A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global hackathon management software market reached USD 187.1 million in 2020. The market is further expected to reach USD 292.2 million by 2026 and is projected to grow at a CAGR of 8.0% during 2021-2026 (forecast period). The growth of the global hackathon management software market has been positively impacted by the growing number of niche-based hackathons around the world. Hackathon management software is a platform that is provided by various software companies for budding and experienced developers and programmers around the world to showcase their skills in software development. A hackathon management software helps in setting various evaluation parameters, assigning multiple judges and jury for project evaluation, providing ratings to each idea or solution developed, allows for peer voting, and various other features.
Rising concerns regarding the environment and climate change has resulted in rising number of hackathons
Following the COVID-19 pandemic, a growing number of hackathons have been held to find new ways to combat environmental and climate change issues. Various government organizations and enterprises have been leveraging hackathon management software for addressing various environmental issues. For example, in June 2020, HackerEarth announced a hackathon arranged by Clean Air Asia (CAA)—an international non-governmental organization with a mission to upgrade the living standards of the people by providing air quality measures throughout Asia. Clean Air Asia is working with the Government of India on its exclusive National Clean Air initiative, which was launched in January 2019 by the Ministry of Environment, Forest and Climate Change with the aim of seeking innovative solutions to pollution and environmental other issues through campaigns, surveys and hackathons.
Rising healthcare expenditure amid the COVID-19 has resulted in more hackathon events
The COVID-19 pandemic has resulted in increased healthcare spending around the world, which has resulted in a spike in hackathons to find more robust ways to eliminate the virus. The developers are engaging in the hackathons to meet the demand for analyzing the real-time situation of the pandemic around the world and the overall healthcare infrastructure of a country. As a result, there is a growing demand for hackathon management software to analyze the end-product and integrate it into their systems in order to increase the overall efficiency of their healthcare infrastructure as well as the performance of developers all over the world.
Software segment occupied the largest market share in the type category
There are two main types of the hackathon management software market. The hackathon management software is available as both a software and a service. Software-based hackathon held the largest share in the market in 2020. It is expected to remain at the top during the forecast period as well. The hackathon management software as a software type can provide a platform to companies to connect with developers for creating new software, crafting an API, and other solutions for them.
Commercial Enterprises hold the largest share in the application segment
Based on the applications, the global hackathon management software market is bifurcated into government, commercial enterprises, and others. The commercial enterprise the segment accounted for the largest share in the market and held over 75% of the market share in 2020, and is expected to maintain its dominance in the upcoming years as well due to rising business opportunities around the world. The hackathon management platform is used by commercial companies to track, coordinate, and evaluate the performance of developers in hackathons, as well as to bridge the gap between potential employers and developers all over the world in order to solve business challenges and provide creative ideas for future products.
Global Hackathon Management Software Market: Regional Insights
Based on region, the market has been categorized into North America, Europe, China, Japan, the Middle East & Africa, India and South America. The North American region held the largest share in the market in 2020 and grew at a CAGR of 3.6% during the historical period. The U.S hosts a large number of hackathons every year for benefiting big business corporations like Apple Inc., Microsoft Corporation, Tesla Inc., Google LLC, Facebook Inc., and others to incorporate advanced technological solutions in the form of software development and augment their product line for enhancing the end-user experience.
On the other hand, Europe is expected to hold the second largest share in the hackathon management software market. The surge in public & private healthcare, as well as circular economy initiative is expected to help drive the growth of Europe’s hackathon management software market.
COVID Impact Analysis
The COVID-19 pandemic has had a positive impact on the overall hackathon management software market. Due to investments allocated in research and development for the COVID-19 pandemic, total spending on hackathon management tools has increased in recent months. With a vast majority of hackathons, screening and scoring and evaluation being conducted online amid the pandemic, many organizations have started incorporating the hackathon management software to find measures to curb the spread of the virus by leveraging innovative solutions.
The pandemic has made it really difficult for the students to attend their schools or colleges. As a result, the educational institutions have decided to find ways to enhance the knowledge of their students beyond the confinement of the books. Many educational institutions are using hackathon management software to encourage their students to participate in these hackathons so that they can learn new coding skills and broaden their skill set by participating in the hackathons and obtaining scores or reviews from industry experts, besides learning about coding and its relevance in the face of the pandemic. The educational institutions therefore, are playing a significant role in increasing the demand for the hackathon management software in various countries.
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