Open source software is now a multi-billion dollar industry

Date:
Mon, 23 Dec 2024 10:35:55 +0000

Description:
Open source software is worth $7.7 billion annually, and many companies are keen to invest in the industry.

FULL STORY ======================================================================Open source software is now worth an estimated $7.7 billion annually Median organizational spend stands are more than half a million Most investments are in the form of human labor, not cash

The continued rise in popularity for open source software (OSS) has made it a multi-billion dollar industry attracting investments from companies all over the world, new reseach has claimed.

The 2024 Open Source Software Funding Survey found organizations across the world are contributing an estimated $7.7 billion to open source projects
every year.

The research, which came from Github, the Linux Foundation and Harvard University, noted a clear split, with most (86%) investments coming in the form of workers' time. Only 14% revolved around direct financial contributions. Businesses are backing open source

The research used data from 501 survey respondents, who together contribute a combined $1.7 billion to OSS annually. Median organizational spend on OSS was valued at more than $520,0000 $345,000 to labor and $175,000 for direct financial contributions.

More than half (57%) of direct financial contributions went to contractors, with less than a fifth each going to specific projects (17%) and foundations (16%). Communities (4%), maintainers (4%) and bounty platforms (1%) also received cash injections.

However it also raised so-called blind spots in investments. More than two in three (68%) failed to answer how much financial support they gave different OSS targets, and nearly four in five (78%) didnt (or couldnt) share how much of their organizations budget is destined for OSS.

Despite best efforts to quantify the market, the figures come from a handful of organizations, and are a mere estimation, or best guess. Consequentially, the researchers are calling for employees to self-report contributions and
for contribution tracking to be incorporated into organizational workflows.

That said, there is a clear understanding that open-source software helps drive innovation, and GitHub, the Linux Foundation and Harvard want to encourage better monitoring and transparency to ensure OSS sustainability looking ahead. You might also like Weve listed the best laptops for programming Here are the best mobile workstations for on-the-go working Going open source could be the key to helping companies get the most out of AI



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Link to news story: https://www.techradar.com/pro/open-source-software-is-now-a-multi-billion-doll ar-industry


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