Is there some sort of software that can accomplish this?
Yes. Canon's "EOS Utility" will let you do this.
Another simple way to do this is with a remote release that has a built-in interval timer (aka "intervalometer") which is a timer that can control the shutter in bulb mode (and other modes) to take a series of long exposure images.
You need to use bulb mode, which will allow you take arbitrarily-long exposures. To enable bulb mode, first set your exposure to Manual, then just dial the shutter speed past 30 seconds, the next setting is "bulb".
I recommend using a remote shutter release, such as the Canon BR-E1 Bluetooth remote. With the camera in bulb mode, one press of the ...
You don't need other firmware to expose for longer than 30 seconds, you can simply use bulb mode.
This is an explanation on what bulb mode is
This video explains how you can use it on the M50. Probably your manual also describes how to use it (but I can't get the PDF to load at the moment).
You'll find that keeping the shutter open manually in bulb mode is ...
Yes, film exposure is affected by unusually long or short exposures (but not for normal photo exposure ranges). This is called reciprocity failure, see https://en.wikipedia.org/wiki/Reciprocity_(photography)
Digital is not affected by reciprocity, but noise becomes a problem at long exposures.
In properly exposed photographs, the only difference you (the viewer) should see is if something in the frame was in motion during the exposure. A sufficiently fast exposure will effectively freeze the object in motion. A longer exposure will blur the object.