Authored By: Sarah
11 Jul 2024

 Business Software Services Market Size to grow by USD 163.56 billion between 2024-2028

According to a research report “ Business Software Services Market” by Deployment (On-premises, Cloud) End-user (Large enterprises, SMEs) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 163.56 billion, at a CAGR of  11.23% during the forecast period. In today's business landscape, cloud-based software solutions have gained significant traction due to their numerous advantages. These advantages include reduced upfront costs and expedited implementation times, as cloud-based systems eliminate the need for hardware procurement and installation. Furthermore, cloud-based systems offer process alignment and business consistency across organizations, enabling access to applications for users, employees, and partners from anywhere and anytime. Additionally, cloud-based solutions eliminate the need for a dedicated IT support team for software maintenance and updates, as well as the requirement for servers, storage, and computing resources for global enterprises. By adopting cloud-based systems, businesses can effectively execute their strategies while minimizing IT expenses and focusing on their core operations.

Browse market data tables, figures, and in-depth TOC on “Business Software Services Market” by Deployment (On-premises, Cloud) End-user (Large enterprises, SMEs) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Deployment, the On-premises segment is projected to dominate the market size in 2024

In the global business software and services market, large enterprises dominated with a substantial market share in 2023. This trend is attributed to the digital transformation initiatives undertaken by large organizations to streamline business processes more efficiently and cost-effectively. With the increasing complexity of business operations due to advanced technologies like IoT, AI, and big data, having a robust digital transformation framework is essential for large enterprises. This framework enables seamless coordination, greater adaptability, and enhanced data protection. Moreover, the BFSI, IT, and retail sectors, which are undergoing significant digital transformation, are expected to drive growth in the large enterprises segment.

By End-user, Large enterprises  segment is expected to hold the largest market size for the year 2024

The on-premises segment of the global business software and services market is projected to expand significantly during the forecast period, driven by the evolving business requirements and technological advancements. Large enterprises with a global footprint predominantly utilize on-premises business software and services to maintain greater control and ownership over their organizational data and operations. In this deployment model, the software is owned by the enterprise and managed by service providers on the clients' premises, providing them with complete control over the application software's functioning. This deployment model's primary advantage is the enhanced level of control it offers to enterprises over their data and business processes.

North America is forecasted to hold the largest market size by region in 2024

The North American business software and services market is projected to expand significantly during the forecast period, driven by the region's technological advancements and high adoption rates of business software. With the US being a global leader in digital technology and having a high penetration of Internet-enabled devices, the market growth is further fueled by the increasing deployment of innovative technologies such as AI and big data analytics. Enterprise users in the region are capitalizing on these solutions to streamline operations and make informed decisions based on data-driven insights. Business software and services offer a transformative user experience through natural language interfaces, enabling seamless business processes and effective decision-making.

The Business Software Services Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Accenture Plc
  • Acumatica Inc.
  • Binmile Technologies Pvt Ltd.
  • Comarch SA
  • Condeco Group Ltd.
  • Epicor Software Corp.
  • IBS Software
  • International Business Machines Corp.
  • Johnson Controls International Plc
  • Microsoft Corp.
  • Oracle Corp.
  • Orient Software Development Corp.
  • OverIT Spa
  • Planon Shared Services BV
  • PTC Inc.
  • Sage Group Plc
  • Salesforce Inc.
  • SAP SE
  • SLK Software Pvt. Ltd.
  • Yardi Systems Inc.
.

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Research Analysis Overview

The Business Software Services Market is experiencing significant growth due to technological advancements and innovation in cloud-based platforms. With the increasing voluminous enterprise data and inventory costs, organizations are turning to cloud-based solutions to improve profitability and streamline operations. Software licensing and development expenditures are shifting from on-premises to cloud platforms, enabling businesses to scale easily and reduce IT infrastructure costs. New technologies like automation, Cybersecurity, Multi-cloud, Chat Bots, and Virtual Assistants are transforming the way businesses operate. Large firms are investing heavily in specific software solutions to enhance their capabilities and stay competitive. These new technologies offer advanced features, improved security, and better user experience, making them essential for business expansion initiatives. Cloud platforms provide organizations with the flexibility to access their business data from anywhere, at any time, and on any device. However, with the increasing use of cloud services, cybersecurity becomes a critical concern. Therefore, it is essential for businesses to prioritize cybersecurity measures to protect their sensitive data and maintain customer trust. In conclusion, the Business Software Services Market is witnessing significant growth due to technological advancements and the shift towards cloud-based solutions. Organizations are investing in new technologies like automation, Cybersecurity, Multi-cloud, Chat Bots, and Virtual Assistants to streamline operations, reduce costs, and improve profitability. However, cybersecurity remains a critical concern, and businesses must prioritize it to protect their sensitive data and maintain customer trust.

Market Research Overview

The Business Software Services Market is witnessing significant growth due to the increasing need for digitalization, automation, and innovation in various industries. Contracts and agreements are essential components of software services, with collaborations and business expansions driving the demand for advanced software solutions. The market is segmented into IT & telecom, finance, healthcare, and other sectors. Digitalization has led to the adoption of cloud segment solutions, with cloud-based platforms offering secure transactions, process blueprints, and complex analytical engines. Infrastructure and information technology assets are being upgraded with on-premise deployment and software models like Epicor Kinetic software. Recruitment, training, payroll, and financial management tools are essential for organizations, with the finance segment being a significant contributor to the market growth. Technological advancements like artificial intelligence, blockchain, machine learning, protection, data backup, upgradation, and system modification are transforming the market. Large firms are investing heavily in new technologies like Cybersecurity, Multi-cloud, Chat Bots, and Virtual Assistants. SMEs and large enterprise segments are adopting software licensing and software development expenditures for automation and profitability. The market is expected to grow further with the integration of voluminous enterprise data, inventory costs, and business data into specific software solutions.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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