The global business
software and services market is anticipated
to reach USD 650.13 billion by the end 2025, according to a new report released
by Million Insights. The market is anticipated to grow at a CAGR of 10.7% from
2019 to 2025. Rising adoption of emerging technologies and automation to
improve the operational efficiency across several industries including BFSI,
government, retail, manufacturing, and healthcare is projected to proliferate
the market growth.
Benefits such as improved
operational efficiency, reduced cost of production, and timely product delivery
obtained by implementing such enterprise solutions are projected to drive the
demand from 2019 to 2025. Moreover, these software aid the process of strategic
decision making by providing analytical tools that ensure data portability and
transparency. This factor helps in minimizing the pitfalls in business
operations, thereby, driving the demand across the globe.
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Majority of the large
enterprises and SMEs are emphasizing on deployment of cloud services and
solutions to provide enhanced data accessibility to their clients and users.
Therefore, most of the companies are deploying software solutions on
cloud-based data portals.
Moreover, factors such as
technological advancements, adoption of cloud-based software solutions, and
increasing use of emerging data sources are propelling the demand for
customized software that fulfill specific requirements of clients. Furthermore,
rising adoption of supply chain management software to optimize the delivery
process is further anticipated to boost the growth of business software &
services market over the forecast period.
Further key findings from
the report suggest:
• The segment of sales and
marketing software and services is projected to attain the fastest CAGR of
11.2% over the forecast period owing to the detailed company overview provided
by this software.
• The segment of managed
services is projected to grow at the fastest CAGR of 12.2% over the forecast
period, 2019 – 2025.
• The cloud deployment
segment is projected to grow at the fastest rate over the forecast period owing
to easy accessibility of data from remote locations.
• The segment of small and
medium enterprises is projected to attain the fastest growth at a CAGR of more
than 11.2% from 2019 to 2025 owing to rising number of government campaigns
through social media and search engine marketing to promote the adoption of
emerging technologies.
• North America held the
largest revenue share across the global business software & services market
and is expected to maintain its leading position from 2019 to 2025 owing to
rising adoption of emerging technologies such as artificial intelligence, block
chain, JavaScript, hybrid architecture, and machine learning across the region.
• Leading players in this
industry are Deltek, Inc.; Acumatica, Inc.; Epicor Software Corporation; Infor
Inc.; IBM Corporation; NetSuite Inc.; SAP SE; Microsoft Corporation; Oracle
Corporation; SYSPRO; Unit4; and Totvs SA.
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