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.
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.
Access Research Report of Business Software & Services Market @ https://www.grandviewresearch.com/industry-analysis/business-software-services-market
Further key findings from the report suggest:
· 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
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
About Grand View Research
Grand View Research,
Inc. is a U.S. based market research and consulting company, registered in the
State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
