Press release
Software Rental Service Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Software Rental Service Market
The increasing adoption of cloud computing is expected to fuel the growth of the software rental service market. Cloud computing offers scalable, flexible, and cost-effective access to computing resources and services, and its adoption is rising due to these advantages. Software rental services benefit from cloud computing by providing on-demand access to software applications and infrastructure without upfront investments, promoting flexible, subscription-based models. For example, in June 2024, AAG IT Services reported that 89% of organizations used multi-cloud solutions for storage and workloads in 2022. As a result, the growing adoption of cloud computing is expected to drive the growth of the software rental service market.
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How will the growth rate of the software rental service market shape industry trends by 2034?
The software rental service market has grown significantly in recent years. It will rise from $46.16 billion in 2024 to $50.45 billion in 2025, at a CAGR of 9.3%. This growth is attributed to the increasing adoption of cloud computing, the rise of remote work and virtual teams, growth in small and medium-sized enterprises (SMEs), demand for scalable software solutions, and a focus on software security and compliance.
The software rental service market is expected to see robust growth, reaching $71.38 billion by 2029 with a CAGR of 9.1%. The growth is attributed to the expansion of digital transformation initiatives, increased usage of big data and analytics, a growing focus on cybersecurity, demand for flexible subscription models, and the need for enhanced collaboration tools. Trends include a rise in hybrid and multi-cloud environments, greater adoption of SaaS solutions, deeper AI integration in software, the development of blockchain-based software services, and a focus on personalized software solutions.
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What trends are poised to drive the future success of the software rental service market?
Companies in the software rental service market are advancing with solutions like online portals to improve accessibility, streamline rental processes, and provide real-time software updates. Online portals allow users to manage their accounts and access services through a unified interface. In July 2024, MCS Rental Software, a UK-based company, launched an all-in-one Request Management feature in its MCS-RM rental software. It provides real-time visibility into asset locations and statuses, automates maintenance scheduling, and improves inventory management with barcode technology.
Which primary segments of the software rental service market are driving growth and industry transformations?
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
Subsegments:
1) By Productivity Software: Word Processing Software, Spreadsheet Software, Presentation Software, Note-Taking Software, Email Management Software
2) By Creative Software: Graphic Design Software, Video Editing Software, Audio Production Software, Animation Software, 3D Modeling Software
3) By Accounting And Finance Software: Bookkeeping Software, Tax Preparation Software, Financial Management Software, Payroll Software, Budgeting And Forecasting Software
4) By Customer Relationship Management (CRM) Software: Sales Automation Software, Marketing Automation Software, Customer Support And Service Software, Lead Management Software, Contact Management Software
5) By Enterprise Resource Planning (ERP) Software: Supply Chain Management (SCM) Software, Human Resource Management (HRM) Software, Financial Management Software, Inventory Management Software, Manufacturing Resource Planning Software
6) By Project Management Software: Task And Workflow Management Software, Time Tracking Software, Collaboration Tools For Project Management, Resource Scheduling Software, Project Budgeting And Forecasting Software
7) By Collaboration And Communication Software: Video Conferencing Software, Team Messaging Platforms, File Sharing And Cloud Storage, Collaborative Document Editing Software, Online Meeting Software
8) By Other Software Types: Industry-Specific Software, Security And Privacy Software, Data Analytics And Reporting Software, Artificial Intelligence And Machine Learning Software, Simulation And Modeling Software
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Which geographical regions are pioneering growth in the software rental service market?
North America was the largest region in the software rental service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the software rental service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the software rental service market landscape?
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.
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What Is Covered In The Software Rental Service Global Market Report?
•Market Size Forecast: Examine the software rental service market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the software rental service market for a structured understanding.
•Key Players Overview: Analyze major players in the software rental service market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the software rental service market.
•Segment Contributions: Evaluate how different segments drive overall growth in the software rental service market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the software rental service market.
•Industry Challenges: Identify potential risks and obstacles affecting the software rental service market.
•Competitive Landscape: Review strategic developments in the software rental service market, including expansions, agreements, and new product launches.
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