BUSINESS SOFTWARE AND SERVICES MARKET ANALYSIS

Business Software and Services MarketSize and Trends

The global business software and services market size was valued at US$ 474.61 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 9.3% from 2023 to 2030.  Increasing deployment of business software and services in various organizations and government sectors for better profitability, lower inventory costs, and faster decision-making fuels the growth of the global market. Moreover, the growing need for advanced IT infrastructure and high-speed data networks is expected to drive the growth of the global business software and services market.

Global Business Software and Services Market: Regional Insights

North America is anticipated to exhibit major growth in the global business software and services market over the forecast period. The region is witnessing growing demand for high-speed data networks, and robust presence of major software vendors. These factors are further leading to rise in demand for business software and services in the region, which in turn is expected to drive growth of the global business software and services market in the region.

Furthermore, Europe is projected to show significant growth in the global business software and services market over the forecast period. The rise in investments by major firms and adoption of advanced technologies in enterprises and industries in the region are primarily driving the market growth. Moreover, due to growing focus on cloud-based facilities and endeavors for developing corporate intelligence solutions, the need for enterprise solutions is increasing in the region, further driving growth of the market.

Global Business Software and Services Market Trends:

Rise in adoption of growth strategies by market players is a major trend

The demand for mobility and data portability is increasing leading to need for data-centric solutions and software for businesses. Thus, market players are increasingly engaging in various growth strategies such as product launch, collaborations, contracts, and merger and acquisition to gain competitive edge in the market. For instance, in October 2022, Epicor introduced various novel features in its Epicor Kinetic software, a cloud-based industry ERP software solution for manufacturing sector.

Increasing adoption of cloud services is trending in the market

The use of cloud services has become widespread all over the world due to no longer need for manual software upgrades, and as it offers easy access to data from remote locations to clients. These services offer businesses to operate with higher efficiency with lesser energy consumption, as they make use of only the required resources. Thus, this trend is likely to continue in the global business software and services market over the forecast period.