The significance of open-source software in the technology industry lies in its collaborative nature, allowing users to modify and distribute software freely. Open-source promotes innovation by enabling developers to enhance existing software without starting from scratch. This transparency can lead to increased security and quality since many contributors can identify and fix vulnerabilities. Furthermore, open-source projects often foster community support, leading to better documentation and user engagement. Businesses can reduce costs by utilizing open-source solutions, as they typically eliminate expensive licensing fees associated with proprietary software while retaining the flexibility to customize solutions.