Software Market Trends

Software Market size was valued at USD 640.81 Billion in 2023 and is poised to grow from USD 673.04 Billion in 2024 to USD 996.68 Billion by 2032, growing at a CAGR of 5.03% during the forecast period (2025-2032).

Key vendors in Software Market are: 'IBM Corporation ', 'Avast (NortonLifeLock Inc.) ', 'Microsoft Corporation ', 'Oracle Corporation ', 'SAP SE ', 'Adobe Inc. ', 'Broadcom Inc. ', 'Block, Inc. (Square) ', 'Intuit Inc. ', 'Apple Inc. ', 'Alphabet Inc. (Google) ', 'Salesforce.com, Inc. ', 'Autodesk, Inc. ', 'ServiceNow, Inc. ', 'Dassault Systèmes SE ', 'Cisco Systems, Inc. ', 'ANSYS, Inc. ', 'Synopsys, Inc. ', 'Open Text Corporation ', 'Amazon.com, Inc. (AWS)'.

Devices across the world are using applications to function properly and an increase in sales of consumer electronics is also boosting the use of applications. Software is a crucial element of any application development, thereby high demand for applications also favors market growth.   

Low Code and No-Code Development: Software companies should focus on advancing and utilizing no-code and low-code development approaches to streamline software development processes. Use of these technologies and offerings will help companies overcome the restraint of lack of skilled workforce and boost revenue in the future.  

North America is estimated to account for a substantial share of the global software market. The presence of a strong technological infrastructure coupled with quick adoption of advanced technologies allows North America to emerge as the top market for software providers. The United States is estimated to be the most opportune market in this region owing to the presence of key tech companies continually launching novel software. High availability of skilled workforce for software development is also expected to help the dominance of this region going forward.