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Software Products Market Analysis, Growth & Trends 2024-2033
Software Products Market Analysis
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According to The Business Research Company's, The software products market size has grown rapidly in recent years. It will grow from $1449.4 billion in 2023 to $1605.89 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to enterprise resource planning, e-commerce boom, mobile application development, open source movement, cybersecurity concerns, open source movement.
The software products market size is expected to see rapid growth in the next few years. It will grow to $2529.03 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to growing digital transformation initiatives, smart cities development, edge computing, robotic process automation, privacy and compliance solutions. Major trends in the forecast period include cloud-native and saas adoption, remote collaboration tools, low-code and no-code development, blockchain applications, ai in business processes.
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Market Drivers and Trends:
IoT technology adoption by manufacturing and transportation services companies is expected to drive the software products market in the forecast period. IoT is a network of physical objects such as devices, vehicles, buildings and other items which are embedded with electronics, software, sensors and network connectivity enable these objects to collect and exchange data. For instance, Microsoft and Rolls-Royce have announced a partnership centering on future Rolls-Royce intelligent engines, which will integrate Microsoft Suite into its service solutions to expand its digital capabilities. According to International Data Corporation (IDC), global spending on IoT was around $1.4 trillion in 2021; this includes hardware, software and services for IoT technologies. Thus, IoT technology adoption is expected to expand the demand for software products.
Major companies operating in software products are introducing innovative products such as Google Pixel 7 and 7 Pro to drive revenues in the market. Google Pixel 7 and 7 Pro is a software product that runs the latest version of Android with a clean, stock Android experience, along with timely software updates directly from Google. For instance, in October 2022, Google, a US-based software company launched Google Pixel 7 and 7 Pro. These smartphones feature upgraded cameras, sophisticated designs, and new colors. Both phones come with Android 13, private compute core, Android System Intelligence, Android Messages end-to-end encryption, and Android backup encryption.
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Major Key Players of the Market:
Amazon Inc., Apple, Alphabet Inc., Microsoft Corp., EMC Corporation, Dell Technologies Inc., Sony Corp., Tencent Holdings Co. Ltd., Intel Corporation, HP Inc., International Business Machines Corporation, Oracle Corp., SAP SE, salesforce.com, Fiserv Inc., Adobe Systems Incorporated, Nintendo Co ltd., NetApp, Autodesk Inc., Zoom Video Communications Inc., Citrix Systems, Symantec Corporation, Atlassian Corporation plc, Splunk Inc., Check Point Software Technologies Ltd., DocuSign Inc., Ubisoft, ServiceNow Inc., CrowdStrike Holdings Inc., Red Hat Inc.
Software Products Market 2024 Key Insights:
• The software products market size is expected to see rapid growth in the next few years. It will grow to $2529.03 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%.
• Expanding Horizons Iot Adoption Boosting Software Product Demand
• Increasing Focus On Innovative Products To Drive The Revenues In The Market
• Asia-Pacific was the largest region in the software products market in 2023
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