What is the global market size of Software Market?

Global Software Market size was valued at USD 51.08 billion in 2021 and is poised to grow from USD 55.52 billion in 2022 to USD 117.64 billion by 2030, growing at a CAGR of 8.7% in the forecast period (2023-2030).

Who are the key vendors in the Global Software Market?

The Global Software market is consolidated. To maintain a competitive edge, the major Software industry participants are continually implementing various growth strategies in order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Microsoft Corporation', 'Apple Inc.', 'Oracle Corporation', 'SAP SE', 'IBM Corporation', 'Alphabet Inc. (Google)', 'Adobe Inc.', 'Salesforce.com, Inc.', 'Intuit Inc.', 'VMware, Inc.', 'Symantec Corporation', 'Red Hat, Inc.', 'CA Technologies', 'Autodesk, Inc.', 'ServiceNow, Inc.', 'Dassault Systèmes SE', 'Splunk Inc.', 'ANSYS, Inc.', 'Synopsys, Inc.', 'Open Text Corporation'

What is the key driver of Global Software Market?

A customer success organization was unheard of in the software business prior to software as a service. Now, users can interact with software firms in a completely different way thanks to subscriptions. To keep current customers and draw in new ones, software companies must make an investment in customer success and provide ongoing innovation. It has to do with increasing accountability and the role of customer success.

What is the key market trend for Global Software Market?

The rising speed of life necessitates faster operations and the deployment of new software solutions. As a result, more engineers are turning to automated code review, in which specific tools check the code based on predetermined rules. Veracode, CodeClimate, Codacy, DeepSource, and other popular automated code review tools. Given the volume of code lines written daily, use of such tools is becoming increasingly important.

Which region accounted for the largest share in Global Software Market?

In 2021, North America held a stake of more than 30% of the worldwide market, dominating it. This can be ascribed to the region's abundance of software suppliers and the expanding need for high-speed data networks. Companies in North America also put a lot of effort into adopting projects based on software and analytics. Additionally, the area contains a sizable population of software engineers, data analysts, and computer scientists that specialise in corporate solutions and services.

Software Market Size, Share, Growth Analysis, By Type(Application Software (Enterprise resource planning (ERP), Customer Relationship Management (CRM), Supply Chain Management (SCM), Enterprise Collaboration Software), By Deployment(On-premises, Cloud), By Enterprise Size(Small & Medium Enterprises, Large Enterprises), By Vertical(IT & Telecom, BFSI, Retail, Government/Public Sector), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45E2191 | Region: Global | Published Date: September, 2024
Pages: 157 | Tables: 87 | Figures: 76

Software Market Dynamics

Software Market Driver

High Demand for Applications

Devices across the world are using applications to function properly and an increase in sales of consumer electronics is also boosting the use of applications. Software is a crucial element of any application development, thereby high demand for applications also favors market growth.

Rapid Digital Transformation

Digital transformation across the world is increasing at a rapid pace and this trend is projected to bolster the importance of software in the future. High demand for advanced software to support digital transformation is projected to help bolster market development over the coming years.

Software Market Restraint

Interoperability Issues

Integrating and operating software solutions in harmony with other solutions and systems is an issue as some systems might not be compatible. Also, use of incompatible standards if different blockchains also creates interoperability issues and hinders market growth.

Dearth of Skilled Software Developers

While there is an abundance of software developers in some parts of the world, there is a shortage of the same in some. This disparity in availability of skilled workforce to develop and deploy advanced software around the world is estimated to impede software market development potential in the future.

Software Market Report Snapshots

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Global Software Market size was valued at USD 610.13 billion in 2022 and is poised to grow from USD 640.81 billion in 2023 to USD 948.95 billion by 2031, growing at a CAGR of 5.03% during the forecast period (2024-2031).

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. 'IBM Corporation ', 'Avast (NortonLifeLock Inc.) ', 'Microsoft Corporation ', 'Oracle Corporation ', 'SAP SE ', 'Adobe Inc. ', 'Broadcom Inc. ', 'Block, Inc. (Square) ', 'Intuit Inc. ', 'Apple Inc. ', 'Alphabet Inc. (Google) ', 'Salesforce.com, Inc. ', 'Autodesk, Inc. ', 'ServiceNow, Inc. ', 'Dassault Systèmes SE ', 'Cisco Systems, Inc. ', 'ANSYS, Inc. ', 'Synopsys, Inc. ', 'Open Text Corporation ', 'Amazon.com, Inc. (AWS)'

Devices across the world are using applications to function properly and an increase in sales of consumer electronics is also boosting the use of applications. Software is a crucial element of any application development, thereby high demand for applications also favors market growth.

Low Code and No-Code Development: Software companies should focus on advancing and utilizing no-code and low-code development approaches to streamline software development processes. Use of these technologies and offerings will help companies overcome the restraint of lack of skilled workforce and boost revenue in the future.

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.

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Software Market Dynamics

Software Market Report Snapshots

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FAQs

What is the global market size of Software Market?

Who are the key vendors in the Software Market?

What is the key driver of Software Market?

What is the key market trend for Software Market?

Which region accounted for the largest share in Software Market?

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