Business Software and Services Market is forecast
Business Software and Services Market is forecast to expand at a robust CAGR of 11.1% over the forecast period.
The factors driving the growth of Business Software and Services Market includes increase in the volumes of data generated by businesses, emerging need to enhance transparency and operational efficiency in business processes, rising deployment of business software in companies and Government departments worldwide and improvements in the living standards. Business software helps enterprises in taking strategic decisions, minimizing inventory costs, enhances profitability, provides assistance to their customers and are cost effective, are some of the features pushing the Business Software and Services Market size. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Blockchain by major enterprises, rise in the launch of innovative products, increasing number of skilled professionals such as computer scientists and data analysts and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, strategic mergers and collaborations between key industry leaders and growing population growth rates, are further contributing towards the market growth.
However, growth of the Business Software and Services Market is hindered due to rising concerns related to cyber-attacks.
The major players operating in the Business Software and Services Market are Tableau Software LLC, QlikTech International AB, SAP SE, Oracle Corporation, International Business Machines Corporation, Salesforce.com, Inc., Adobe, Inc., Microsoft Corporation, SAS Institute Inc., and Teradata Corporation among others.
Based on Software, the Finance segment is predicted to grow at a robust CAGR during the forecast period
As per the Business Software and Services Market Global Analysis, financial management tools help businesses in budgeting and planning, provides detailed insights and minimizes inventory errors, are some of the features pushing growth of the segment.
Based on Service, the Support & Maintenance segment is projected to grow at a significant CAGR over the forecast period
According to the Business Software and Services Market Report, increasing demand for third-party support & maintenance services and emerging requirement of well-trained and experienced technicians for fixing issues, are propelling segment’s growth.
Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period
Increasing deployment of cloud-based solutions across BSFI and Defense sectors, presence of the leading players such as Oracle Corporation, International Business Machines Corporation, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.
- In 2019, NPC International (NPC), one of the biggest Pizza Hut and Wendy’s franchisee, applied SAP SuccessFactors solutions for human capital management (HCM) and SAP S/4HANA Cloud for enterprise resource planning (ERP).
Segmentation by Software
- Sales & Marketing
- Human Resource
- Supply Chain
Segmentation by Service
- Managed Services
- Support & Maintenance
Segmentation by Deployment
Segmentation by Organization Size
- Large Enterprises
- Small & Medium Enterprises
Segmentation by Industry Vertical
- Aerospace & Defence
- IT & Telecom
Segmentation by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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