Market Trends of DevOps Industry
BFSI is Expected to Hold a Significant Share of the Market
- DevOps allows financial institutions to meet and even surpass new customer expectations. This method increases financial institutions' chances of successfully delivering value to customers while reducing risks and expenses.
- As a result, many banks, financial services providers, and Fintechs are working to modernize outdated banking systems. DevOps is the new mechanism for driving digital change, consisting of activities, tools, and methodologies. Effective governance, security, risk, and compliance policies may be implemented with DevOps approaches, which can improve the quality of application releases.
- Further, Numerous agreements and investments are processed daily in the banking and financial services industry. As a result, it is essential to protect sensitive information and adhere to a wide range of data security and privacy standards. Automation of software lifecycle pipelines is aided by the widespread use of established practices like infrastructure as code and continuous integration and deployment (CI/CD).
- Automation should be used whenever possible to guarantee flawless software delivery free of human mistakes. Best practices advocated by DevOps, such as more thorough documentation of the development and testing phases, protocols for ensuring regulatory compliance, and explicit frameworks for application governance, risk management, and security, all contribute to a higher level of protection.
- Moreover, the personal and financial data accumulated by financial services businesses makes them an immediate target for cyber attacks. Thus, financial services organizations face constant pressure to boost their cyber security and speed up their software releases. Additionally, financial services are one of the most regulated sectors globally.
- These are just a few reasons why implementing DevSecOps is imperative for the finance sector. DevSecOps is the end-to-end collaboration of security, development, and functions teams throughout the software development lifecycle. It also includes automating their tasks, resulting in the frequent and secure release of software that empowers digital businesses.
- The players in the market are expanding their products to cater to a wide range of needs of financial institutions. For instance, in April 2023, Following the acquisition of Chicago-based BreakFree Solutions by ThoughtFocus, Inc., the company recently announced new services that help banking and financial services clients implement and scale strategic digital initiatives through a marriage of agile and DevOps frameworks.
- ThoughtFocus, through its expertise in product development, cloud enablement, DevOps platform engineering, digital security, infrastructure as code (IaC), and automation, has a demonstrated track record of helping on-prem financial services organizations behave like cloud-native DevOps teams with new skills, processes, and tools.
- DevOps as a methodology enables capital markets teams to make better, more informed decisions about each enhancement or addition and find their balance between trading and software development risk. According to the World Federation of Exchanges, In 2022, approximately nine billion contracts for single stock options were traded worldwide. Such huge trade of options would push financial institutions to deploy DevOps for better functioning and provide better services to its customer.
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North America is Expected to Hold Significant Share of the Market
- North America is a developed market, owing to several market players working toward easing the continuous integration capabilities of firms. Bulk data integration methods and tools are currently most efficiently implemented to identify data synchronization patterns in critical end users such as retail, banking, financial service, and insurance (BFSI), or government initiatives. The general trend has favored adopting continuous integration (CI) infrastructure to advance DevOps and streamline operations.
- A notable consideration of early adopters has been that if a task is driven by shared infrastructure, the regulation must consequently be publicly available and deployed occasionally throughout the development and deployment process, ensuring access of the code to quality assurance and security audits by the public, and additional relevant third parties, allowing for rapid development and fixing process.
- Further, disparate toolchains and manual tasks that make bottlenecks in the software development lifecycle compromise Develop and Operation teams' ability to introduce software faster and with less risk. With the Dynatrace cloud automation tool and integrations, plus an ecosystem of best-in-breed DevSecOps members, teams get deep and expansive observability, run-time application security, and advanced AIOps to automate toolchains for remediation and delivery. While digital transformation initiatives have evident advantages for businesses, they also bring growing complexity to technology and digital services teams. The need for orchestration and automation across the software development lifecycle (SDLC) has increased.
- The regional players are collaborating to provide better services to its customer. For instance, in September 2022, Dell announced expanding its partnership with leading open-source software products provider Red Hat to facilitate deploying and managing on-premises, containerized infrastructure in multi-cloud environments. Powered by Intel, this collaboration streamlines and provides configurative direction for deploying and managing on-premises infrastructure for container orchestration while enabling DevOps productivity. Customers can scale IT agility by quickly getting their on-premises infrastructure running while predictably utilizing a Red Hat OpenShift environment on Dell inc PowerFlex software-defined infrastructure.
- Similarly, in March 2023, Canadian information management software provider OpenText introduced the latest version of ValueEdge, a cloud-based DevOps and value stream management (VSM) platform. This announcement comes after OpenText acquired UK software giant Micro Focus, which included ValueEdge, in a USD 6 billion all-cash transaction earlier this year. Powered by ValueEdge Strategy and ValueEdge Agile, this will allow the continuous planning process required in today's agile development organizations. It also features portfolio management and visualization, investment prioritization capabilities, and integration into agile management.
- Many robust enterprises in the region have adopted a low-code DevOps approach which has been quite beneficial for teams. For instance, in May 2023, ProcessMaker, a low-code business process automation software company, announced the release of its Spring 2023 Platform. ProcessMaker artificial intelligence (AI), a decision engine, process templates, dependent choose lists, modeler usability improvements, dynamic menu enhancements, autosave, and other features are included in this release. The decision engine uses intelligent decision tables as a stand-alone asset to automate complex business processes without requiring code.
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