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Software Services Market Analysis, Trends, Growth, Research And Forecast 2033
Software Services Market
The Business Research Company offers in-depth market insights through Software Services Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The software services market size has grown strongly in recent years. It will grow from $1625.25 billion in 2023 to $1748.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to globalization of business, enterprise resource planning (erp) systems, cybersecurity concerns, business process automation, cloud computing.
The software services market size is expected to see rapid growth in the next few years. It will grow to $2626.24 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to internet of things (iot) integration, artificial intelligence (ai) and machine learning, remote work solutions, augmented reality (ar) and virtual reality, edge computing solutions. Major trends in the forecast period include sustainable and green technologies, 5g technology implementation, digital transformation, cloud-native development, focus on user experience (ux) design, subscription-based and saas models.
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Market Segmentation:
The software services market covered in this report is segmented -
1) By Software: Finance, Sales And Marketing, Human Resource, Supply Chain, Other Software Types
2) By Service: Consulting, Managed Services, Support And Maintenance
3) By Deployment: Cloud, On-Premise
4) By Enterprise Size: Large Enterprises, Small And Medium Enterprises
5) By End-Use: Aerospace And Defense, Banking And Financial Institutions (BFSI), Government, Healthcare, IT And Telecom, Manufacturing, Retail, Transportation, Other End-Uses
Major Driver - The Surge In Software Services Market Driven By Increasing Business Process Automation
The increasing automation of business processes is expected to boost the growth of the software services market going forward. Automation refers to the technology that uses less human assistance to complete tasks. The use of automation software is a superior and wiser method of cost containment and reduction where the greatest opportunity is to expand customer (end-user) service while steadily cutting expenses, hence, the use of automation in business processes will rise the demand for the software services market. For instance, in April 2021, according to a report published by Zapier, a US-based company that empowers businesses to automate workflows and move data across apps, in 2021, 63% of SMBs stated automation enabled them to quickly shift in response to the pandemic. Furthermore, 66% of employees believe that automation at work allows them to focus on more innovative roles and initiatives. Therefore, the increased automation of business processes is driving the growth of the software services market.
Competitive Landscape:
Major companies operating in the software services market report are Microsoft Corporation, Oracle Corporation, Epicor Software Corporation, International Business Machines Corporation, Infor Inc., Deltek Inc., Acumatica Inc., Unit4, Syspro Technologies, TOTVS S.A, SAP SE, Cloud Software Group Inc., Qliktech International AB, Tableau Software Inc., SAS Institute Inc., NetSuite Inc., Salesforce Inc., Adobe Inc., Workday Inc., Plex Systems Inc., Aras Corporation, PTC Inc., Autodesk Inc., Dassault Systemes, Parasoft, ComplianceQuest, Siemens AG, Atlassian Corporation, Hewlett Packard Enterprise, Veeva Systems, Intellect Software Solutions Pvt. Ltd., Kovair Software Inc. .
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Top Trend - Technological Advancements Propel The Software Services Market
Technological advancement is the key trend gaining popularity in the software services market. Major companies operating in the software services market are focusing on developing new technologies to strengthen their market position. For instance, in January 2023, Valvoline Inc., a US-based provider of automotive and industrial solutions, launched Vision Service Lane Technology. The unique feature of Vision is its ability to provide a tailored, VIN-specific menu of services, giving the service department a platform to increase income. Vision is one of the most detailed fixed-ops software products available, utilizing collaborations with partners to understand their pain points and unrealized potential in their current software. Advisors employ vision to help them establish relationships, trust, and responsibility with clients in the service drive or at the service desk.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Software Services Market Characteristics
3. Software Services Market Trends And Strategies
4. Software Services Market - Macro Economic Scenario
5. Software Services Market Size And Growth
…..
27. Software Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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