Global Business Productivity Software Market Analysis 2024, Forecast To 2033

The business productivity software market size has grown rapidly in recent years. It will grow from $40.98 billion in 2023 to $46.62 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to the automation of routine tasks, the personal computing revolution, internet proliferation, integration capabilities, and mobile computing. The business productivity software market size is expected to see rapid growth in the next few years. It will grow to $78.57 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to implementing cloud computing or AI in business processes, globalization, user-friendly interfaces, artificial intelligence (AI) integration, remote and hybrid work models, and cybersecurity concerns. Major trends in the forecast period include cost reduction technologies, 5G and network advancements, sustainability initiatives, unified communication and collaboration platforms, virtual and augmented reality, and blockchain for secure transactions.