Software Services Market Analysis 2023-2032: Expected Market Size, Competitive Landscape, And Top Segments As Per The Business Research Company's Soft
Business Research Co's Reports: 2023 Market Data, 2032 Forecasts
July 18, 2023 at 11:30 Eastern Time | Provided by TBRC Business Research Private Limited
According to a report by The Business Research Company, the size of the global software services market is predicted to increase from $1,520.8 billion in 2022 to $1,652.3 billion in 2023, with a compound annual growth rate of over 8%. It is further projected to reach $1,369.1 billion in 2027, experiencing a compound annual growth rate of more than 9%. In terms of market share, North America held the top position in the software services market in 2022.
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The future growth of the software services market is expected to be driven by the increasing automation of company operations. Automation refers to technology that requires less human involvement in carrying out tasks. Automation software is a smarter and more effective way to control and reduce costs. By using automation, businesses can expand their customer service while simultaneously cutting expenses. This will lead to a higher demand for software services in the market. A report published by Zapier, a US-based company that helps businesses automate workflows and transfer data between apps, revealed that 63% of small and medium-sized businesses stated that automation allowed them to quickly adapt to the challenges posed by the pandemic in 2021. Additionally, 66% of employees reported that workplace automation enabled them to focus on more innovative tasks and projects. Therefore, the increasing automation of company operations is pushing the software services industry forward.
The software services market is dominated by big companies like Microsoft, Oracle, Epicor, IBM, Infor, Deltek, Acumatica, Unit4, Syspro, TOTVS, SAP, Cloud Software Group, QlikTech, Tableau Software, and SAS Institute.
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The main development that is becoming popular in the software services industry is technological progress. To enhance their standing in the market, big software services companies are concentrating on creating innovative technologies.
Valvoline, an American company that offers automotive and industrial solutions, recently introduced Vision Service Lane Technology in January 2023. This innovative technology allows the service department to boost their revenue by providing a customized menu of services that are specific to each vehicle identification number (VIN). Vision is a highly advanced software product for managing fixed operations, known for its ability to identify areas of concern and untapped potential in existing software through collaborations with partners. Service advisors utilize Vision at the service drive or desk to establish strong connections, build trust, and enhance accountability with their clients.
The software services industry worldwide is divided into different categories based on the type of software they offer. These categories include finance, sales and marketing, human resource, supply chain, and other types of software. Furthermore, the services provided by these companies are grouped into various segments such as consulting, managed services, support, and maintenance. Moreover, the market is also classified based on the size of the enterprise, including large enterprises and small to medium-sized enterprises. Additionally, the deployment options for these services are categorized into cloud-based or on-premise solutions. Lastly, the end-use sectors for these software services encompass aerospace and defense, banking and financial institutions (BFSI), government, healthcare, IT and telecom, manufacturing, retail, transportation, and various other sectors.
The Business Research Company has released its Software Services Global Market Report 2023, which offers valuable information on the size of the software services market, different sections within the market, prevailing trends, factors that drive or limit growth, positioning of key competitors in the market, revenues generated, and market shares held by these competitors.
The Business Research Company has released over 5,000+ reports on various industries, encompassing more than 2,500+ market sectors and 60 different geographical regions. These reports are based on 1,500,000 datasets, thorough research conducted beyond primary sources, and unique perspectives gathered from interviews with prominent figures in the respective industries.
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