IMARC Group, a leading market research company, has recently released a report titled “Software Market Report by Type (Application Software, System Infrastructure Software, Development and Deployment Software, Productivity Software), Deployment Mode (On-premises, Cloud-based), Enterprise Size (Small and Medium-sized Enterprises, Large Enterprises), Industry Vertical (IT and Telecom, BFSI, Retail, Government/Public Sector, Energy and Utilities, Healthcare, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the software market share, size, trends and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global software market size reached US$ 636.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,083.6 Billion by 2032, exhibiting a growth rate (CAGR) of 6.09% during 2024-2032.
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Factors Affecting the Growth of the Software Industry:
- Rapid Technological Advancements and Innovation:
The rapid evolution of technologies such as artificial intelligence (AI), machine learning (ML), blockchain, and cloud computing are some of the major factors boosting the market growth. AI and ML technologies have transformed software capabilities, enabling predictive analytics, automation, and enhanced user experiences. Moreover, blockchain technology has introduced secure and transparent transaction processes, fostering trust in digital transactions. Moreover, cloud computing revolutionizes software delivery models, offering scalable, flexible, and cost-effective solutions through software as a service (SaaS) model. These technological strides enhance existing software solutions and have spurred the development of entirely new categories of software, addressing complex business needs and driving the market growth.
- Increasing Demand for Automation and Efficiency:
The rising demand for automation and operational efficiency across various industries is a major driver stimulating the market growth. Besides this, the increasing adoption of software solutions by businesses to streamline processes, reduce human error, and enhance productivity is providing a considerable boost to the market growth. Along with this, the introduction of enterprise resource planning (ERP) systems, customer relationship management (CRM) software, and human resource management systems (HRMS) that optimize business operations are acting as growth-inducing factors. Moreover, the burgeoning integration of AI and ML into these systems that amplify their efficiency by enabling predictive maintenance, intelligent decision-making, and automated workflows, is favoring the market growth.
- Expansion of Internet and Mobile Connectivity:
The expansion of internet and mobile connectivity, driving the demand for diverse software applications is anticipated to drive the market growth. In line with this, the burgeoning proliferation of smartphones and the widespread availability of high-speed internet that enables the adoption of mobile applications for various purposes, including communication, entertainment, productivity, and commerce, is positively impacting the market growth. Apart from this, the growth of the Internet of Things (IoT), where interconnected devices communicate seamlessly, creating vast opportunities for software development is providing a thrust to the market growth. Additionally, the rise of remote work and digital collaboration tools, accelerating the adoption of software solutions that support virtual communication and project management, is favoring the market growth.
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Software Market Report Segmentation:
By Type:
- 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 and Reporting Tools
- Application Servers
- Integration and Orchestration Middleware
- Data Quality Tools
- Productivity Software
- Office Software
- Creative Software
- Others
Application software represented the largest segment due to its broad applicability across various business functions and consumer needs.
By Deployment Type:
- On-premises
- Cloud-based
On-premises accounted for the largest market share as many organizations prioritize control over their data and systems.
By Enterprise Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Large enterprises represented the largest segment as they have the resources and requirements for comprehensive and advanced software solutions.
By Industry Vertical:
- IT and Telecom
- BFSI
- Retail
- Government/Public Sector
- Energy and Utilities
- Healthcare
- Others
IT and telecom accounted for the largest market share, driven by the sector’s high demand for advanced technology and software innovation.
Regional Insights:
- North America
- United States
- Canada
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
North America’s dominance in the software market is attributed to its advanced technological infrastructure and high adoption rates of software solutions.
Global Software Market Trends:
The rising popularity of edge computing, boosting a shift by processing data closer to its source, reducing latency and bandwidth usage, and enhancing real-time decision-making capabilities, is catalyzing the market growth. Additionally, the growth of low-code/no-code platforms that democratize software development by enabling users with minimal technical expertise to create applications is enhancing the market growth. Along with this, the increasing demand for robust security software solutions that leverage AI and ML to detect and mitigate threats proactively as organizations strive to protect sensitive data and ensure compliance with stringent regulations is fueling the market growth.
Top Companies Operated in Software Industry:
- Adobe Inc.
- International Business Machines Corporation
- Intuit Inc.
- McAfee Corp.
- Microsoft Corporation
- NortonLifeLock Inc.
- Oracle Corporation
- SAP SE
- Synopsys Inc.
Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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