Open source adoption in FinTech, Healthcare and Government is on the rise.
For the last several years, open source software has been growing in importance in businesses across numerous industries. Open source has huge potential in modern enterprises as it breaks the fences of historically built proprietary solutions that were considered to be the confidential intellectual property of an organization. Today, the adoption of this technology is on the rise and is expected to continue with equitable levels of enthusiasm.
According to The New Stack report, organizations across most industry verticals are frequently contributing to upstream projects, going from 42 percent to 46 percent over the last three years. In its ‘Open Source Programs in the Enterprise’ study, The New Stack, in partnership with The Linux Foundation’s TODO Group, found that financial services, healthcare and government organizations increased involvement with open source.
As per the survey, nearly 47 percent of financial firms said they regularly contribute code upstream, a jump from 29 percent in 2019. Further, 43 percent of finance companies reported that their organizations have an open source program or initiative, up from 23 percent last year. On the other side, the study findings show that 42 percent of healthcare organizations and 40 percent of government firms are much more likely to be regularly contributing to upstream projects.
Why Open Source Adoption is Stimulating?
For forward-looking innovative enterprises, open source is acknowledged as the future of software development. It permits a company’s IT department to expedite the process of bringing their ideas to market. Previously, the users of open source software have considered to be experts and more or less tantamount to the development pool. However, today, the software has entered the commercial mainstream and it has become more common to find open source products associated with profit-seeking firms.
As a company develops and maintains a particular project, contributions to its particular project have tended to come from different corporate and individual developers. Kubernetes, for instance. While Google founded the project, over 35,000 individuals from more than 2,000 companies contributed to a project that now runs to nearly two million lines of code.
Open source plays a considerable role in the industry, especially in high tech. Leveraging open source versions of proprietary software removes the need for expensive licenses, allowing the installation of the software with no fees and no limits on the number of software installations.
According to a survey of 959 IT leaders released by Red Hat earlier this year, increased reliance on and adoption of open source software is being driven by perceived higher quality as much as it is cost concerns. With 33 percent of IT leaders, the survey found that higher quality of software was the top reason of the adoption of open source, followed by lower total costs of ownership (30 percent) and better security (29 percent).