The SMB Software Market is being driven by Increasing demand for cloud-based applications
The SMB Software Market is expected to grow at a CAGR of 8.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 74.7 billion. In the dynamic SMB software market, companies are employing strategic moves such as mergers and acquisitions, partnerships, and collaborations to establish a competitive edge. Notable transactions include Microsoft's acquisition of Fungible in 2023, which bolstered its data center infrastructure and cloud services through DPUs and related software. Similarly, Cisco's acquisition of Isovalent Inc. in December 2023 enhanced its multicloud security and networking capabilities via eBPF, Cilium, and Tetragon. These strategic acquisitions will significantly contribute to the expansion and growth of the SMB software market during the forecast period.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
232 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.2% |
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Market growth 2025-2029 |
USD 74.7 billion |
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Market structure |
market_structure.ucfirst |
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YoY growth 2024-2025(%) |
7.6 |
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Key countries |
US, UK, Canada, Germany, China, Japan, France, India, Italy, and South Korea |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The SMB Software Market caters to the needs of small companies with solutions like Accounting Software and Business Management Software, including Functional Modules for Accounts Payable, Payroll, and Accounts Receivable. Trial balance ensures accuracy, while Cost Control Systems use Standard Costs for Large Enterprises and Microbusinesses. Digital Technologies provide Cloud-based services, Cyber Security Solutions, and Remote Work capabilities. On-premise Software and ERP Software are also options. Business processes are optimized for Customer Satisfaction, and Digital Technologies play a crucial role in this evolution.
The global IT software market encompasses businesses specializing in the development and production of application software and system software. Application software companies focus on creating specialized programs for business or consumer use, including enterprise, technical, and cloud-based solutions. This market excludes entities producing database management software, interactive home entertainment software, or system software. According to Technavio, the IT software market size is determined by the consolidated revenue generated by all IT software providers, incorporating both on-premises and cloud-based offerings.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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