Ottawa, Aug. 23, 2024 (GLOBE NEWSWIRE) -- The global software market size is predicted to increase from USD 659.17 billion in 2023 to approximately USD 2,248.33 billion by 2034, According to Precedence Research. The software market is driven by technological advancement, government initiatives and research projects.
Software Market Key Points:
- North America dominated the software market with the largest market share of 44% in 2023.
- Asia-Pacific is expected to witness significant growth during the forecast period.
- By enterprise size, big firms segment dominated the software market in 2023.
- By vertical, the BFSI segment dominated the market with the largest share in the year 2023.
- By deployment, the on-premises segment dominated the market in 2023.
The Complete Study is Now Available for Immediate Access | Download the Sample Pages of this Report@ https://www.precedenceresearch.com/sample/3182
Software Market: An Ever-evolving Industry
The concept of software covers computer programs, web apps, and mobile applications built using code to deliver a user experience or business tool. The software market is intrinsically a function of the hardware business, in that hardware tends to promote the use and consumption of software. With technology having evolved quite significantly, so has the case been for the software industry, with smart gadgets proving useless without an operating system and support services. Programmers and firms who can provide these services using their programming ability are in great demand.
Moreover, a device cannot be sold without installing fundamental software like firmware or an operating system including Android, Windows, iOS, and OSX before sale. Java is the most 'in-demand' programming language among companies because it is used in creating Android applications, which are often used on smartphones and smart TVs.
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308
North America’s Dominance: Consumer Preferences and Tech-development
North America dominated the software market in 2023.
North America is well-positioned to capitalize on new trends and consumer preferences through significant investment in research and development, product variety, and market competitiveness. With favorable regulatory frameworks and an expanding North America, additional expansion prospects are foreseen. Collaborations and strategic partnerships are supposed to promote synergy and accelerate growth. As North America adapts to market circumstances, the prognosis for long-term success and profitability remains positive.
For instance, recently the University of Iowa's Department of Radiation Oncology has implemented Comprehensive Motion Management (CMM) software to enhance tumor targeting and minimize radiation exposure, making it the first North American use of this technology.
Customize this study as per your requirement@ https://www.precedenceresearch.com/customization/3182
China’s Expansion to Help Software Market Grow in Asia
Asia-Pacific is expected to witness significant growth during the forecast period. The software sector in the region is resilient due to China's economic recovery and the normalization of digital activities following the epidemic.
Technology has become an essential component of an organization's digital strategy, and the transition to public cloud services has resulted in revenue stability. Customer and employee experience, data-driven decision making, and automation are three major themes driving software investments. Segments like artificial intelligence platforms and collaborative apps are boosting the growth of the market.
- In April 2024, FPT Software, a worldwide software firm, received Gold Stevie® Awards for its Insurance solution, Confidon, at the Asia-Pacific Stevie Awards 2024, placing first among over 1000 submissions from businesses in the area.
Software Market Companies
- International Business Machines Corporation.
- Cisco Systems Inc.
- Oracle Corporation.
- Adobe Inc.
- SAP SE.
- Microsoft Corporation.
- Alphabet Inc. (Google)
- Dassault Systems SE
- Salesforce.com Inc.
- Red Hat, Inc.
Major Developments in the Software Market
- In August 2024, HCL Software, HCL Technologies Ltd.'s independent software company, plans to buy France-based Zeenea for a total enterprise value of €24 million. Zeenea provides metadata management software. The transaction is intended to benefit HCL's Data & Analytics division and will be completed by September 2024.
- In August 2024, Lentra, an AI-powered lending platform, joined AWS's Independent Software Vendor Acceleration Program. The Pune-based business, which employs data analytics for loan origination and administration, presently works with banks and financial institutions.
- In August 2024, Nissan and Honda signed a memorandum of understanding to conduct cooperative research on basic technologies for next-generation software-defined vehicle platforms. The collaboration seeks to accelerate the age of intelligence and electrification.
