The ‘Global Business Software and Services Market Size, Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global business software and services market, assessing the market on the basis of its segments like software, services, deployment, size, end use, and major region.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Business Software and Services Market Price, Share, Size, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 10%
Rapid automation across businesses to improve client management, bolster staff efficiency, establish strong customer relations, and bring accuracy in business operations, is driving the business software and services market. Increasing adoption of smart devices such as laptops, computers, and tablets in enterprises is leading to a surge in data volumes and digitalised figures. Hence, in order to manage the rising data, software and services are becoming essential. In addition, this market has huge potential in IT organisations due to the growing need for streamlined product offerings. Sectors such as BFSI are generating a significant demand for business software and services, which can be attributed to the increasing investments by banking and financial institutions towards automated solutions to enhance customer satisfaction.
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Business software and services are getting more affordable due to the favourable policies of governments across emerging economies and advancements in digital infrastructure. In this regard, small business owners are generating a high demand for business software and services to improve efficiency of processes such as selling, marketing, and scaling, leading to an accelerated growth of the business software and services market. Meanwhile, the heightening adoption of cloud-based software in the manufacturing sector, to support the ramping up of production of goods is providing impetus to the business software and services market.
Business Software and Services Industry Definition and Major Segments
Business software and services refer to specialised solutions which provide programs and digitalised functions used by businesses to carry out various business-related operations. These services are designed to optimise aspects such as productivity, creativity, and cost-efficiency within a business setting. Business software and services reduce the need for manual documentation and data entry which saves time and cost of a business.
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Based on software, the market is segmented into:
• Sales and Marketing
• Human Resource
• Supply Chain
By services, the market is classified into:
• Managed Services
• Support and Maintenance
On the basis of deployment, the market is divided into:
Based on size, the market is bifurcated into:
• Small and Medium Enterprises
• Large Enterprises
By end use, the market is categorised into:
• Aerospace and Defence
• Banking, Finance Services and Insurance
• IT and Telecom
On the basis of region, the market is divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Business Software and Services Market Trends
The key trends in the global business software and services market include the explosive emergence of advanced technologies such as artificial intelligence and machine learning which is improving the reliability of business software and services solutions. Advancements in smartphone applications are also crucial trends in the market increasing the convenience of end users. Increasing investments in the wireless ecosystem are expected to enhance the compatibility of cloud-based software which in turn are in likely to increase business profitability.
Meanwhile, technological advancements in the aerospace and defence sector are likely to heighten the adoption of business software and services to improve efficiency of combat operations, flight operations, and aid tactical coordination. Over the forecast period, the anticipated increase in military expenditure and increase in innovations by major market players are anticipated to fuel the business software and services market in the coming years.
In geographical terms, North America holds a significant share in the global market for business software and services. Availability of high-speed internet, well-established IT infrastructure, and growing expansion of businesses are guiding the market in this region. Introduction of digitalised business models to escalate revenue, in strong economies such as United States, are expected to be the key trends in the region.
Key Market Players
The major players in the global business software and services market report are:
- Acumatica, Inc.
- Microsoft Corporation
- Epicor Software Corporation
- Oracle Corporation [NYSE: ORCL]
- Deltek, Inc.
- NetSuite Inc.
- International Business Machines Corporation
- Totvs SA
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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