Press release
Key Trends Shaping the Future Business Software Market From 2025-2034: Business Software Market Innovation And Brex Empower Platform
Business Software
The trend of shifting towards solutions hosted in the cloud is believed to boost the growth of the business software market in the future. Cloud-based solutions encompass software applications, services, and resources delivered via the internet using cloud computing technology. The popularity of cloud-based solutions is attributed to their ability to offer economical, scalable, accessible, innovative, and secure IT services and resources. These solutions enhance the ability of business software to offer better scalability, accessibility, cost-effectiveness, security, and integration capabilities, equipping organizations with tools to accelerate digital transformation, innovation, and gain a competitive edge in the current dynamic business environment. For illustration, in December 2023, Eurostat, a statistical office of the European Union based in Luxembourg, revealed that in 2023, the rate of adoption of cloud computing services escalated to 59% in small and medium-sized businesses, a rise from 53% of 2021. Thus, the transition towards cloud-based solutions is fueling the expansion of the business software market.
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What is the future CAGR of the business software market, and how will it impact industry expansion?
In recent times, the market size of business software has experienced rapid expansion. It is predicted to increase from $826.3 billion in 2024 to $920.73 billion by 2025, boasting a compound annual growth rate (CAGR) of 11.4%. This historic growth can be attributed to factors such as the widespread adoption of cloud-based applications, the heightened requirement for high-speed data networks, and an upsurge in customer acceptance of cloud technology.
Expectations are high for the business software market to witness a rapid increase in its size over the coming years. By 2029, it's anticipated to reach $1401.12 billion, expanding roughly 11.1% annually. This growth through the forecasted period is largely credited to developments in cloud and networking, the rising demands from small and medium enterprises (SMEs), subscriptions to cloud-based services, and the escalation of hybrid cloud deployment. Notable trends for the forecast period include the push for businesses to adopt cloud-based services, government regulations aimed at reducing carbon emissions, advancements in technology such as cloud computing, breakthroughs in cloud-managed networking, novel methods of communication through artificial intelligence (AI), and the transformation of internet service.
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What are the most significant trends transforming the business software market today?
Leading businesses in the business software industry are concentrating on creating innovative solutions such as Brex Empower, aiming to accelerate business operations and boost efficiency. Brex Empower represents a novel software solution that assists businesses in enhancing their financial discipline and operational speed. Brex Inc., an American financial services firm, introduced Brex Empower in April 2022. It facilitates managers in setting up and soliciting budgets for items such as trips, vendors, and stipends, with preset expenditure guidelines for employees to understand their spending limits without the need for individual expense approvals. This promotes transparency and supervision across all organizational expenses, allowing financial teams to track current spending trends and implement measures to cut unwarranted expenses. Automation of various financial tasks like expense monitoring, reimbursements, and reconciling accounts simplifies operations and liberates crucial time and resources for businesses.
Which key market segments comprise the business software market and drive its revenue growth?
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
Subsegments:
1) By Enterprise Resource Planning (Erp) Software: Cloud-Based Erp, On-Premise Erp, Hybrid Erp
2) By Customer Relationship Management (Crm) Software: Operational Crm, Analytical Crm, Collaborative Crm
3) By Business Intelligence (Bi) Software: Data Analytics Tools, Data Visualization Tools, Dashboarding Solutions, Reporting Software
4) By Supply Chain Software: Supply Chain Planning (Scp), Supply Chain Execution (Sce), Logistics Management, Inventory Management, Order Management
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North America was the largest region in the business software market in 2024. 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.
Who are the leading players fueling growth in the business software market?
Major companies operating in the business software market are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, accenture* 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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What Is Covered In The Business Software Global Market Report?
•Market Size Forecast: Examine the business software market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the business software market for a structured understanding.
•Key Players Overview: Analyze major players in the business software market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the business software market.
•Segment Contributions: Evaluate how different segments drive overall growth in the business software market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the business software market.
•Industry Challenges: Identify potential risks and obstacles affecting the business software market.
•Competitive Landscape: Review strategic developments in the business software market, including expansions, agreements, and new product launches.
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