SMB Software Market Updates

Global SMB Software Market size was valued at USD 63.22 Billion in 2023 and is poised to grow from USD 67.63 Billion in 2024 to USD 116.03 Billion by 2032, growing at a CAGR of 6.98% in the forecast period (2025-2032).

The SMB software market is fragmented but highly competitive, with big players concentrating on niche verticals and cloud-based software as a service (SaaS) model. They adopt several key market strategies, including partnerships, mergers, and the use of artificial intelligence to drive growth plans. For example, in 2024, Salesforce extended its offerings for small and medium-sized businesses by introducing AI-powered customer relationship management capabilities. Both Microsoft and Oracle increased their cloud solutions to offer additional choices for small businesses simultaneously. Local and affordable solutions suitable for small and medium-sized enterprises in the country are also beneficial to startups. 'Microsoft Corporation ', 'Oracle Corporation', 'SAP SE', 'Salesforce.com Inc.', 'Intuit Inc.', 'Workday Inc.', 'Zoho Corporation ', 'Freshworks Inc.', 'Sage Group plc', 'HubSpot Inc.', 'Shopify Inc. ', 'Xero Limited', 'Slack Technologies (Salesforce) ', 'ServiceNow Inc. ', 'Atlassian Corporation Plc '

Small and medium enterprises are quickly adopting digital transformation to enhance their productivity and lower their costs. Artificial intelligence-based software, cloud computing, and automation software have become imperative for business resilience, especially during the post-pandemic scenario. These solutions allow SMBs to streamline their operations, enhance their customer experience, and stay competitive. Apart from that, growing demand for enabling platform integration and remote working is compelling small and medium businesses to make necessary investments for their powerful software needs.

Integration of Intelligence and Automation: One of the latest SMB software industry trends is the integration of automation. Artificial intelligence is playing an increasingly high-profile role in small and medium-sized business software solutions. One can observe it in predictive analytics within an enterprise resource planning (ERP) solution, smart chatbots that talk to customers, or AI-powered payroll management. During the year 2024, both Workday and QuickBooks published releases that featured AI-powered additions regarding financial projections and automated human resources. This software, fueled by artificial intelligence, assists small and medium-sized businesses (SMBs) to make faster decisions and reduces the paperwork they need to undertake.

What are the Key Trends Driving SMB Software Growth in North America?