Ease to Use and Enhanced Efficiency to Act as a Driver
Business-oriented software solutions are user-friendly and efficient, with an emphasis on features that do not need advanced IT expertise. This improves productivity and staff comfort. Integration with other software systems improves communication across departments, resulting in greater outcomes and faster corporate growth.
Work efficiency is also important since it allows employees to execute tasks effectively and with high-quality results. Software solutions that keep employees engaged and prevent distractions can help with this. Investing in software that allows people to operate more efficiently may result in greater outcomes and faster corporate growth, which benefits both the company and its employees.
For instance, Software AG, a renowed software company, has developed AI-powered features to improve access to its ARIS process intelligence and Alfabet IT asset management solutions, while IBM acquires webMethods and StreamSet integration technologies.
Data integrity Issues to Hamper the Market’s Growth
Data migration is a critical component of software deployment that frequently requires data integrity which is the greatest point of concern in the software market. Understanding which data can and cannot be transmitted across systems is critical. Understanding system interoperability contributes to safe data transfer, data loss prevention, and compliance with privacy requirements.
However, failing to ensure data integrity during transfer might result in the loss of critical customer information and serious data breaches. During the implementation phase, the project team must verify data integrity, which may necessitate the involvement of a third party to guarantee criteria are satisfied. This guarantees that the data is secure and reliable.
Era of Edge Computing to Bring Opportunity
Several important factors are predicted to influence the software market. AI-powered development simplifies regular processes, predicts issues, and enhances code quality. Quantum computing integration provides computational capacity for challenging problems that traditional computers cannot address. Low-code and no-code development platforms enable non-professionals to create apps with no coding expertise, accelerating development and lowering reliance on trained programmers.
Edge computing brings computation and storage closer to data generation, which improves performance in low-connectivity environments. Extended Reality (XR), which includes virtual, augmented, and mixed reality, is reshaping software development to offer immersive experiences across a variety of sectors. These developments will influence how developers and techies operate and create software.
Software Market Report Scope
| Report Attribute | Key Statistics |
| Market Size in 2024 | USD 736.96 Billion |
| Market Size by 2034 | USD 2,248.33 Billion |
| Growth Rate from 2024 to 2034 | CAGR of 11.8% |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Segments Covered | Enterprise, Vertical, Deployment, Type, and Regions |
| By Enterprise | Large Enterprise and SMEs |
| By Vertical | IT & Telecom, Banking, Financial Services and Insurance (BFSI), E-commerce and Others |
| By Deployment | On-premises and Cloud |
| By Type | Productivity Software and Application Software |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, UK, Germany, France, Italy, Spain, Norway, Sweden, Denmark, Japan, China, India, Australia, South Korea, Thailand, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE, Kuwait |
Software Market Segment Analysis
Analysis by Enterprise Size
Big firms segment dominated the software market in 2023.
Software is a cost-effective way to develop a business since it allows for easy modification of features. Industry-specific software, such as SalesChain, may be customized to fulfill specific requirements and foster a community atmosphere that benefits both users and developers.
Intentional workflow boosts productivity by establishing a procedure that works within the business. Relevant connectors and industry-specific modules enhance user experiences and improve system utilization. Focused support professionals from industry-specific software systems provide expert assistance and guidance, swiftly accumulating a useful knowledge base.
Analysis by Vertical Outlook
The BFSI segment dominated the software market with the largest share in the year 2023.
Digital technology has transformed banking operations, but back-office accounting remains critical. Traditional approaches, such as manual processes and spreadsheets, make financial closings difficult to track.
Financial automation software helps speed up reconciliations, simplify procedures, decrease human error, increase flexibility, and lower risk. It reduces reconciliation time, allowing personnel to focus on exceptions while following requirements. Task management software enables effective communication and progress tracking. Automation also decreases the danger of erroneous financial reporting, which protects reputation and prevents noncompliance.
In August 2024, Bessemer Venture Partners' research, "The Rise of SaaS in India 2024," highlighted India's SaaS market's development potential as a result of AI use, cybersecurity focus, and cloud usage in the BFSI and manufacturing industries.
