Global Business Software Market Size Forecast 2024 - 2033
19 Dec, 2024
What Is The Overview Of The Global Business Software Market?
Business software refers to a wide range of computer programs and applications designed to support various organizational business functions and operations. These software tools are developed to streamline processes, improve efficiency, and facilitate decision-making across different departments and levels of an enterprise. Business software is crucial in helping businesses automate tasks, manage data, analyze performance, and achieve their strategic objectives.
Business Software Global Market Report 2024 provides data on the global business software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Business Software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Business Software Market?
The business software market size has grown rapidly in recent years. It will grow from $745.72 billion in 2023 to $826.30 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to the rising adoption of cloud-based apps, increased need for high-speed data networks, and rising customer cloud adoption. The business software market size is expected to see rapid growth in the next few years. It will grow to $1,261.71 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to cloud and networking-based advancements, growing demand from SMEs, cloud-based subscriptions, and rising hybrid cloud deployment. Major trends in the forecast period include businesses being encouraged to use cloud-based services, government rules to reduce carbon emissions, developing technology like cloud computing, new innovations in cloud-managed networking, new ways of communicating with artificial intelligence (AI), and transforming internet services.
What Are The Core Factors Supporting Growth In The Business Software Market?
The shift towards cloud-based solutions is expected to propel the growth of the business software market going forward. Cloud-based solutions refer to software applications, services, and resources delivered over the internet through cloud computing technology. The rise in cloud-based solutions is due to the ability to provide cost-effective, scalable, accessible, innovative, and secure IT resources and services. The cloud-based solutions empower business software to deliver greater scalability, accessibility, cost efficiency, security, and integration capabilities, enabling organizations to drive digital transformation, innovation, and competitive advantage in today's dynamic business landscape. For instance, in December 2023, Eurostat, a Luxembourg-based governmental organization of the European Union operating as the statistical office, reported that in 2023, the adoption rate of cloud computing services among small and medium-sized enterprises grew to 59%, up from 53% in 2021. Therefore, a shift towards cloud-based solutions is driving the growth of the business software market.
Get Your Free Sample of the Global Business Software Market ReportWhat Are The Major Segments Within The Global Business Software Market?
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), Healthcare, Public And Institutions, Retail, Transportation, Manufacturing, Other End-User Verticals
Which Trends Are Expected To Transform The Business Software Market?
Major players in the business software market are focusing on innovative solutions such as Brex Empower to boost operational speed and efficiency. Brex Empower is a software platform that enhances operational efficiency and financial discipline. For instance, in April 2022, Brex Inc., a US-based financial services firm, introduced Brex Empower. This platform allows managers to set and request budgets for trips, vendors, and stipends with predefined expense policies, reducing the need for approval on every expense. It provides transparency and oversight into organizational spending, enabling finance teams to monitor real-time expenditure and take measures to cut unnecessary costs. By automating financial tasks like expense tracking and reimbursements, the platform streamlines operations and saves valuable time and resources.
What Is The Fastest Growing Region In The Business Software Market?
North America was the largest region in the business software market in 2023. 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.