USD 51.08 billion
Report ID:
SQMIG45E2191 |
Region:
Global |
Published Date: September, 2024
Pages:
157
|Tables:
87
|Figures:
76
Software Market size was valued at USD 640.81 Billion in 2023 and is poised to grow from USD 673.04 Billion in 2024 to USD 996.68 Billion by 2032, growing at a CAGR of 5.03% during the forecast period (2025-2032).
Software is a name that needs no introduction in the world that just keeps on becoming more and more digital. Apps, scripts, and programs that run on a device are referred to as software. Rapidly increasing digitization and growing investments in the development of novel software are projected to create new opportunities for software companies. Rising popularity of Software as a Service (SaaS) trend is also estimated to bolster software market development in the future. High sales of consumer electronics and increasing reliance on applications will also favor the demand for software on a global level. Rising use of data analytics around the world will surely offer some lucrative growth for companies developing data analytics software in the future. On the contrary, high complexity of development and increasing risk of data security breaches are slated to hamper software market growth.
US Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 51.08 billion
Largest Segment
Low Code
Fastest Growth
No Code
Growth Rate
8.7% CAGR
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Global Software Market is segmented by Type, Deployment, Enterprise Size, Vertical and Region. Based on Type, the market is segmented into Application Software (Enterprise resource planning (ERP), Customer Relationship Management (CRM), Supply Chain Management (SCM), Enterprise Collaboration Software, Enterprise Content Management (ECM) Software, Education Software, Others), System Infrastructure Software (Network Management Systems (NMS), Storage Software, Security Software), Development and Deployment Software (Enterprise Data Management (EDM), Business Analytics & Reporting Tools, Application Servers, Integration & Orchestration Middleware, Data Quality Tools), Productivity Software (Office Software, Creative Software, Others). Based on Deployment, the market is segmented into On-premises, Cloud. Based on Enterprise Size, the market is segmented into Small & Medium Enterprises, Large Enterprises. Based on Vertical, the market is segmented into IT & Telecom, BFSI, Retail, Government/Public Sector, Energy & Utilities, Healthcare, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Software Market Analysis by Enterprise Size
Large enterprises are forecasted to account for a major chunk of the global software market share. Increasing investments of large enterprises to develop specialized software for their organizations are helping the dominance of this segment. Establishment of in-house software development teams in large enterprises to save costs and boost business profitability is also expected to help this segment maintain a high share of the global market.
Meanwhile, the demand for software in small and medium enterprises (SMEs) is estimated to rise at a rapid CAGR across the forecast period and beyond. SMEs are turning towards software to improve their business operations while optimizing efficiency as well. Growing availability of affordable software around the world will also help this segment generate new business scope for software companies.
Software Market Analysis by Type
Application software is projected to account for a dominant share of the global software market. Growing reliance on applications of individuals and businesses around the world is forecasted to help this segment generate most revenue for software developers. Increasing demand for enterprise applications and growing demand for integration of advanced technologies in applications are also expected to aid the high market share of this segment going forward.
Meanwhile, the demand for deployment and development software is estimated to emerge as the fastest-growing segment in the global software market. The use of unique software development approach such as DevSecOps and growing innovation in software development technologies are slated to create new opportunities for software companies in the future. Moreover, growing deployment of software on cloud platforms is also expected to provide lucrative business scope for software companies in the long run.
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North America is estimated to account for a substantial share of the global software market. The presence of a strong technological infrastructure coupled with quick adoption of advanced technologies allows North America to emerge as the top market for software providers. The United States is estimated to be the most opportune market in this region owing to the presence of key tech companies continually launching novel software. High availability of skilled workforce for software development is also expected to help the dominance of this region going forward.
Growing digitization in Asia Pacific is expected to make it the fastest-growing market for software companies in the world. Increasing demand for novel software from all industry verticals, growing investments in novel software development, and the presence of a robust start-up ecosystem are helping create new opportunities for software companies in this region. China, Japan, South Korea, and India are estimated to be the most opportune markets for software companies in this region.
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Software Market Driver
High Demand for Applications
Rapid Digital Transformation
Software Market Restraint
Interoperability Issues
Dearth of Skilled Software Developers
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Software providers should focus on developing solutions that are more secure and resilient to complex cyberattacks. Integrating advanced technologies to provide additional functionality will also be a major trend for software companies. Training people in software development could also help software providers maximize their business scope in the future.
Software Market Top Player's Company Profiles
Software Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing demand for digitization around the world and increasing reliance on software for almost all applications are projected to drive software market growth. On the contrary, high costs of software development and dearth of skilled software developers in some parts of the world are expected to slow down software market growth. Growing digital transformation in the Asia Pacific region is expected to make it the most opportune market for software companies in the long run. Opting for low code and no-code development approaches could help software companies maximize their business scope across the study period and beyond.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 640.81 Billion |
Market size value in 2032 | USD 996.68 Billion |
Growth Rate | 5.03% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Software 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 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Software 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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Report ID: SQMIG45E2191
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