The global business software and services market is anticipated to grow at a CAGR of nearly 11.5% during the forecast period (2021-2027). The primary factor driving the market growth includes the growing automation of processes across industries such as transportation, retail, manufacturing, and healthcare. Additionally, the rise in deployment of enterprise software to reduce inventory cost, better strategic decisions making, and enhancing profitability in IT infrastructure is another factor propelling the market growth. However, the need for skilled workforce, lack of efficacy of the business services model, data privacy & security concerns, and the need for huge investment are hampering the growth of the market.

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he market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, France, Spain, Germany, and Rest of Europe), Asia-Pacific (India, Japan, China, and the Rest of Asia-Pacific), and the Rest of the World (the Middle East and Africa, and Latin America). North America held a major market position in the market in 2020. Well-developed IT infrastructure and high implementation of advanced technologies are some of the key factors driving the growth of the market in the region.

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Apart from this, the organizations are highly investing in digital transformation as businesses with higher digital adoption would work more efficiently than the traditional ones. Organizations are investing rapidly in technologies such as AI, machine learning, fraud prevention, CRM software, blockchain technology, and analytics for solutions such as conversational AI and chatbots, and demand forecasting. Thus, these aforementioned factors are attributed to the increase in demand for the business software and services.

Impact of COVID-19 Pandemic on Global Business software and Services Market

COVID-19 pandemic led to a positive impact on the growth of the business software and services. COVID-19 pandemic has resulted an increasing concept of working from home which increased the demand for business software and services. The emerging trend towards remote working, online classes, and online streaming has increased the demand for cloud services. Thus, it can be anticipated that the COVID-19 pandemic is positively impacting the adoption of business software and services.

Global Business Software and Services Market – Segmentation
by Software
Finance
Human Resource
Sales and Marketing
Supply Chain
by Services
Consulting
Support and Maintenance
Managed Services
by Deployment
Cloud
On-Premises
by Size
Small and medium enterprises
Large enterprises.
by End-User Industry
Aerospace and Defense
BFSI
Government
Healthcare
IT and Telecom
Manufacturing
Retail
Others

Global Business Software and Services Market – Segmentation by Region 
North America 
United States
Canada
Europe
Germany
United Kingdom
France
Spain
Italy
Rest of Europe
Asia-Pacific 
China
Japan
India
Rest of Asia-Pacific
Rest of the World

Company Profiles
Acumatica, Inc.
Dassault SystèmesSE
Deltek, Inc.
Epicor Software Corp.
Infor Inc.
MicroStrategy Inc.
NetSuite Inc.
Oracle Corp.
Qlik Technologies, Inc.
Salesforce.com, Inc.
SAS Institute, Inc.
SYSPRO
Tableau Software, Inc.
TIBCO Software Inc.
Totvs SA
Unit4 N.V.

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