Global Hackathon Management Software Market Report

Global Hackathon Management Software Market, By Type (Software, Services), By Application (Government, Commercial Enterprises, Others), By Region (North America, Europe, China, Japan, the Middle East & Africa, India, South America,); Trend Analysis, Competitive Market Share & Forecast, 2016-2026

  • Published Date: April 2021
  • Report ID: BWC20330
  • Available Format: PDF
  • Page: 176

Report Overview

The global hackathon management software market was worth USD 187.1 million in 2020 and is further projected to reach USD 292.2 million by 2026, at a CAGR of 8.0% during 2021-2026 (forecast period).

Global Hackathon Management Software Market- Industry Trends & Forecast Report 2026

The global hackathon management software market was worth USD 187.1 million in 2020 and is further projected to reach USD 292.2 million by 2026, at a CAGR of 8.0% during 2021-2026 (forecast period). The hackathon management software market is expected to grow in response to the growing need for data security and protection among small, medium, and large businesses in both developed and emerging nations. Additionally, the growing demand for developing innovative software-driven solutions by organizing hackathons across various segments like government, commercial businesses and others is driving the growth of the market. The demand for hackathon management tools is also projected to increase as Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT), become more widely used in security systems. Furthermore, the growing adoption of cutting-edge technology such as data mining, data analytics, and business intelligence (BI) is expected to fuel the hackathon management software market. Furthermore, the hackathon management software market has grown as a result of the hackathon management software's ability to ensure the smooth running of the hackathon events.

 

Source: BlueWeave Consulting

 

Global Hackathon Management Software Market Overview

Hackathon management software is a platform provided to various developers and practitioners around the world to showcase their skills in software development. While hackathons are designed to achieve a specific purpose, they may also serve as a way for developers to meet potential employers. A hackathon management software aids in assigning multiple judges, setting various evaluation parameters, providing ratings and scores to each idea or solution, and creating a real-time dashboard for analyzing the performance of various developers and teams. t also allows for peer voting, as well as the possibility of leaving suggestions after each concept has been evaluated.

Growth Drivers

Rising number of hackathons pertaining to the environment and climate change contributing to the market growth

With the rising concerns pertaining to the environment and climate change, the need for the environment-driven hackathons have increased. Various organizations and enterprises around the world have been incorporating hackathon management software for finding solutions to curb various environmental issues. For example, in June 2020, HackerEarth announced a hackathon arranged by Clean Air Asia (CAA)--an international non-governmental organization whose mission is to to upgrade the living standards of the people in Asia by providing air quality measures.

Growth of cloud industry augmenting the capabilities of the hackathon management software

Growing cloud industry has been driving the hackathon management software market, as the cloud computing software have been witnessing a change in the dynamics of industrial automation to enhance portability of their business operations. As a result, companies which are thinking of incorporating cloud computing services to their arsenal are searching for more robust solutions from developers all over the world. Consequently, it has resulted in a greater demand for hackathon platforms. With the rising number of hackathon platforms, the demand for hackathon management has risen dramatically. This includes quality testing of the software created, adding expert feedback, and allowing developers to be evaluated in real-time.

Increased healthcare expenditure for R&D resulting in more hackathon events

The rising healthcare expenditure due to COVID-19 has resulted in finding more robust solutions to eradicate the virus with the help of hackathons. The world is currently witnessing a spree of healthcare-oriented hackathons. Currently, the demands for analyzing the real-time situation of the pandemic around the world, such as which hospitals lack sufficient oxygen, which states/districts require more relief funds, and analyzing a country's overall healthcare infrastructure, has grown more than ever. As a result, the demand for hackathon management software to evaluate the end-product as well as the performance of developers all over the world has increased.

Restraints

Time consumption in analyzing the hackathon events might hinder its growth

Hackathon management software is a time-consuming affair that requires both developers as well as the companies and organizations hosting the hackathon to undergo a number of steps, including reviewing peer votes, industry expert reviews, real-time assessment, and so on. As a result, it becomes difficult for the programmers to come up with the best software developed in a day or two. Additionally, many hackathons are prone to inviting budding developers to test their expertise in various domains of software development, which results in bad code practices and unwanted project submissions, thereby prolonging the time it takes to get the best software developed and uploaded on the hackathon platform.

Impact of COVID-19 on the global hackathon management software market

The hackathon management software had witnessed a rise in demand during the pandemic owing to the requirement of innovative solutions to curb the spread of the virus and make people aware of the present situation in their respective countries. Furthermore, overall spending by commercial and government organizations on incorporating hackathon management software has increased in recent months. The need for hackathon management software is critical in this pandemic situation, with the vast majority of hackathons, screening, scoring, and evaluation being conducted online, as offline hackathons took a toll during the pandemic.

Global Hackathon Management Software Market- By Type

Based on the type, the hackathon management software market can be bifurcated into software and services. Presently, software-based hackathon management holds a larger share in the market owing to recent developments in the technology world. The software-based hackathon management is expected to retain a larger share in the market during the forecast period as well. The hackathon management software is a type of hackathon management software in which companies can connect with programmers to create new software, revamp operating systems, craft an API for a web application, and other software-based solutions for various companies and organizations.

