Business Software Global Market Report 2024 by The Business Research Company | Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Accentur*e plc, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, NetSuite Inc., SAP S

The business software market size has grown rapidly in recent years. It will grow from $745.72 billion in 2023 to $826.30 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to rising adoption of cloud-based apps, increased need for high-speed data networks, rising customer cloud adoption.

The business software market size is expected to see rapid growth in the next few years. It will grow to $1,261.71 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to cloud and networking-based advancements, growing demand from SMEs, cloud-based subscriptions, rising hybrid cloud deployment. Major trends in the forecast period include businesses are encouraged to use cloud-based services, government rules to reduce carbon emissions, developing technology like cloud computing, new innovations in cloud-managed networking, new way of communicating with artificial intelligence (AI), transforming an internet service.

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Business Software Market Major Segments
The business software market covered in this report is segmented -

1) By Software Type: Enterprise Resource Planning (ERP) Software, Customer Relationship Management (CRM) Software, Business Intelligence (BI) Software, Supply Chain Software
2) By Deployment: Cloud, On-Premise
3) By End-User Vertical: Banking, Financial Services, And Insurance (BFSI), Healthcare, Public And Institutions, Retail, Transportation, Manufacturing, Other End-User Verticals

Key Driver - Cloud-Based Solutions Fueling Growth In The Business Software Market

The shift towards cloud-based solutions is expected to propel the growth of the business software market going forward. Cloud-based solutions refer to software applications, services, and resources delivered over the internet through cloud computing technology. The rise in cloud-based solutions is due to the ability to provide cost-effective, scalable, accessible, innovative, and secure IT resources and services. The cloud-based solutions empower business software to deliver greater scalability, accessibility, cost efficiency, security, and integration capabilities, enabling organizations to drive digital transformation, innovation, and competitive advantage in today's dynamic business landscape. For instance, in December 2023, Eurostat, a Luxembourg-based governmental organization of the European Union operating as the statistical office, reported that in 2023, the adoption rate of cloud computing services among small and medium-sized enterprises grew to 59%, up from 53% in 2021. Therefore, a shift towards cloud-based solutions is driving the growth of the business software market.

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Prominent Trend - Business Software Market Innovation And Brex Empower Platform

Major companies operating in the business software market focus on developing innovative solutions, such as Brex Empower, to help businesses increase their operational speed and efficiency. Brex Empower is an innovative software platform that helps businesses improve their operations' speed and financial discipline. For instance, in April 2022, Brex Inc., a US-based financial services company, launched Brex Empower. It allows managers to create and request budgets for trips, vendors, and stipends with defined expense policies so employees know how much can be spent without needing approvals for each expense. It offers transparency and oversight of the entire organization's expenditures, enabling finance teams to monitor real-time spending patterns and take action to minimize unnecessary costs. Automating various financial tasks such as expense tracking, reimbursements, and accounting reconciliations streamlines operations and frees up valuable time and resources for companies.

Business Software Market Players
Major companies operating in the business software market are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Accentur*e plc, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, NetSuite Inc., SAP SE, Salesforce Inc., NEC Corporation, Adobe Inc., VMware Inc., ServiceNow Inc., Workday Inc., Red Hat Inc., Infor Inc., OpenText Corporation, Citrix Systems Inc., Rackspace Technology Inc., Lumen Technologies Inc., Epicor Software Corporation, Progress Software Corporation, Deltek Inc., HashiCorp Inc., Canonical Ltd., Puppet Inc., Qualisystems Ltd., Nerdio, CFEngine AS

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

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

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