Press release
Software Rental Service Market Report, Size, Share, Growth, Trends, Competitive Outlook to 2033
Software Rental Service Market
The new report published by The Business Research Company, titled Software Rental Service Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the software rental service market size has grown strongly in recent years. It will grow from $42.36 billion in 2023 to $46.16 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The software rental service market size is expected to see strong growth in the next few years. It will grow to $65.52 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
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What Is Driving The Growth Of The Global Software Rental Service Market?
Rising Cloud Computing Adoption Fueling Growth In Software Rental Services
The increasing adoption of cloud computing is expected to propel the growth of the software rental service market going forward. The adoption of cloud computing is rising due to its ability to provide scalable, flexible, and cost-effective computing resources and services. Cloud computing helps software rental services by providing scalable, on-demand access to software applications and infrastructure, reducing the need for upfront investment, and enabling flexible, subscription-based models. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, around 45.2% of EU enterprises utilized cloud computing services, primarily for email hosting, file storage, and various operational tasks, with a notable increase of 4.2 percentage points from 2021. The most sought-after services included email hosting (82.7%), file storage (68.0%), office software (66.3%), security applications (61.0%), finance or accounting software (51.6%), and enterprise database hosting (43.0%). Therefore, the increasing adoption of cloud computing is driving the growth of the software rental service market.
What Is The Key Trend In The Global Software Rental Service Market?
Innovative Arm-based Cloud Computing Services Revolutionizing The Software Rental Service Market
Major companies operating in the software rental service market are developing innovative solutions, such as Arm-based cloud computing services, to enhance scalability, flexibility, and accessibility for users. Arm-based cloud computing services refer to cloud infrastructure that utilizes Arm architecture processors, known for their energy efficiency and performance, to deliver scalable, cost-effective computing resources and services. For instance, in May 2021, Oracle Corporation, a US-based database management and cloud service provider, launched the Oracle Cloud Infrastructure (OCI) Ampere A1 Compute service, which utilizes Ampere Computing's data center chips based on Arm Ltd. technology. This features scalable, secure infrastructure with flexible virtual machine options, competitive pricing, and support for diverse workloads. The technological advancement lies in the shift to Arm architecture for data centers, offering high core counts, performance, and energy efficiency, which significantly impacts the software rental service market by increasing choice, reducing costs, and enhancing performance and efficiency.
How Is The Global Software Rental Service Market Segmented?
The software rental service market covered in this report is segmented -
1) By Software Type: Productivity Software, Creative Software, Accounting And Finance Software, Customer Relationship Management (CRM) Software, Enterprise Resource Planning (ERP) Software, Project Management Software, Collaboration And Communication Software, Other Software Types
2) By Deployment Type: Cloud-Based, On-Premises
3) By Subscription Model: Monthly Rental, Annual Rental, Pay-As-You-Go
4) By Enterprise Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
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How Is The Competitive Landscape Of The Global Software Rental Service Market?
Major companies operating in the software rental service market are Alphabet Inc., Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., Adobe Inc., Intuit Inc., ServiceNow Inc., Autodesk Inc., Atlassian Corporation Plc, Zoom Video Communications Inc., Dropbox Inc., Tableau Software LLC, HubSpot Inc., Slack Technologies Inc., Box Inc., Smartsheet Inc., Monday.com Ltd., Asana Inc., Pipedrive Inc.
Contents Of The Global Software Rental Service Market
1. Executive Summary
2. Software Rental Service Market Report Structure
3. Software Rental Service Market Trends And Strategies
4. Software Rental Service Market - Macro Economic Scenario
5. Software Rental Service Market Size And Growth
…..
27. Software Rental Service Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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