USD 51.08 billion
Global Software Market Size, Share, Growth Analysis, By Application Development Software(Low Code, No Code), By Office Software(Spreadsheet, Visualization), By Enterprise Software(Cloud Computing, Supply Chain Management) - Industry Forecast 2024-2031
Report ID:
SQMIG45E2191 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|
Tables:
87 |
Figures:
76
Global Software Market Insights
Software Market size was valued at USD 51.08 billion in 2019 and is poised to grow from USD 55.52 billion in 2023 to USD 117.64 billion by 2031, growing at a CAGR of 8.7% in the forecast period (2024-2031).
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Low Code
Fastest Growth
No Code
Growth Rate
8.7% CAGR
Global Software Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Software Market Size By Application Development Software , 2021-2028 ($ Bn)
Global Software Market Size By Application Development Software , 2021-2028 (%)
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Global Software Market Segmental Analysis
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.
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.
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.
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.
Global Software Market By Application Development Software , 2021(%), 2023 (%)
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Global Software Market Regional Insights
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.
Global Linux Operating System Market By Geography, 2021 - 2028, 2024-2031
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Global Software Market Dynamics
Software Market Driver
- A customer success organization was unheard of in the software business prior to software as a service. Now, users can interact with software firms in a completely different way thanks to subscriptions. To keep current customers and draw in new ones, software companies must make an investment in customer success and provide ongoing innovation. It has to do with increasing accountability and the role of customer success.
- E-commerce websites reduce lead time and develop direct business interactions with end customers in a variety of industries. According to a Walmart report, the Flipkart group is experiencing considerable development, with its goods value increasing by 12 times to $7.5 billion. Customized software is required by organizations to manage and analyses customer data, which expands the breadth of prospects in the global software industry.
Software Market Restraint
- The cost, time, and expertise required for software deployment are significant. Due to the lengthy implementation processes that include project planning, organization, installation, training, and system configuration, software adds significant expense. In addition to software deployment, the business may require new hardware, updated network equipment, and security software installs, which will almost certainly incur additional costs. Furthermore, additional costs such as staff training, skilled employee recruitment, and maintenance are likely to raise the initial implementation cost of enterprise software, thus stifling market growth during the projection period.
- Language is a major challenge for software firms. Correct translation and suitable pitching of the software's text would be necessary for its intended customers. Incorrect software localization might make it difficult for the user to navigate the software. This condition frequently results in a poor user experience.
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Global Software Market Competitive Landscape
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.
Software Market Top Player's Company Profiles
- Microsoft Corporation
- Apple Inc.
- Oracle Corporation
- SAP SE
- IBM Corporation
- Alphabet Inc. (Google)
- Adobe Inc.
- Salesforce.com, Inc.
- Intuit Inc.
- VMware, Inc.
- Symantec Corporation
- Red Hat, Inc.
- CA Technologies
- Autodesk, Inc.
- ServiceNow, Inc.
- Dassault Systèmes SE
- Splunk Inc.
- ANSYS, Inc.
- Synopsys, Inc.
- Open Text Corporation
Software Market Recent Developments
- In June 2022, Microsoft acquires cyber security firm Miburo which specialises in the detection of and response to foreign operations in order to stop foreign threats. Miburo, led by founder Clint Watts, will become part of Microsoft’s Customer Security and Trust organisation.
- In May 2022, Chipmaker Broadcom to buy VMware in $61 billion dead. The acquisition is the second biggest announced globally so far this year, trailing only Microsoft Corp's $68.7 billion deal to buy video game maker Activision Blizzard Inc.
Global Software Key Market Trends
- The rising speed of life necessitates faster operations and the deployment of new software solutions. As a result, more engineers are turning to automated code review, in which specific tools check the code based on predetermined rules. Veracode, CodeClimate, Codacy, DeepSource, and other popular automated code review tools. Given the volume of code lines written daily, use of such tools is becoming increasingly important.
- DevOps has become a popular practise in software development firms. Observability technologies will be essential for DevOps teams in both major corporations and small and medium-sized businesses by 2022. This can be explained by the growing use of microservices and cloud-native app development, as well as the requirement to swiftly identify and resolve issues in these complex architectures.
Global Software Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 51.08 billion |
| Market size value in 2031 | USD 117.64 billion |
| Growth Rate | 8.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Software Market Report Snapshots
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