The global Business Software And Services Market size is expected to reach USD 911.77 billion by 2028, registering a CAGR of 11.3% from 2021 to 2028, according to a new report by Grand View Research, Inc. Acumatica, Inc., Deltek, Inc., Epicor Software Corporation, IBM Corporation are some of the key players in this industry. Increasing volume of business data and automation of business processes across various industries such as healthcare, retail, and manufacturing are expected to drive the market growth over the forecast period.
Benefits such as timely product delivery, reduced
production costs, and improved operational efficiency rendered 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
corporate processes as they help in reducing operational costs. Furthermore,
business software allows organizations to merge all aspects of the business
into a single central system; thereby increasing transparency in operations.
This is also expected to contribute to market growth.
Enterprises are increasingly adopting cloud-based
deployment solutions owing to technological developments and a growing focus on
offering flexibility and mobility to users. This is prompting vendors to
develop software solutions that can be deployed through cloud platforms. The
growing use of cloud-based platforms has triggered the demand for cloud-based
software solutions and services among small- and medium-sized enterprises owing
to advantages such as flexibility and mobility.
Technological innovation, the growing use of new data
sources, and the penetration of cloud-based services are further driving the
need for customized software solutions for specific business operations. The
increasing demand for optimized delivery mechanisms, from point of production
to the point of consumption, is encouraging enterprises to adopt supply chain
management software.
Related Press Release@ Business Software And Services Market Report
Business Software and Services
Market Report Highlights
- The sales and marketing segment is anticipated to register the
highest CAGR from 2021 to 2028. Sales and marketing management software is
widely used by businesses to combine their sales procedures and tasks and
this is contributing to its increased demand
- The support and maintenance segment dominated the market in 2020.
This can be attributed to the emergence of software business models to
identify and fix issues related to product quality
- The cloud segment is expected to emerge as the fastest-growing
deployment segment over the next seven years as it eliminates the need to
periodically and manually upgrade business software solutions and enables
users to access data from any location in a hassle-free way
- The small and medium enterprises segment is expected to register a
significant CAGR over the forecast period. The growing number of
government initiatives through digital Small and Medium Enterprise (SME)
campaigns such as video marketing, social media, and search engine
marketing is expected to drive the growth of the small & medium
enterprises segment
- The healthcare segment is expected to emerge as the fastest-growing
end-use segment over the next seven years. This growth can be attributed
to the increasing demand for process streamlining in the documentation
process, health data exchange, and its storage
- North America 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, machine learning, artificial intelligence,
and blockchain is contributing to the market growth in North America
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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