The global business software and services market size is expected to reach USD 650.13 billion by 2025, registering a CAGR of 10.7% from 2019 to 2025, according to a new report by Grand View Research, Inc. Increasing volume of business data and automation of business processes across various industries such as healthcare, retail, and manufacturing are expected to drive the growth.
Numerous factors such as timely product delivery, reduced production costs, and improved operational efficiency delivered by effective business software and services are expected to propel the market growth over the forecast period. Business software and services are extensively used in business processes as they help reduce operational costs.
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Enterprises are widely adopting cloud-based deployment solutions owing to technological developments and growing focus on offering flexibility and mobility to users. This is prompting vendors to develop software solutions that can be deployed through cloud platforms.
Technological innovation, growing use of new data sources, and penetration of cloud-based services are further driving the need for customized software solutions for specific business operations. Increasing demand for optimized delivery mechanisms, initiating from point of production to the point of consumption, is encouraging enterprises to adopt supply chain management business software.
Business Software & Services Market Report Highlights
• Sales and marketing segment is anticipated to expand at the highest CAGR of 11.2% from 2019 to 2025. The software is widely used by businesses to combine their sales procedures and tasks
• Managed services segment is anticipated to register the highest CAGR of 12.2% from 2019 to 2025 owing to the increasing dependence of enterprises on IT assets to improve their productivity
• Cloud segment is expected to emerge as the fastest-growing deployment segment over the next six years as this mode of deployment eliminates the need to regularly, manually upgrade business software solutions and enables users to access data from any location in a hassle-free way
• Small and Medium Enterprises (SME) segment is expected to expand at the highest CAGR of above 11.2% over the forecast period. The growing number of government initiatives through digital SME campaigns such as video marketing, social media, and search engine marketing are expected to drive the growth
• Healthcare is expected to emerge as the fastest-growing end use segment over the next six years, attributed to increasing demand for streamline the documentation, exchange of health data, and its storage
• North American accounted for the largest market share in terms of revenue and is expected to continue to dominate the market over the forecast period. Increased adoption of advanced technologies such as hybrid architecture, JavaScript, machine learning, artificial intelligence, and blockchain are contributing significantly to the regional growth
• The key players in the business software and services market include Acumatica, Inc.; Deltek, Inc.; Epicor Software Corporation; IBM Corporation; Infor Inc.; NetSuite Inc.; Microsoft Corporation; SAP SE; Oracle Corporation; Totvs SA; Unit4; and SYSPRO
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Business Software & Services Market Segmentation
Grand View Research 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)
• Finance
• Human Resource
• Sales & Marketing
• Supply Chain
• Others
Business Service Outlook (Revenue, USD Billion, 2019 - 2025)
• Consulting
• Managed Services
• Support & Maintenance
Business Software and Services Deployment Outlook (Revenue, USD Billion, 2019 - 2025)
• Cloud
• On-Premise
Business Software and Services Enterprise Size Outlook (Revenue, USD Billion; 2019 - 2025)
• Large Enterprises
• Small & Medium Enterprises
Business Software and Services End Use Outlook (Revenue, USD Billion, 2019 - 2025)
• Aerospace & Defense
• BFSI
• Government
• Healthcare
• IT & Telecom
• Manufacturing
• Retail
• Transportation
• Others
Business Software and Services Regional Outlook (Revenue, USD Billion, 2019 - 2025)
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
• Asia Pacific
o China
o India
o Japan
• Latin America
o Brazil
• MEA
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.