Latest News- Software Market: Subscriptions is expected to lead the Type segment during 2025-2029

The Software Market is being driven by Increase in volume of enterprise data

The 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 30.7 billion. In today's business landscape, there is a notable trend towards adopting cloud-based software solutions over traditional on-premises models. This transition offers several advantages, including increased flexibility in deployment, significant cost savings on IT infrastructure, and heightened accessibility. Cloud software enables users to access applications and data from any device with an internet connection, fostering seamless collaboration and remote work capabilities. Furthermore, the scalability of cloud computing is a major draw for businesses of all sizes, allowing them to effortlessly accommodate changing demands and expanding user bases without substantial hardware investments or intricate software updates. Moreover, cloud-based software solutions typically provide quicker implementation and deployment times compared to traditional software installations. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Subscriptions
  • Identity and access management
  • Endpoint/network/messaging/web security
  • Risk management
• Deployment
  • Cloud-based
  • On-premises
• Sector
  • Large enterprises
  • Small and medium enterprises
• Geography
  • North America
    • Canada
    • Mexico
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • South America
  • Middle East and Africa

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

• Increase in volume of enterprise data
• Increasing digital transformation
• Increasing rise of mobile computing

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

• High costs of licensing and support
• Data privacy issue
• Lack of skilled IT professionals

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Market Scope in Software Market Research Report

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Research Analysis Overview

In today's world of remote work, the software market is thriving with innovative solutions. Security software is a priority, ensuring protection for computing devices and information systems during internet communication and transactions. Networks require access management and data protection, as well as network protection against cyber threats. Cybersecurity software, including cyberthreat detection and Zero Trust, is crucial for system-level security risks. Cloud platforms and cloud-based software solutions, such as those utilizing blockchain, hybrid architecture, artificial intelligence, and machine learning, are transforming business process automation in sectors like healthcare, finance, and human resources management.

Market Research Overview

The IT software market encompasses businesses specializing in the creation and distribution of application and system software. This sector comprises application software developers, producing solutions for business and consumer needs, such as enterprise, technical, and cloud-based applications. Excluding interactive home entertainment and systems software companies focusing on database management, the application software market represents a significant portion of the global IT software industry. According to Technavio, the IT software market size is determined by the consolidated revenue of companies providing all types of software, including cloud solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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