Browse More Insights of Precedence Research
- Artificial Intelligence (AI) Software Market: The global artificial intelligence (AI) software market size was evaluated at USD 138.4 billion in 2022 and is predicted to hit around USD 1,094.52 billion by 2032, growing at a CAGR of 22.97%.
- ERP Software Market: The global ERP software market size was USD 51.61 billion in 2023, accounted for USD 55.38 billion in 2024, and is expected to reach around USD 110.15 billion by 2034, expanding at a CAGR of 7.1% from 2024 to 2034.
- AR VR Software Market: The global AR VR software market size is projected to be worth around USD 220.99 billion by 2034 from USD 38.74 billion in 2024, at a CAGR of 19.02% from 2024 to 2034.
- Automotive Software Market: The global automotive software market size was valued at USD 34.16 billion in 2023 and is expected to reach USD 116.62 billion by 2032, poised to grow at a CAGR of 14.6%.
- Application Development Software Market: The global application development software market size is expected to hit around USD 328.3 billion by 2032 from USD 155.64 billion in 2022 and is poised to grow at a CAGR of 7.8%.
- Dental Software Market: The global dental software market size was estimated at US$ 1.80 billion in 2022 and it is expected to surpass around US$ 5.04 billion by 2032 with a registered CAGR of 10.90%.
- Dental Practice Management Software Market: The global dental practice management software market size was estimated at US$ 1.7 billion in 2022 and is expected to surpass around US$ 4.39 billion by 2032, growing at a CAGR of 10%.
- Cancer Registry Software Market: The global cancer registry software market size was valued at USD 59.02 million in 2023 and is expected to surpass around USD 143.62 million by 2033, growing at a CAGR of 9.3% from 2024 to 2033.
- Simulation Software Market: The global simulation software market size was estimated at USD 16.55 billion in 2022 and it is projected to hit around USD 40.5 billion by 2030 and is expected to grow at a CAGR of 11.83%.
- Contract Lifecycle Management Software Market: The global contract lifecycle management software market size was USD 2.36 billion in 2023, accounted for USD 2.65 billion in 2024, and is expected to reach around USD 7.34 billion by 2033, expanding at a CAGR of 12% from 2024 to 2033.
Analysis by Deployment
The on-premises segment dominated the software market in 2023.
On-premises computing is the hosting and administration of computer systems and applications on an organization's physical premises, with all server hardware, software, and infrastructure owned and managed by the firm itself. This strategy is popular among firms that value control, need-based flexibility, and security, particularly those in industries with stringent data protection rules.
On-premises solutions enable enterprises to customize their systems to match their own requirements, but they involve the installation and maintenance of their own hardware and networking infrastructure. This might result in increased upfront expenses and continuing maintenance duties. On-premises solutions, on the other hand, provide direct control over data and infrastructure, allowing for the adoption of customized security measures. This is especially useful in businesses that handle sensitive information and must comply with data protection rules.
Market Segmentation:
By Enterprise
- Size
- Share
By Vertical
- Banking, Financial Services and Insurance
- Retail
By Deployment
- On-premises
- Cloud
By Type
- Productivity Software
- Application Software
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- Denmark
- Norway
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa (MEA)
- South Africa
- UAE
- Saudi Arabia
- Kuwait
Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/3182
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308
Unlocking Market Insights through Data Excellence
The "Precedence Statistics" flexible dashboard is a powerful tool that offers real-time news updates, economic and market forecasts, and customizable reports. It can be configured to support a wide range of analysis styles and strategic planning needs. This tool empowers users to stay informed and make data-driven decisions in various scenarios, making it a valuable asset for businesses and professionals looking to stay ahead in today's dynamic and data-driven world.
To Access our Premium Real-Time Data Intelligence Tool, Visit: http://www.precedencestatistics.com
About Us
Precedence Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
Web: https://www.precedenceresearch.com
Our Blogs:
https://www.towardshealthcare.com
https://www.towardspackaging.com
https://www.towardsautomotive.com
For Latest Update Follow Us:
