USD 275 billion
Software Consulting Market Size, Share, Growth Analysis, By Application(Enterprise Solutions, Application Development, Migration & Maintenance Services, Design Services), By End - Use(Automotive, BFSI, Education, Government), By Enterprize Size(Large Enterprise, Small & Medium Enterprises (SMEs)), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2144 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
99
|Figures:
76
Software Consulting Market Insights
Global Software Consulting Market size was valued at USD 275 billion in 2022 and is poised to grow from USD 309.38 billion in 2023 to USD 793.79 billion by 2031, growing at a CAGR of 12.5% in the forecast period (2024-2031).
The global software consulting market has recently witnessed a period of significant growth. This is because global industries are focusing on digitalization. Companies want to incorporate efficient software solutions into their IT infrastructure. They have prioritized effective implementation of software. Businesses are demanding novel solutions for their IT needs. This need is fulfilled by the ongoing technological innovation and advancements. These include the choice to adopt technologies like data analytics and cloud computing.
This market has grown due to enterprises looking to incorporate software consulting services into their workforce. Companies need to make informed decisions when investing in software. This has fueled the demand for this market, fostering market growth. In times of economic prosperity businesses give into the appeal of these services as they have access to larger budgets. This heightened demand for consulting services is a direct result of ongoing technological advancements.
While several factors drive the software consulting market, it faces significant constraints. Meeting client expectations, acquiring technical skills, managing cultural differences, addressing business change, and navigating integration challenges are among the hurdles. Additionally, with increased digitalization, data security concerns have grown as hackers exploit software adoption and the expanding use of cloud computing to target vital organizational data.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
large enterprise
Fastest Growth
drain bags
Growth Rate
12.5% CAGR
Global Software Consulting Market ($ Bn)
Country Share for North America Region (%)
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Software Consulting Market Segmental Analysis
The global software consulting market is segmented on the basis of enterprise size, end–use, application, region. By enterprise size, the market is segmented into large enterprise, small & medium enterprises (SMEs). By end - use, the market is segmented into automotive, BFSI, education, government, healthcare, IT & telecom, manufacturing, retail, others. By application, the market is segmented into enterprise solutions, application development, migration & maintenance services, design services, application testing services, software security services, others. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Analysis By Application
As of 2022, enterprise solutions hold a market share exceeding 21% . This has led this segment to sit at the top of the market. This can be credited to the rising need for software solutions. These include Enterprise Resource Planning (ERP), Enterprise Content Management (ECM), and Customer Relationship Management (CRM). These software applications are being widely adopted. This is due to enterprises needing consulting services for various reasons. CRM has become a vital component to raise customer engagement. It highlights the importance of consulting services in this field that has led businesses to create specialist solutions for areas such as social listening, measurement, management, and monitoring.
Software security services have grown at the quickest rate in the market. This explosive growth can be credited to several reasons. Businesses have grown accustomed to completely rely on cloud servers for data storage. This can be a potential challenge with the increasing rate of cyberattacks that want unauthorized access to sensitive information. This has led to a rise in demand for this segment’s product. Additionally, trends like Work From Home (WFH) and Bring Your Own Device (BYOD) and the rigid regulatory framework have also upped the demand for software security services. The rising popularity of e-commerce, social networking, and cloud computing result in a requirement for safe storage of data in the cloud. All of these factors have contributed to the surge in this segment’s growth and the continued trajectory.
Analysis By Enterprise Size
As of 2022, large enterprises held the largest market share, exceeding 60%. This segment needs to handle huge loads of data, locally and internationally. Thus, they require effective data management techniques. That’s why these enterprises need software security services, in order to oversee and secure business data. Large investments towards building and maintaining robust IT infrastructure have been made by this segment. There’s a notable trend in the B2B sector. That’s the escalating demand for Software-as-a-Service (SaaS) solutions. This will help this sector use technologies like AI and ML to improve data-driven decision-making and automation ino overall operations.
Small and medium enterprises (SMEs) have grown rapidly in the market. Government initiatives, like digital SME campaigns, have become more common, which has helped this growth. These policies support higher digitalization rates among SMEs. Though SMEs have limited budgets, they are slowly investing in IT infrastructure setups. SMEs can improve user experience and easily deploy flexible software thanks to cloud-based SaaS solutions. In order to stay relevant in the market and adapt to changing needs of the growing number of consumers, SMEs are trying to maintain a robust IT infrastructure. More affordable SaaS tools have been introduced in the market. This has made cost-effective software solutions more accessible to SMEs, allowing them to compete with larger enterprises.
Global Software Consulting Market By Enterprise Size
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Software Consulting Market Regional Insights
In 2022, North America held a market revenue share of over 30%. This proved it to be the largest region in the market. It is predicted to hold this dominance from 2023 to 2030 due to continuing growth. The region’s high investments in technological R&D across multiple industries has helped it lead the market. This development has also resulted in a heightened demand for IT and software solutions. This demand is further bolstered as new technologies like IoT and data analytics are being widely adopted. The digital transformation trend has also fueled the software consulting market’s growth in North America. The US is a vital center for such services, contributing largely to the region’s supremacy. The emergence of several tech start-ups and the ongoing adoption of CRM (Customer Relationship Management), ERP (Enterprise Resource Planning), and cloud services has cemented this region’s market position.
