Matching the changing pace of technologies and prospering the growth is the new face of business survival. Every passing day leads us to more advanced and trailblazing aspects of lifestyle through pioneering software development. From online shopping to taking online classes, from artificial intelligence to cryptocurrency, everything revolves around the digital ecosystem. Every effort of developers and programmers is to cater a soothing and hassle-free digital experience to every user.
According to Grand View Research, the global software market size was estimated at USD 583.47 billion in 2022 and is expected to grow at a CAGR of 11.5% from 2023 to 2030.
Additionally, growing network security and privacy encourage company expansion. The COVID-19 epidemic had a favorable effect on the world market.
During COVID-19, businesses were encouraged to install software solutions and set up malware protection, recognition, and mitigation methods, which fueled the market’s expansion. This was due to growing worry about cyber threats.
How Vast is The Digital World Ecosystem?
Software Development & Developers Market
The rapid advancement of technology makes this digital world more buzzing and more dynamic. And, software development acts as a fuel that drives our IT services at high speed. Most of the software market is covered by enterprise software that faces a decline in 2020 due to COVID, but soon it resumes its growth in 2021 as per Statista Forecast.
Image Source: Statista.com
As always, the outline of software needs utmost attention to the end-user experience. However, digitalization compels industries to step forward to adopt cloud application services or SaaS (software as a service) to amplify user engagement. Although, the market still opens for other forms of software.
In a Statista report, the software market revenue is projected to reach US $659.00bn in 2023, with enterprise software dominating the market with a projected market volume of US 271.80bn.
The calculation of Evans Data Corporation estimates 26,4 million software developers in the world in 2019 and is expected to touch 28.7 million in 2024. Quite interestingly, India will overtake the U.S. as the largest developer population center in 2024.
Trust us to develop secure and reliable software solutions for your business needs.
Industrial Revolutions in a Digitally-enabled Ecosystem
CyberSecurity and cloud-based applications are some of the significant aspects of the industry’s rapid development. Now, it is termed Industry 4.0 and brings drastic changes into our lives, from mechanical manufacturing facilities to cyber-physical systems.
ValueCoders’ software outsourcing services are dedicated to make secure digital enterprises. We focus on catering smart connected solutions through IoT (internet of things) and advanced app development.
More connectivity to cyberspace amplifies the significance of data security. In the case of data handling, telecom operators are one of the few entities to focus on. Also, data is a fundamental element of B2B2C models to sustain the growth of the telecom industry in India. While advancing the digital framework in the telecom ecosystem, one has to include key players such as mobile apps (WhatsApp, Skype), Internet Service Provider (ISP), App developers, Communications Service Providers (CSP), and Device manufacturers.
Here, more engagement raises concerns about data privacy that need to be expanded beyond the I.T. Act.
Industry 4.0 is widening the digital ecosystem by adding smart solutions to the market and leveraging the user experience.
Also read: Cybersecurity In Software Development
Software requirements after COVID Pandemic
COVID-19 pandemic revealed the urgency of digital transformation to meet software requirements. Companies need to address the new face of this information world. Recent research by the IBM Institute for Business Values demonstrates the shifting interest in digital transformation from other core elements such as cost management, customer retention, etc.
Image Source: IBM
59% of companies have accelerated digital transformation, and the remaining 66% have finished the previously encountered resistance. Organizations are reshaping their strategies and investing in the latest technologies such as IoT, blockchain, etc., as an active recovery of a pandemic. This paradigm shifts the attention of companies into the following matters:
- Software product engineering emerges as a new software development model to build customer-facing and market-oriented software.
- COVID-19 High-Performance Computing (HPC) Consortium is joined by top companies Amazon, Google, and Microsoft for computational research programs.
- A business partnership is a new success strategy to excel the business ventures and expansions.
- More attention is shifted to hybrid cloud and taking business functions to the cloud.
- Security thefts in Software Engineering
Read more about Software requirements: Software Engineering
Cybercrime Data analysis
According to a post by Business News Daily, cybercrime is predicted to cost $8 trillion in 2023 and will grow to $10.5 trillion by 2025
More user engagement makes data security more vulnerable and raises cybercrime concerns. 60%% of small businesses that are victims of a cyber attack go out of business within six months
On the surface, cybercrime is conducted in data theft, identity fraud, ransomware attacks, phishing campaigns, copyright infringement, etc. The consequences of these attacks can lead to data breaches.
