Press release
Global Software Services Market Growth Accelerates: Strategic Forecast Predicts $2407.08 Billion by 2029
Software Services
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What Will the Software Services Industry Market Size Be by 2025?_x000D_
In recent times, there has been a robust growth in the size of the software services market. It is projected to increase from $1479.31 billion in 2024 to $1596.61 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 7.9%. The growth experienced in the past can be linked to factors such as business globalization, implementation of enterprise resource planning (ERP) systems, concerns surrounding cybersecurity, business process automation, and the advent of cloud computing._x000D_
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What's the Long-Term Growth Forecast for the Software Services Market Size Through 2029?_x000D_
The market size of software services is predicted to experience significant expansion in the upcoming years. It is projected to increase to $2407.08 billion in 2029, with a compound annual growth rate (CAGR) of 10.8%. This predicted growth during the forecast period can be linked to factors such as the integration of the internet of things (iot), artificial intelligence (ai) advancements, machine learning, solutions for remote work, augmented reality (ar), and virtual reality and edge computing solutions. Among the key trends expected during the forecast period are sustainable and eco-friendly technologies, the implementation of 5g technology, digital transformation trends, the development of cloud-native strategies, a focus on user experience (ux) design, and the adoption of subscription-based and SaaS models._x000D_
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What Are the Key Growth Drivers Fueling the Software Services Market Expansion?_x000D_
The accelerated automation of business operations is anticipated to spur the expansion of the software services market. Automation technology requires less human intervention for executing tasks. Employing automation software is an effective and prudent strategy for cost management and reduction by increasing end-user service, while simultaneously minimizing costs. Consequently, the incorporation of automation in business operations will amplify the need for the software services market. For example, as per the International Federation of Robotics, a professional non-profit organization based in Germany, American manufacturing companies significantly augmented their investments in automation in April 2024. The total count of industrial robot installations witnessed a 12% rise, reaching 44,303 units in 2023. Therefore, the enhanced automation of business operations is fueling the software services market's growth._x000D_
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What Are the Key Trends Driving Software Services Market Growth?_x000D_
The leading trend emerging in the software services market is technological innovation. Major players in the software services market are emphasizing the development of new technologies to enhance their standing in the market. In January 2023, for example, Valvoline Inc., a corporation based in the United States that provides automotive and industrial solutions, introduced the Vision Service Lane Technology. The distinctive characteristic of Vision is its capacity to offer a customized, VIN-specific menu of services, offering the service department a platform to raise revenue. Vision stands out as one of the most comprehensive fixed-ops software products on the market, leveraging partnerships to understand and address their unresolved issues and untapped potential with their current software. Advisors utilize Vision to foster relationships, trust, and accountability with customers in the service drive or at the service desk._x000D_
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How Is the Software Services Market Segmented?_x000D_
The software servicesmarket covered in this report is segmented - _x000D_
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1) By Software: Finance, Sales And Marketing, Human Resource, Supply Chain, Other Software Types_x000D_
2) By Service: Consulting, Managed Services, Support And Maintenance_x000D_
3) By Deployment: Cloud, On-Premise_x000D_
4) By Enterprise Size: Large Enterprises, Small And Medium Enterprises_x000D_
5) By End-Use: Aerospace And Defense, Banking And Financial Institutions (BFSI), Government, Healthcare, IT And Telecom, Manufacturing, Retail, Transportation, Other End-Uses_x000D_
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Subsegments:_x000D_
1) By Finance: Accounting Software, Financial Planning And Analysis Tools, Tax Management Software _x000D_
2) By Sales And Marketing: Customer Relationship Management (CRM), Marketing Automation Tools, Sales Enablement Software _x000D_
3) By Human Resource: Human Resource Management Systems (HRMS), Payroll Software, Talent Acquisition And Management Tools _x000D_
4) By Supply Chain: Inventory Management Systems, Order Management Software, Logistics And Transportation Management Tools _x000D_
5) By Other Software Types: Project Management Software, Collaboration And Communication Tools, Business Intelligence And Analytics Software _x000D_
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Which Companies Are Leading the Charge in Software Services Market Innovation?_x000D_
Major companies operating in the software services market include Microsoft Corporation, Oracle Corporation, Epicor Software Corporation, International Business Machines Corporation, Infor Inc., Deltek Inc., Acumatica Inc., Unit4, Syspro Technologies, TOTVS S.A, SAP SE, Cloud Software Group Inc., Qliktech International AB, Tableau Software Inc., SAS Institute Inc., NetSuite Inc., Salesforce Inc., Adobe Inc., Workday Inc., Plex Systems Inc., Aras Corporation, PTC Inc., Autodesk Inc., Dassault Systemes, Parasoft, ComplianceQuest, Siemens AG, Atlassian Corporation, Hewlett Packard Enterprise, Veeva Systems, Intellect Software Solutions Pvt. Ltd., Kovair Software Inc. _x000D_
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Which Regions Are Leading the Global Software Services Market in Revenue?_x000D_
North America was the largest region in the software services market in 2024. The regions covered in the software services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa_x000D_
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