The global business software and services market is anticipated to reach USD 650.13 billion by the end 2025, according to a new report released by Million Insights. The market is anticipated to grow at a CAGR of 10.7% from 2019 to 2025. Rising adoption of emerging technologies and automation to improve the operational efficiency across several industries including BFSI, government, retail, manufacturing, and healthcare is projected to proliferate the market growth.
Benefits such as improved operational efficiency, reduced cost of production, and timely product delivery obtained by implementing such enterprise solutions are projected to drive the demand from 2019 to 2025. Moreover, these software aid the process of strategic decision making by providing analytical tools that ensure data portability and transparency. This factor helps in minimizing the pitfalls in business operations, thereby, driving the demand across the globe.
Majority of the large enterprises and SMEs are emphasizing on deployment of cloud services and solutions to provide enhanced data accessibility to their clients and users. Therefore, most of the companies are deploying software solutions on cloud-based data portals.
Moreover, factors such as technological advancements, adoption of cloud-based software solutions, and increasing use of emerging data sources are propelling the demand for customized software that fulfill specific requirements of clients. Furthermore, rising adoption of supply chain management software to optimize the delivery process is further anticipated to boost the growth of business software & services market over the forecast period.
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Further key findings from the report suggest:
• The segment of sales and marketing software and services is projected to attain the fastest CAGR of 11.2% over the forecast period owing to the detailed company overview provided by this software.
• The segment of managed services is projected to grow at the fastest CAGR of 12.2% over the forecast period, 2019 – 2025.
• The cloud deployment segment is projected to grow at the fastest rate over the forecast period owing to easy accessibility of data from remote locations.
• The segment of small and medium enterprises is projected to attain the fastest growth at a CAGR of more than 11.2% from 2019 to 2025 owing to rising number of government campaigns through social media and search engine marketing to promote the adoption of emerging technologies.
• Leading players in this industry are Deltek, Inc.; Acumatica, Inc.; Epicor Software Corporation; Infor Inc.; IBM Corporation; NetSuite Inc.; SAP SE; Microsoft Corporation; Oracle Corporation; SYSPRO; Unit4; and Totvs SA.
Million Insights has segmented the global business software and services market based on software, service, deployment, enterprise size, end use, and region:
Business Software Outlook (Revenue, USD Billion, 2019 - 2025)
• Human Resource
• Sales & Marketing
• Supply Chain
Business Service Outlook (Revenue, USD Billion, 2019 - 2025)
• Managed Services
• Support & Maintenance
Business Software and Services Deployment Outlook (Revenue, USD Billion, 2019 - 2025)
Business Software and Services Enterprise Size Outlook (Revenue, USD Billion, 2019 - 2025)
• Large Enterprises
• Small & Medium Enterprises
Business Software and Services End Use Size Outlook (Revenue, USD Billion; 2019 - 2025)
• Aerospace & Defense
• IT & Telecom
Business Software and Services Region Outlook (Revenue, USD Billion, 2019 - 2025)
• North America
• Asia Pacific
• Latin America