data and launch advanced persistent threats (APTs). In the past year alone, both the volume and sophistication of these types of attacks have doubled. The Log4Shell flaw that affected millions of Java applications highlights why organizations must now monitor their entire software development lifecycle for vulnerabilities — from code to production
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Software Developers are Leading Consumers of Asia Pacific Software Composition Analysis Market, Contribute More than 47% Market Revenue
SCA provides organizations with the tools they need to see what's going on inside their software. It only makes sense that this level of visibility is necessary when organizations are becoming increasingly open-source focused. SCA answers a critical question: "What's inside my software?" which in turn helps other aspects of business flow smoother, like risk management and optimization. Ignoring SCA leaves companies vulnerable to a constantly morphing array of threats waiting to be exploited by hackers. With new regulatory pressures being implemented everywhere, it pays to stay ahead by using SCA tools so you can prove your due diligence in managing software risk and licensing obligations.
The ability to swiftly find and fix bugs in third-party components could give companies the edge on their competitors. When it comes down to it, if a player can deliver faster, more secure, reliable, and compliant products than them then they'll win everytime. That level of trust goes a long way in the current landscape which seems full of threats.
BFSI Industry is Leading the Asia Pacific Software Composition Analysis Market, Contribute Over 29.4% Revenue
Asia-Pacific banking, financial services and insurance (BFSI) companies are undergoing a rapid digital transformation, adopting cloud-based services, mobile banking and fintech innovations. In doing so, they’re increasingly using open-source components in their applications. This makes it crucial for them to understand their software composition and vulnerabilities so they can monitor and mitigate supply chain threats using SCA tools. Rapid digital transformation often means open sourcing your stuff. The software infrastructure of BFSI companies in the Asia-Pacific region is extensive. There is no doubt that these companies know how much risk they carry when using third-party code in their apps. Therefore, monitoring and mitigating supply chain threats with SCA tools is not surprising.
Supply chain attacks cost BFSI firms in the Asia-Pacific region millions. A lot of bad things come with such an attack. They include financial losses, operation downtime and disruptions among others. But one of the biggest problems is reputational damage as customers may lose trust in the firm's security protocols. It also poses a huge national security risk if attackers gain access to critical systems via compromised supply chains. Regulatory bodies often don’t take lightly inadequate data protection practices by BFSI companies in APAC region because it puts customer's personal information at great risk of theft or misuse. Fines put an unnecessary financial burden on the business during periods when every penny count for survival will be a huge blow.
India and China Control More than 50% Revenue of Asia Pacific Software Composition Analysis Market
China has the largest market share at 32% and will likely continue to grow. Open-source components are extremely risky in China's software development, so their top priority is addressing that. In second place is India who is projected to spend $58.68 million by 2030 on the Asia-Pacific Software composition analysis market. With growing awareness of open-source risks, software security is being prioritized more now than ever before in India.
The amount of money companies put into SCA solutions differ based on their size. Technology giants allocate about $1.5 million a year for them, mid-sized businesses put about $500k in, and smaller firms with little budget tend to put around $100k annually for SCA tools. Both countries notably consume a lot of SCA software within the region. What this means is they clearly care deeply about protecting their software products by focusing on its security measures. The growth seen in both markets stem from a collective understanding that risks associated with open-source components and third-party libraries must be proactively dealt with.
Asia Pacific Software Composition Analysis Market Key Players
- Synopsys
- Sonatype
- Veracode
- JFrog Xray
- Shiftleft
- WhiteSource Software
- Contrast Security
- Revenera
- nexB
- WhiteHat Security
- Other Prominent Players
Key Segmentation:
By Component
- Solution
- Services
By Application
- Software Development
- Corporate Transactions
- Security and Compliance
By Deployment Mode
- Cloud
- On Premise
By Enterprise Size
- Large enterprises
- Small and Medium-sized Enterprises (SMEs)
By Industry
- BFSI
- Telecom and IT
- Healthcare
- Government and defense
- Retail and e-commerce
- Manufacturing
- Automotive
- Education
- Others
By Region
- China
- Hong Kong
- Taiwan
- India
- Japan
- South Korea
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
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About Astute Analytica
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According to the latest report by Astute Analytica, the Asia Pacific software composition analysis market is projected to surpass US$ 370.51 million by 2032, up from US$ 96.45 million in 2023, at a CAGR of 16.13% during the forecast period 2024–2032.
