Software Market Global Forecast 2023 - 2029
Software Market Report Scope and Research Methodology:
The Global Software Market exhibited a value of USD 592.87 Billion in 2022, and a robust growth trajectory is anticipated with a projected CAGR of 12.2% from 2023 to 2029, reaching an estimated USD 1327.12 Billion.
Within the software industry, enterprises are engaged in diverse activities, including software development, maintenance, and distribution. Business models range from the traditional "license/maintenance" approach, often on-site, to the contemporary "Cloud-based" approach encompassing services like SaaS, PaaS, IaaS, MBaaS, MSaaS, DCaaS, and more. The sector extends its offerings beyond software development to include services such as training, documentation, consultation, and data restoration. Notably, the software and computer services domain allocates over 15% of its net revenue for Research and Development, standing as the second-highest proportion among industries, surpassed only by pharmaceuticals and biotechnology.
The evolution of business intelligence (BI) and data analytics platforms is marked by rapid advancements, catering to a broadening user base that includes both technical and non-technical users. The surge in adoption, fueled in part by the impact of the pandemic, along with more accessible pricing models, cloud-based solutions, and the integration of low-code or no-code technologies, propels the ongoing momentum for BI and data analytics tools. This trend contributes significantly to the overall growth of the software market. While dashboards and descriptive reports retain their significance, advanced functionalities such as the ability to connect to diverse data sources, interactive visualizations, and self-service data preparation are increasingly gaining prominence among buyers in the BI and data analytics software landscape.
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Software Market Dynamics:
The primary catalyst propelling the growth of the global software market is the widespread adoption of digitalization in businesses worldwide. Organizations, recognizing the transformative potential of digital technologies, are making substantial investments in software solutions to streamline operations, elevate customer experiences, and maintain competitiveness in a rapidly evolving marketplace.
Across various sectors such as finance, healthcare, manufacturing, and retail, businesses are increasingly turning to software to optimize processes, manage data efficiently, and leverage the capabilities of analytics and artificial intelligence. Cloud computing and the prevalence of Software as a Service (SaaS) offerings are pivotal in this landscape, simplifying the accessibility and rapid deployment of software solutions at a cost-effective scale.
Furthermore, the ongoing trend towards remote work and the heightened emphasis on robust cybersecurity measures are contributing to the surge in demand for software solutions. These solutions not only facilitate remote collaboration but also ensure the safeguarding of sensitive information. This dual impact is anticipated to drive sustained growth in the global software market throughout the forecast period.
Software Market Regional Insights
In 2022, North America emerged as the leader in the global software market, commanding an impressive market share of 42%. This regional dominance is projected to persist, with an anticipated Compound Annual Growth Rate (CAGR) of 12.4% throughout the forecast period. The driving force behind this growth is the robust adoption of diverse software solutions across businesses in the region.
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Software Market Segmentation
by Enterprise Size
Small & Medium Enterprises
Large Enterprises
by Vertical
IT & Telecom
BFSI
Retail
Government/Public Sector
Energy & Utilities
Healthcare
Others
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Software Market Key Players include:
1. IBM Corporation - Armonk, New York, USA
2. McAfee Corporation - San Jose, California, USA
3. NortonLifeLock Inc. - Tempe, Arizona, USA
4. Microsoft - Redmond, Washington, USA
5. Oracle - Redwood City, California, USA
6. SAP SE - Walldorf, Germany
7. Adobe Inc. - San Jose, California, USA
8. VMware Inc. - Palo Alto, California, USA
9. Block, Inc. - New York City, New York, USA
10. Intuit Inc. - Mountain View, California, USA
11. Apple - Cupertino, California, USA
12. Amazon Web Services (AWS) - Seattle, Washington, USA
13. Google - Mountain View, California, USA
14. Salesforce - San Francisco, California, USA
15. Intel - Santa Clara, California, USA
16. Cisco Systems - San Jose, California, USA
17. Dell Technologies - Round Rock, Texas, USA
18. Autodesk - San Rafael, California, USA
19. ServiceNow - Santa Clara, California, USA
20. Workday - Pleasanton, California, USA
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