USD 51.08 billion
Report ID: SQSG45E2012 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 87 | Figures: 76
Global Software Market size was valued at USD 51.08 billion in 2021 and is poised to grow from USD 55.52 billion in 2022 to USD 117.64 billion by 2030, growing at a CAGR of 8.7% in the forecast period (2023-2030).
Software is a collection of instructions, data, or programmed that are used to run machines and perform certain tasks. It is the inverse of hardware, which describes the physical components of a computer. Apps, scripts, and programmers that run on a device are referred to as software. Due to digitization and data that is gathered online, businesses' needs for data insights, customer assessments, and other types of business processes have significantly expanded. This trend fuels the demand for Enterprise Software. The demand for products and solutions that enable digitization is driving strong growth in Application Development Software. Consumers' desire for a better digital experience boosts the appeal of application platforms or platform-as-a-service choices, which assist developers in managing the rising complexity of application infrastructure. The trend toward new technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI) offers this Software industry additional growth potential in the coming years.
US Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 51.08 billion
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The Global Software Market is segmented based on the Application Development Software, Office Software, Enterprise Software, and region. Based on the Application Development Software, the Global Software Market is segmented as Low code and No code. Based on the Office Software, the Global Software Market is segmented as Spreadsheet and Visualization. Based on Enterprise Software, the Global Software Market is segmented as Cloud Computing and Supply Chain Management. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Global Software Market Analysis by Application Development Software
The market was dominated by low-code development platforms, which held more than 56.9% of the market. The primary drivers of the category growth are the quickening pace of digital transformation in the IT and telecom sectors, the growing requirement for scalability and customization, and the enhanced responsiveness to the business. Instead of using traditional computer programming, the low-code development application platform enables companies and IT specialists to design and develop business application codes and software using graphical user interfaces.
Over the projection period, the no-code development platform market is expected to grow at the highest CAGR of more than 27.6%. The expansion of no-code development platforms like WordPress, Wix, Quixey, and Nintex Process Platforms is responsible for the segment's rise. These platforms make it possible to design and create applications without using any programming language. They come with pre-defined tools that allow programmers to make applications quickly.
Global Software Market Analysis by Office Software
During the projection period, the visualization software segment is anticipated to have the highest CAGR. Due to the growing adoption of new technologies for product development, the market is anticipated to grow. The adoption of user-friendly software interfaces and heightened competition are other factors that will probably raise demand for these software solutions.
The spreadsheet software market category, which had a market share of more than 40.98% in 2021, is anticipated to experience encouraging expansion in the next years. Companies are using spreadsheet software to store, organize, and analyses data in tabular format, which has resulted in the enormous expansion of this market. Spreadsheet software adoption is projected to rise in the next years due to the growing trend of SMEs collaborating with e-commerce firms and connecting with other web applications, such as automated bank feeds, billing capabilities, and increased visualization capabilities.
Global Software Market Analysis by Enterprise Software
Businesses are implementing cloud-based Supply Chain Management (SCM) systems to optimize their supply chains, support new digitally based business models, and accelerate profitability growth through cost reduction. Applications for supply chain management (SCM) on the cloud are built to adapt and grow to the requirements of globally dispersed supplier networks, allowing businesses to respond more quickly to market demands. The development of these enterprise supply chain management software.
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In 2021, North America held a stake of more than 30% of the worldwide market, dominating it. This can be ascribed to the region's abundance of software suppliers and the expanding need for high-speed data networks. Companies in North America also put a lot of effort into adopting projects based on software and analytics. Additionally, the area contains a sizable population of software engineers, data analysts, and computer scientists that specialise in corporate solutions and services.
In 2021, Europe made up the second-largest portion. Due to major expenditures made by big businesses in cutting-edge software and services as well as the implementation of new technologies across several industries, the regional market is expected to rise at a promising rate. Due to the region's growing emphasis on cloud-based services and efforts to create analytics solutions, the need for enterprise solutions is also anticipated to rise. In the data-driven economy, for instance, the European Cloud Initiative strives to provide businesses a digital advantage.
The Asia-Pacific software market is driven by growing demands for operational efficiency and transparency in corporate operations, adoption of cloud and mobile apps, and growth in demand for data-driven decision-making. High maintenance and investment expenses, however, limit market expansion. On the other hand, in the next years, new possibilities will arise as the need for software among small and medium-sized businesses develops and as ERP technology advances.
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Global Software Market Driver
Global Software Market Restraint
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The Global Software market is consolidated. To maintain a competitive edge, the major Software industry participants are continually implementing various growth strategies in order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Global Software Market Top Player's Company Profiles
Global Software Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Software Market Analysis, in terms of product type, the oxygen segment held the largest share due to effects of covid-19 pandemic. In terms of distribution channel, the cylinder segment accounted for a maximum market share as various gases are easily compressed and are easy to handle followed by on-site due to introduction of new technologies the Software market is likely to witness upswings.
|Market size value in 2021||USD 51.08 billion|
|Market size value in 2030||USD 55.52 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Software Market:
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Product ID: SQSG45E2012