Independent Software Vendors Market : Outlook, Current and Future Industry Landscape Analysis 2019-2027
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Companies in the independent software vendors (ISVs) market are focusing on the inclusion of right mix of digital technologies that help stakeholders gain a competitive edge over other players. As such, the market is largely fragmented with emerging players dictating ~55%-60% of the market revenue share. Independent software vendors are investing in right skills of software developers and building their credibility by complying with government rules and regulations.
Financial Services-ready Public Cloud Platforms Establish Trusted Technology Ecosystem
The global IT spending is anticipated to turn into a trillion dollar industry due to the increasing volume of independent software vendor products and services sold for and through cloud platforms. Hence, major companies are setting their collaboration wheels in motions to initiate strategic tie-ups with financial entities to capitalize on exponential cloud deployment. For instance, IBM- a leading U.S.-based IT company launched their one-of-its-kind financial services-ready public cloud by joining forces with the Bank of America. This explains why the revenue of financial services applications are projected for aggressive growth in the independent software vendors (ISVs) market, where the market is estimated to reach a value of ~US$ 4,077.72 Bn by the end of 2027.
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Independent software vendors are benefitting through strategic collaborations, since ISVs can focus more on their core offerings to financial institutions through innovative cloud platforms. The establishment of a trusted technology ecosystem has become an important prerequisite raised by stakeholders of financial institutions in the independent software vendors market.
The growth of the independent software vendors market is anticipated to climb at a promising CAGR of ~13% during the forecast period. This is evident since the revenue of industrial & manufacturing application segment is predicted for exponential growth in the independent software vendors (ISVs) market. However, stakeholders in the industrial & manufacturing sector are straddling between software and services to progress in the market landscape. For instance, several vendors are offering services to replace software, especially in the supply chain network services domain. On the other hand, stakeholders in the industrial & manufacturing sector are outsourcing 3D printing services. However, lack of quality control in outsourced work is encouraging stakeholders to invest in software.
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Independent software vendors are increasing efforts to analyze business needs of stakeholders in the industrial & manufacturing sector in order to offer the right software that improves efficiency levels in their organizations. Since software offering are not very straightforward in the industrial & manufacturing landscape, independent software vendors are educating stakeholders on the pros and cons about the software.
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