According to an analysis, the average cost of a healthcare data breach rose to around $11 million in 2023, an increase of 8% from the previous year and a 53% increase from 2020.
Every type of cybercrime leads us to data breaches, and hacking is one of the most common criminal activities on the internet.
Hackers exploit a weakness in online communication, digital networks, or computer systems and spread malware or gain unauthorized access to data to pursue criminal activities. All actions uplift the urgency of a robust defense system to stop cyber attacks.
While discussing data breaching, social media also is a massive center of attraction. However, many users are skeptical about the data being used.
Facebook received 64,148 requests for user information from US law enforcement agencies in the second half of 2022. Germany came in second with 17 thousand requests, followed by India with 63 thousand user data requests. A total of 239 thousand requests were made throughout the measurement period
Web Application Vulnerabilities and Threats
Misconfiguration in web application code allows hackers to get control over your website. That’s why the security of software development raises concerns to address web application vulnerabilities and threats.
The US government’s National Vulnerability Database (NVD) shares the case studies of cybercrimes of prominent organizations.
According to Tenable’s 2020 Threat Landscape Retrospective Report, about 22 billion data were exposed in data breaches globally in 2020.
For more insights on ransom attacks, go through the pick points of Check Point Cyber Security Report 2021
Increment of 20% in email-based attacks from 2019 to 2020 as compared to web attack vectors.
In 2019 and 2020, Emotet was the most heavily distributed malware family. It is a botnet responsible for the distribution of Trickbot, Qbot, and more, in some cases resulting in a ransomware attack.
XMRig is the most attacked cryptominer, whereas Lucifer is a self-propagating, multi-platform malware targeting Linux, IoT devices, and Windows web servers.
Hiddad or ‘Hidden Ad’ tops the chart of mobile malware global analysis. Through this malware, attackers can easily fetch the details from victims’ mobile by displaying ads. During COVID, the malware disguised itself as a coronavirus information app for Arab speakers.
In 2020, a team of developers took 280 days to identify a cyber breach that led to the loss of nearly $4 million.
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How To Approach Secure Software Development?
Secure Development Lifecycle (SDL)
Cyberattacks and enhanced data security directs companies to think about secure software development. ValueCoders is India’s leading software IT outsourcing company that continuously addresses defects to make secure software and reduce vulnerabilities. Divide software development lifecycle into different segments starting from requirements and move to other steps, designing, implementation, and testing.
The Software Engineering Institute developed the Team Software Process (TSP), allowing software developers and developer teams to create software under a definite process. This process wants companies to focus on:
- Use common sense software engineering practices
- Tackle defects throughout the software product development lifecycle
- Use proper measurement to control the process
- Track the process and address defect prevention as well as removal
- Apply predictive measures for remaining defects
Another significant example demonstrated by Microsoft Security Development Lifecycle (SDL) practices. SDL practices support security assurance and compliance requirements and also reduce the severity of vulnerabilities in software development. As per Microsoft, software developers are suggested to follow various practices:
- Providing training
- Define security requirements
- Define metrics and compliance reporting
- Perform threat modeling
- Establish Design requirements
- Define & use cryptography
- Use third-party components to manage security risk
- Use approved tools
- Perform Static Analysis Security Testing (SAST)
- Perform Dynamic Analysis Security Testing (DAST)
- Perform Penetration Testing
- Establish a Standard Incident Response Process
Offshore Software Development Services
Maintaining software security favors offshore software development services for enhanced data security. Costing and quality services are the main focus areas of IT outsourcing services.
The market for outsourcing services is enormous. In 2019, the global outsourcing market registered as 92.5 billion U.S. dollars and was expected to reach over US$460.10bn in 2023
A Statista report projected the revenue to show an annual growth rate (CAGR 2023-2028) of 11.07%, resulting in a market volume of US$777.70bn by 2028.
It’s gaining popularity because it offers the latest technologies, such as cloud computing, and blockchain technology, and is expanding the digital transformation.
Further reading: Setting Up A Dedicated Offshore Development Center
ValueCoders is a top software outsourcing company in India and is making an effort to provide an enhanced digital experience via secure software development. After laying the foundation stone in the technology era in 2004, the software development company successfully maintained 97% client retention and has delivered 4200+ projects so far.
With business domain knowledge, proven methodologies, and the technology expertise of 650+ skilled software professionals, ValueCoders delivers IT outsourcing services worldwide. Build a dedicated development team with the right technology stack at ValueCoders.