The Asia-Pacific region has grown rapidly in the market. Several governments in the APAC region are supporting the integration of software into businesses. These include Free and Open-Source Software (FOSS) for Software as a Service (SaaS), mobile applications, and Service-Oriented Architecture (SOA). This along with the focus on FOSS development will predictably raise the adoption of software consulting services within the APAC region. The growing popularity of e-commerce in the region has driven the need for web and mobile app design, which can be improved with the help of these services.
Global Software Consulting Market By Region
- Largest
- Fastest
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Software Consulting Market Dynamics
Drivers
Cloud Computing
- The recent introduction and extensive adoption of cloud computing services has driven the girth of the software consulting market. Firms that are employing cloud migration, integration, and management, require expert knowledge. Thus, cloud-based consulting has gained popularity, fueling market growth.
Digital Transformation
- The global stress on digitalization has pushed companies to transform their workflow with digital services. They are integrating new technologies to enhance the efficiency and performance of their work. In order to traverse through this digital landscape effectively, businesses are looking for software solutions, driving market growth.
Data Analytics
- Companies require an immense amount of data to make informed decisions. This drives market demand and new technologies in the market help fulfill this need. Technologies like data analytics, along with ML and AI, can provide actionable insights after studying vast datasets in minutes.
Restraints
Budget Constraints
- Limited budget or economic downturns can cause clients to opt for a reduction in spending towards software consulting services. This can hamper market growth.
Talent Shortage
- There is a scarcity in the availability of skilled and expert software consultants in the market. To search, capture, and retain this talent can be difficult. It is a significant inhibitor to market growth.
High Competition
- The software consulting market’s intense rivalry is fueled by new entrants and established firms that are striving to capture a larger client base. This environment can be pressurizing, driving price wars and lower profit margins, which can pose a problem.
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Software Consulting Market Competitive Landscape
The global software consulting market’s competitive environment is a dynamic for and is continuously evolving. There are several new developments in this landscape. Market entrants are emerging into the arena that is occupied by accomplished players, who are partnering up to combine their strengths. New technologies like AI and ML have also revolutionized the market, offering an opportunity for advanced product development.
The software consulting market is quite challenging. Regardless of that fact, it poses great potential for growth. Software consulting firms that can adapt and evolve in the changing market conditions by prioritizing innovative solutions have promising prospects to succeed in the near future.
Top Player’s Company Profiles
- Tata Consultancy Services (TCS) (India)
- Capgemini (France)
- Deloitte (USA)
- Syntel (USA)
- Accenture (Ireland)
- Infosys (India)
- DXC Technology (USA)
- Atos (France)
- Ernst & Young (EY) (UK)
- Cognizant (USA)
- HCL Technologies (India)
- Wipro (India)
- NTT Data (Japan)
- Larsen & Toubro Infotech (LTI) (India)
- CGI Inc. (Canada)
- PricewaterhouseCoopers (PwC) (UK)
- Happiest Minds Technologies (India)
- KPMG (Netherlands)
- IBM Global Business Services (USA)
- Tech Mahindra (India)
Recent Developments
- Cobalt Software is a club management software solution company. It was bought by Infosys in January 2023. This purchase will help the latter company to braden its cloud-based products for the manufacturing industry.
- Accenture is a global professional services company with offerings in digital, cloud and security sectors. They bought Symphony RetailAI in February 2023. Symphony RetailAI is a provider of AI solutions for the retail industry. This purchase will allow the former party to increase the number of its AI offerings for the retail industry.
- Everis is a multinational consulting firm providing business and strategy solutions, application development, maintenance, and outsourcing services. They were bought by Capgemini in March 2023. This purchase will allow the latter part to penetrate the Spanish and Latin American markets.
Software Consulting Key Market Trends
- Industry-Specific Expertise: Clients who require expert industry knowledge are actively looking for specialized consultants. This is because this knowledge and awareness is vital in industries like finance, healthcare, and manufacturing.
- Remote Consulting: Remote consulting has gained massive popularity. This surge in demand was heightened in the COVID-19 pandemic. Remote consultancy offers a wider range and global reach. Remote consulting services and virtual collaboration tools have become prominent in the market due to this trend.
- AI-Driven Consulting: The software consulting market is largely impacted by a notable trend. Artificial intelligence (AI) has seen a rise in adoption in consulting services. This is to automate tasks like data analysis and provision of actionable insights which can improve the information value that is delivered to clients.
Software Consulting Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global software consulting market analysis, the global software consulting market continues to be a dynamic and evolving sector at the forefront of digital transformation. As organizations worldwide seek to harness the full potential of technology, software consulting firms play a pivotal role in guiding them through this complex journey. The market is characterized by intense competition, with a mix of established consulting giants and agile, specialized players vying for clients across diverse industries and regions.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 275 billion |
| Market size value in 2031 | USD 793.79 billion |
| Growth Rate | 12.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Software Consulting Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Software Consulting Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Software Consulting Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Software Consulting Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Software Consulting Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Software Consulting Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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