Press release
Business Software Market Anticipated To Witness Robust Growth, Surpassing $1401.12 Billion By 2029
Business Software
What Is the Current Business Software Market Size and Its Estimated Growth Rate?
The business software market has experienced strong growth in recent years. It is expected to expand from $826.3 billion in 2024 to $920.73 billion in 2025, at a CAGR of 11.4%. This growth is driven by the adoption of cloud-based apps, increasing demand for high-speed data networks, and the rise of customer cloud adoption.
The business software market is expected to grow to $1401.12 billion by 2029 at a CAGR of 11.1%. Growth is driven by advancements in cloud and networking technologies, growing demand from SMEs, and the rise of hybrid cloud deployments. Trends include cloud adoption, government regulations to reduce emissions, innovations in cloud computing, AI-driven communication, and internet service transformation.
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How Are Emerging Segments Shaping the Business Software Market Landscape?
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), HealTH*Care, 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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Which Growth Factors Are Influencing Business Software Market Expansion?
The transition to cloud-based solutions is anticipated to accelerate the growth of the business software market. Cloud-based solutions are software applications, services, and resources delivered through the internet using cloud computing technology. This shift is driven by the cost-effectiveness, scalability, accessibility, security, and innovation cloud-based services offer. Cloud-based solutions enable businesses to enhance scalability, security, and integration, supporting digital transformation and innovation. For instance, Eurostat reported in December 2023 that the adoption of cloud computing services among small and medium-sized enterprises in the EU increased from 53% in 2021 to 59% in 2023, illustrating the growing shift toward cloud services.
Who Are the Dominant Players Across Different Business Software Market Segments?
Major companies operating in the business software market are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, accen*ture 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
What Are the Latest Developing Trends in the Business Software Market?
Companies in the business software market are focusing on creating innovative products like Brex Empower to improve operational efficiency. Brex Empower, launched in April 2022 by Brex Inc., a US-based financial services company, is a software platform that allows businesses to manage budgets and expenses more efficiently. It offers transparency and real-time monitoring of company expenditures, helping organizations optimize spending and reduce unnecessary costs.
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Which Geographic Regions Are Expected to Dominate the Business Software Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Business Software Market?
2. What is the CAGR expected in the Business Software Market?
3. What Are the Key Innovations Transforming the Business Software Industry?
4. Which Region Is Leading the Business Software Market?
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