Latest News- Business Software Services Market: On-premises is expected to lead the Deployment segment during 2025-2029

The Business Software Services Market is being driven by Increasing demand for cloud-based business software

The Business Software Services Market is expected to grow at a CAGR of 12.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 199.3 billion. Artificial Intelligence (AI) is a branch of computer science that utilizes algorithms, pattern recognition, rules, deep learning, and cognitive computing to generate informed conclusions without requiring direct human intervention. The integration of AI and machine learning into IT systems is becoming increasingly prevalent due to its capacity to enhance productivity and deliver precise results in a short timeframe. By applying AI to vast data sets, businesses can extract valuable insights, which are essential for informed decision-making. For instance, an intelligent Enterprise Resource Planning (ERP) system, by analyzing financial data of a financial institution, can suggest potential new financial products to be introduced in specific markets. 

Get more information on Business Software Services Market by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Deployment
  • On-premises
  • Cloud
• End-user
  • Large enterprises
  • SMEs
• Industry Vertical
  • IT & Telecom
  • BFSI
  • Healthcare
  • Retail & E-commerce
  • Manufacturing
  • Government
• Application
  • Enterprise Resource Planning (ERP)
  • Customer Relationship Management (CRM)
  • Supply Chain Management (SCM)
  • Human Capital Management (HCM)
  • Business Intelligence (BI)
  • Project Management
  • Cybersecurity
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • South America
    • Brazil
    • Argentina
  • Middle East and Africa
    • Egypt

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for cloud-based business software
• Increase in IT consolidation and modernization
• Growing focus on improving business efficiency

However, the market also witnesses some limitations, which are as follows:

• Implementation challenges associated with business software and services
• Need for upgrading business software continuously
• Shortage of skilled IT professionals

Benefits of Buying Global Business Software Services Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Business Software Services Market Research Report

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The Business Software Services Market is witnessing significant growth due to large firms' business expansion initiatives and the adoption of new technologies such as Cloud platforms, Virtual Assistants, and Chat Bots. IT infrastructure investments are on the rise to manage voluminous enterprise data, including business data and inventory costs. Technological advancements have led to increased software development expenditures, software licensing fees, and the integration of specific software solutions to enhance operational efficiency. Cloud-based platforms are becoming increasingly popular for their cost-effective and flexible solutions.

Market Research Overview

The IT software market encompasses businesses specializing in the creation and distribution of application and system software, encompassing both on-premise and cloud-based solutions. This sector comprises application software developers, focusing on industry-specific and technical software for enterprises and consumers, as well as cloud services providers. Notably, our market analysis at Technavio quantifies the IT software market's size based on the consolidated revenue generated by these entities, incorporating both traditional and cloud software offerings within the large enterprise segment.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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/