Spreadsheet Software Market Analysis 2024: Forecast Market Size And Key Factors Driving Growth

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Spreadsheet Software Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $14.55 Bn In 2028 At A CAGR Of 7.8% :

The spreadsheet software market size has grown strongly in recent years. It will grow from $10.05 billion in 2023 to $10.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to user interface improvements, increasing adoption of cloud computing, and the emergence of open-source alternatives.

The spreadsheet software market size is expected to see strong growth in the next few years. It will grow to $14.55 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to digital transformation initiatives, integration with business ecosystems, and advancements in data analysis and visualization. Major trends in the forecast period include integration with business intelligence tools, enhanced data visualization, integration with ecosystems and APIs (application programming interface), and integration with business intelligence platforms.

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Spreadsheet Software Market Major Segments
The spreadsheet software market covered in this report is segmented -

1) By Type: Free And Open-Source Software, Proprietary Software
2) By Pricing Model: One-Time License, Subscription-Based
3) By Deployment: On-Premise, Cloud-Based
4) By Application: Large Enterprise, Small And Medium-Sized Businesses (SMBs), Individuals

Key Driver - Cloud-Based Solutions Driving Growth In The Spreadsheet Software Market

The increasing adoption of cloud-based solutions is expected to propel the growth of the spreadsheet software market going forward. Cloud-based solutions refer to the software applications, services, or resources that are hosted, managed, and accessed remotely over the Internet. The adoption of cloud-based solutions is increasing due to their accessibility from anywhere with an internet connection, cost-effectiveness, and robust security features. Cloud-based solutions facilitate real-time collaboration in spreadsheet software among users from different locations, enhancing teamwork and information sharing. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, 45.2% of EU enterprises adopted cloud computing solutions in 2023, marking a 4.2 percentage increase compared to 2021. 75.3% of those enterprises purchased sophisticated cloud services relating to security software applications. Therefore, the increasing adoption of cloud-based solutions is driving the growth of the spreadsheet software market.

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Prominent Trend - Integration Of AI Assistants Revolutionizes The Spreadsheet Software Market

Major companies operating in the spreadsheet software market are focusing on technological innovations, such as AI (artificial intelligence) assistants for spreadsheets, to enhance the user experience and drive innovation. A native AI assistant for spreadsheets is an integrated artificial intelligence feature within a spreadsheet application that provides advanced functionalities to assist users in various tasks related to data analysis and manipulation. For instance, in May 2023, Equals Technologies Inc., a US-based spreadsheet startup, launched AI Assist, the first native AI assistant for spreadsheets, which offers a range of functionalities to enhance data analysis and productivity. This AI assistant can help users write and debug SQL (Structured Query Language) queries in connected databases, manage formulas in cells, edit and summarize charts, and perform other data-related tasks in the spreadsheet environment. It also aims to modernize spreadsheets by providing users with superpowers in their data analysis tasks, making it easier to work with dynamic and real-time data analyses directly within the spreadsheet interface.

Spreadsheet Software Market Players
Major companies operating in the spreadsheet software market are Apple Inc, Google LLC, Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Dropbox Inc., Tableau Software, Kingsoft Corporation, MathWorks Inc., Altair Engineering Inc., Smartsheet Inc., Domo Inc, Airtable Inc., Hancom Inc., Corel Corporation, Minitab Inc., Mariner Software, LibreOffice, Thinkfree Corporation, SoftMaker Software GmbH, Polaris Office, Ragic, Apache OpenOffice

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Largest And Fastest Growing Region In The Market
North America was the largest region in the spreadsheet software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spreadsheet software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Spreadsheet Software Market Report Structure
3. Spreadsheet Software Market Trends And Strategies
4. Spreadsheet Software Market - Macro Economic Scenario
5. Spreadsheet Software Market Size And Growth
…..
27. Spreadsheet Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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