Business Software and Services Market Size [2022-2028] To Reach $813.4 Billion at a CAGR of 11.4% | Industry Trends, Share, And Growth Analysis | Vantage Market Research
WASHINGTON, June 13, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Business Software and Services Market finds that rise in the use of business software in various companies and government sites is propelling the high growth of the Business Software and Services Market in recent days. In addition, potential advantages of this software such as, reducing inventory cost, enabling strategic decision-making to improve, market position, enhancing profitability, and some others are expected to boost the Business Software and Services Market demand in a projected time period.
The Global Business Software and Services Market revenue is expected to reach a value USD 813.4 Billion in the year 2028.
The Global Market revenue stood at a value USD 425.6 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period; states Vantage Market Research, in a report, titled “Business Software and Services Market Size, Share & Trends Analysis Report by Software (Finance, Sales & Marketing, Human Resource, Supply Chain), by Service (Consulting, Managed Services, Support & Maintenance), by Deployment (Cloud, On-Premise), by Enterprise Size (Large Enterprises, Small & Medium Enterprises), by End Use (Aerospace & Defense, BFSI, Government, Healthcare), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Potential Advantages Offered by These Software Propels the Market
The growing volume of enterprise data and increased automation of business processes across industries such as retail, manufacturing, and healthcare are driving the market growth. Moreover, the rapid deployment of enterprise software and services across IT infrastructure to improve decision-making, reduce inventory cost, and enhance profitability is also contributing to the Business Software and Services Market growth. The global business software and services industry is being boosted by the increasing deployment of business software in various organizations and government sectors. The market is driven by the benefits it provides, which include increased profitability, lower inventory costs, and the capacity to make strategic decisions to strengthen the market position. Furthermore, the global market is seeing significant growth opportunities as the need for such software grows in the commercial environment. These markets are expected to develop due to the rapid increase in voluminous enterprise data and the increased usage of automation to improve business operations. Business software has a wide range of advantages. It has enabled business owners to do accurate and precise decision making. It has also helped in reducing inventory costs. Hence, all these factors are propelling the growth of the market.
Innovations and Technological Advancements to Fuel the Market Demand
The major factor driving the growth of the Business Software and Services Market is innovation and technological advancements. The major market players have started implementing cloud-based platforms in business software and services. This technology is very cost effective and can be used by even small and medium-sized businesses. Thus, the rising use of cloud-based platforms is boosting the demand for the Business Software and Services Market. As a result, the growing need for business software and services is creating lucrative opportunities for the expansion of the Business Software and Services Market over the projection period. Some of the services provided by cloud-based software are system modification & up-gradation and data backup & protection. In addition, the key market players are also using different technologies such as machine learning, blockchain, and artificial intelligence, which in turn, bolsters the growth of the Business Software and Services Market.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Business Software and Services market is predicted to grow at a CAGR of roughly 11.4% during the forecast period.
The Business Software and Services market was estimated to be worth roughly USD 425.6 Billion in 2021 and is expected to reach USD 813.4 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Business Software and Services market.
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Segmentation of the Global Business Software and Services Market:
Sales & Marketing
Support & Maintenance
Small & Medium Enterprises
Aerospace & Defense
IT & Telecom
Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
The Report on Business Software and Services Market Highlights:
Assessment of the market
COVID Impact Analysis
Historic Data, Estimates and Forecast
Global and Regional Dynamics
North America Holds Largest Market Share
North America dominated the Business Software and Services Market in 2021. The expanding demand for high-speed data networks, as well as the considerable presence of software vendors in the region, might contribute to the growth of the Business Software and Services Market in this region. Europe is expected to develop at the fastest rate during the forecast period. The expansion of the regional market is being driven by significant investments by large firms and the adoption of new technologies across industries and businesses.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Business Software and Services Market Size, Share & Trends Analysis Report by Software (Finance, Sales & Marketing, Human Resource, Supply Chain), by Service (Consulting, Managed Services, Support & Maintenance), by Deployment (Cloud, On-Premise), by Enterprise Size (Large Enterprises, Small & Medium Enterprises), by End Use (Aerospace & Defense, BFSI, Government, Healthcare), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/business-software-and-services-market-873512
List of Prominent Players in the Business Software and Services Market:
Epicor Software Corporation
International Business Machines Corporation
June 2020: IBM Corporation and SAP SE collaborated to develop and deploy advanced intelligent industry solutions to enable end-to-end processes and assist organizations in expediting workflow and system modernization.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Business Software and Services Market?
How will the Business Software and Services Market change in the upcoming six years?
Which application and product will take a lion’s share of the Business Software and Services Market?
What is the Business Software and Services market drivers and restrictions?
What will be the CAGR and size of the Business Software and Services Market throughout the forecast period?
This market titled “Business Software and Services Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years
Region & Counties Covered
• North America
• Acumatica Inc.
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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