Global Hackathon Management Software Market- By Application

Based on the application, the global hackathon management software market is bifurcated into government, commercial enterprises, and others. The commercial enterprise segment held the largest market share of over 75% in the year 2020, and it is further expected to hold the larger share in the coming years as well. The commercial sector leverages the hackathon management software to organize and evaluate the performance of developers and programmers in the hackathons for solving business problems and provide innovative solutions for future products.

Source: BlueWeave Consulting

Global Hackathon Management Software Market- By Region

 

Based on region, the global hackathon management software market is segmented into North America, Europe, China, Japan, Middle East & Africa, India, & South America region. The North American region accounted for the largest share in the hackathon management software market and grew at a CAGR of 3.6% during the historical period. Presence of a number of tech giants like Apple Inc., Microsoft Corporation, Tesla Inc., Google LLC, Facebook Inc., and others, and some of the top institutions in the world like MIT (Massachusetts Institute of Technology), Stanford University, Harvard University, University of California, and many others have supported the growth of hackathon management software market in the US under COVID-19. Hackathons are being promoted by businesses and educational institutions as a means of encouraging innovation and problem-solving.  Companies are also hiring candidates based on how well they perform at hackathons.

Source: BlueWeave Consulting

 

Competitive Landscape

The presence of several companies focusing on the development of the hackathon management software in both developing and developed regions has resulted in making it a highly fragmented market. As a result, the market space provides a lot of opportunities for new entrants. The key market players include firms like Mettl Online Assessment, HackerEarth, Dev Accelerator Pvt Ltd., Brightidea, Inc., HYPE Innovation, Slack Technologies, Inc., SkipsoLabs, Devpost, Inc., UPDIVISION, and other prominent players. The market players are competing intensively in terms of producing cost-effective and efficient hackathon management software.

Recent Developments

·         In March 2021, HYPE Innovation (world leader in innovation management solutions), has announced its acquisition of INNOSPOT GmbH (AI-based start-up). The acquisition is expected to enable their customers to govern innovation processes within their companies. Additionally, it can also provide some room to challenge themselves out of the comfort zones of their organization and help them identify potential leaders and innovators.

·         In March 2021, Amazon Inc. (India) announced the launch of the ‘Amazon Smbhav- Build for India’ Hackathon. The hackathon was organized by Skillenza (a hackathon platform) that is supported by Amazon. “Amazon Smbhav- Build for India” hackathon is a part of Amazon’s flagship program– “Smbhav” which is aimed at inviting and bridging the gaps between developers and industry experts to enable the development of innovative and robust solutions to support the AatmaNirbhar Bharat Initiative. The hackathon was designed to equip developers and programmers with an opportunity to develop disruptive solutions and solve real-world business problems.

 

Scope of Report

Attribute

                                        Details

Years considered

Historical data- 2016-2020

Base Year- 2021

Forecast- 2021-2026

Facts covered

Revenue in USD million

Market coverage

US, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, China, Japan, India, Argentina, UAE, South Africa, Saudi Arabia, Turkey, Egypt, and others

Product/ Service segmentation

By Type, By Application

Key Players

Mettl Online Assessment, HackerEarth, Dev Accelerator Pvt Ltd., Brightidea, Inc., HYPE Innovation, Slack Technologies, Inc., SkipsoLabs, Devpost, Inc. UPDIVISION, and other prominent players.

 

By Type

Ø  Software

Ø  Services

By Application

Ø  Government

Ø  Commercial Enterprises

Ø  Others

By Region

Ø  North America

Ø  Europe

Ø  China

Ø  Japan

Ø  The Middle East and Africa

Ø  India

Ø  South America

 

 

FAQs:

1.    What is the current size of the global hackathon management software market?

Answer: The global hackathon management software market has reached USD 187.1 million in 2020.

2.    What are the major factors driving the growth of the global hackathon management software market?

Answer:  The following are the major factors driving the global hackathon management software market: Rising number of hackathons pertaining to the environment and climate change have contributed to the growth of the market, growth of the cloud industry has augmented the capabilities of the hackathon management software, and rising healthcare expenditure for research and development resulted in more hackathon events.

3.    Who are the key players in the global hackathon management software market?

Answer:  The key players in the global hackathon management software market are Mettl Online Assessment, HackerEarth, Dev Accelerator Pvt Ltd., Brightidea, Inc., HYPE Innovation, Slack Technologies, Inc., SkipsoLabs, Devpost, Inc., UPDIVISION, and other prominent players.

4.    Which type accounted for the largest share in the global hackathon management software market?

Answer: Based on type, software segment accounted for the largest share in the global hackathon management software market.

5.    Which region would witness a higher growth rate in the global hackathon management software market, amid COVID-19, in the coming years?

 

Answer: South America is likely to grow at the highest rate in the global hackathon management software market in the upcoming years.