Press release
Software Products Market Expected to Achieve 11.3% CAGR by 2029: Growth Forecast Insights
Software Products Market Size
Software Products Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, the market size of software products has experienced significant expansion. The value is projected to escalate from $1774.09 billion in 2024 to $1982.18 billion in 2025, with an 11.7% compound annual growth rate (CAGR). Factors contributing to growth in the previous timeframe include enterprise resource planning, the surge in e-commerce, mobile app development, the open-source movement, and cybersecurity issues.
Software Products Market Size Forecast: What's the Projected Valuation by 2029?
The size of the software products market is predicted to experience a significant surge in the coming years. The market value is anticipated to reach $3040.45 billion by 2029, with a compound annual growth rate (CAGR) of 11.3%. This projected growth during the forecast period can be credited to factors such as escalating digital transformation initiatives, the evolution of smart cities, the emergence of edge computing, the incorporation of robotic process automation, and the rise in privacy and compliance solutions. The forecast period is expected to be dominated by trends like the adoption of cloud-native and SaaS, the use of remote collaboration tools, the development of low-code and no-code, the application of blockchain technology, and the integration of AI into business processes.
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What Are the Drivers Transforming the Software Products Market?
The anticipated utilization of IoT technology by manufacturing and transportation service firms is predicted to propel the software products market in the upcoming years. IoT represents a network of tangible entities, including devices, vehicles, and buildings among other things, equipped with electronics, software, sensors, and network connectivity, facilitating the collection and exchange of data between these entities. As an illustration, a partnership between Microsoft and Rolls-Royce has been announced, focusing on future sophisticated Rolls-Royce engines. This partnership will incorporate Microsoft Suite into its service solutions, thereby enhancing its digital abilities. In another example, a report by the Health Sector Cybersecurity Coordination Center (HC3), an American part of the Department of Health and Human Services' Cybersecurity Program, states that approximately 7 billion devices got interconnected via the Internet of Things (IoT) in 2022. Furthermore, it is foreseen that this number will significantly increase, with an additional 20 billion devices anticipated to adapt to this technology by the year 2025. As such, it is expected that the adoption of IoT technology will stimulate the demand for software products.
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What Long-Term Trends Will Define the Future of the Software Products Market?
Leading software product corporations, such as Google, are rolling out inventive products like the Google Pixel 7 and 7 Pro to boost market revenue. The Google Pixel 7 and 7 Pro, software offerings, operate on the most recent Android version, offering a pristine, unadulterated Android experience, complimented by timely software updates straight from Google. For example, in October 2022, the American software giant Google launched the Google Pixel 7 and 7 Pro. These smartphones boast enhanced cameras, elegant design, and fresh colors. They are also loaded with Android 13, a private computer core, Android System Intelligence, Android Messages with end-to-end encryption, and Android backup encryption.
Which Segments in the Software Products Market Offer the Most Profit Potential?
The software products market covered in this report is segmented -
1) By Type: Operating Systems And Productivity Software Publishing, Database, Storage And Backup Software Publishing, Business Analytics And Enterprise Software, Video Game Software, Design, Editing And Rendering Software
2) By Application: Large Enterprises, Small And Medium Enterprises
3) By End-User Industry: BFSI, Media And Entertainment, IT And Telecommunications, Energy And Utilities, Government And Public Sector, Retail And Consumer Goods, Manufacturing, Other End User Industries
Subsegments:
1) By Operating Systems And Productivity Software Publishing: Desktop Operating Systems, Mobile Operating Systems, Office Suites, Collaboration Tools
2) By Database, Storage And Backup Software Publishing: Relational Databases, NoSQL Databases, Cloud Databases, Data Warehousing Solutions, Backup Software, Cloud Storage Solutions, On-Premises Storage Solutions, Archiving Software
3) By Business Analytics And Enterprise Software: Business Intelligence Tools, Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Supply Chain Management Software
4) By Video Game Software: Console Games, PC Games, Mobile Games, Game Development Tools
5) By Design, Editing And Rendering Software: Graphic Design Software, User Experience (UX) Design Tools, 3D Modeling Software, CAD Software: Video Editing Software, Audio Editing Software, Photo Editing Software, Animation Software
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Which Firms Dominate the Software Products Market by Market Share and Revenue in 2025?
Major companies operating in the software products market include Amazon Inc., Apple, Alphabet Inc., Microsoft Corp., 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, Atlassian Corporation plc, Splunk Inc., Check Point Software Technologies Ltd., DocuSign Inc., Ubisoft, ServiceNow Inc., CrowdStrike Holdings Inc.
Which Regions Offer the Highest Growth Potential in the Software Products Market?
Asia-Pacific was the largest region in the software products market in 2024. North America was the second largest region of the software products market. The regions covered in the software products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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