IMARC Group, a leading market research company, has recently releases report titled “Software Market Report by Type (Application Software, System Infrastructure Software, Development and Deployment Software, Productivity Software), Deployment Mode (On-premises, Cloud-based), Enterprise Size (Small and Medium-sized Enterprises, Large Enterprises), Industry Vertical (IT and Telecom, BFSI, Retail, Government/Public Sector, Energy and Utilities, Healthcare, and Others), and Region 2024-2032.” The study provides a detailed analysis of the industry, including the global software market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the software market?

The global software market size reached US$ 636.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,083.6 Billion by 2032, exhibiting a growth rate (CAGR) of 6.09% during 2024-2032.

Global Software Market Trends:

The growing emphasis on personalized and user-centric software solutions that offer a more tailored and intuitive user experience is strengthening the market growth. Furthermore, the widespread expansion of software as a service (SaaS) offering into niche industries, like email, customer relationship management (CRM), and collaboration tools, is fostering the market growth. In addition to this, the growing demand for software that supports sustainability goals, such as energy-efficient computing, reduced electronic waste, and the development of platforms that facilitate remote work, is fueling the market growth.

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Factors Affecting the Growth of the Software Industry:

• Increasing Demand for Automation and Efficiency in Operations:

The burgeoning demand for automation and efficiency across various sectors, including manufacturing, healthcare, retail, and finance, to improve operational efficiency and reduce manual efforts is one of the major factors boosting the market growth. Moreover, the development of automation software, including robotic process automation (RPA) and business process management (BPM) tools, as they enable organizations to automate routine tasks, thereby allowing employees to focus on more strategic activities, is fostering the market growth. Additionally, the burgeoning integration of artificial intelligence (AI) and machine learning (ML) with these software tools to enhance their capability to make intelligent decisions, predict outcomes, and learn from past data is strengthening the market growth.

• Emergence of Advanced Technologies and Innovation:

The relentless pace of technological innovation is a key driver catalyzing the market growth. In line with this, the emergence of technologies, such as artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), and blockchain to enhance existing software solutions and create new market opportunities for innovative applications and services, is boosting the market growth. For instance, AI and ML are incorporated into various software products, such as customer relationship management (CRM) systems and predictive analytics tools, to transform data analysis, decision-making processes, and customer interactions. Besides this, IoT technology is enabling the development of smart applications that monitor, collect, and analyze data from connected devices, leading to more informed decisions and operational efficiencies in sectors such as manufacturing, logistics, and smart cities.

• Implementation of Digital Transformation Initiatives:

The increasing investment by governments and private sectors in digital infrastructure, cybersecurity, and smart technology solutions to enhance service delivery, improve efficiency, and foster economic growth is promoting the market growth. Along with this, the growing demand for software solutions, such as basic infrastructure software and more complex applications that enable smart city projects, e-governance, and digital healthcare systems, is acting as a growth-inducing factor. Besides this, the heightened investments in digital infrastructure, including broadband and mobile networks, to facilitate the adoption of digital technologies and services are driving the market growth. Moreover, the increasing focus on enhancing existing digital infrastructure to support advanced technologies like fifth generation (5G), AI, and IoT is creating additional opportunities for the market growth.

Software Market Report Segmentation:

Breakup by Type:

• Application Software
  • Enterprise Resource Planning (ERP)
  • Customer Relationship Management (CRM)
  • Supply Chain Management (SCM)
  • Enterprise Collaboration Software
  • Enterprise Content Management (ECM) Software
  • Education Software
  • Others
• System Infrastructure Software
  • Network Management Systems (NMS)
  • Storage Software
  • Security Software
• Development and Deployment Software
  • Enterprise Data Management (EDM)
  • Business Analytics and Reporting Tools
  • Application Servers
  • Integration and Orchestration Middleware
  • Data Quality Tools
• Productivity Software
  • Office Software
  • Creative Software
  • Others

Application software represented the largest segment due to its widespread adoption across industries for various business functions.

Breakup by Deployment Mode:

• On-premises
• Cloud-based

On-premises accounted for the largest market share as many organizations prioritize control over their data and systems.

Breakup by Enterprise Size:

• Small and Medium-sized Enterprises
• Large Enterprises

Large enterprises represented the largest segment as they have the financial and infrastructural capabilities to invest in comprehensive software solutions that drive innovation and competitive advantage.

Breakup by Industry Vertical:

• IT and Telecom
• BFSI
• Retail
• Government/Public Sector
• Energy and Utilities
• Healthcare
• Others

IT and telecom accounted for the largest market share, driven by the inherent need for advanced software to support the rapidly evolving technology and communication networks.

Breakup by Region:

• North America 
• Europe 
• Asia Pacific 
• Latin America
• Middle East and Africa

North America's dominance in the software market is attributed to its strong technological infrastructure, high adoption rate of innovative technologies, and the presence of major software companies.

Leading Companies Operating in the Global Software Industry:

• Adobe Inc.
• International Business Machines Corporation
• Intuit Inc.
• McAfee Corp.
• Microsoft Corporation
• NortonLifeLock Inc.
• Oracle Corporation
• SAP SE
• Synopsys Inc.

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