- May 2021 |
- Information and Communication Technology (ICT) / IT Services
Global business software and service market, Services (Consulting, Managed Services, Support & Maintenance), Deployment mode (Cloud, On-premises), Organization Size (SMEs and Large Enterprises),Vertical (Banking, Financial Services and Insurance (BFSI), Government, Retail, Transportation, Residential, Telecom and Information Technology (IT) and Others),By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) Trend Analysis, Competitive Market Share & Forecast, 2020-2027
Global business software and service market size - Industry Trends & Forecast Report 2027
The global business software and service market was worth USD 385.3 Billion in 2020 and is further projected to reach USD 786.2 Billion by 2027, at a CAGR of 10.8% during 2021-2027 (forecast period).
The rise in cloud-based platforms has triggered the demand for cloud-based software solutions and services within organizations. The software and services help in easy and quick access to unorganized data retrieved through data analytics to maintain the data privacy and security goals. Moreover, the placement of enterprise solutions results in an essential decline in raw material and inventory costs, which helps organizations achieve increased effectiveness.
Source: BlueWeave Consulting
Global Business Software and Service Market Overview:
The primary goal of creating this program is to analyze business data in order to understand an organization's strengths and weaknesses. The key role of the software is to increase organizational revenue growth by evaluating an organization's requirements and assessing the effectiveness of current policies. The growing demand for business intelligence and analytics has increased the demand for enterprise application software programs, propelling the global market. The transition to cloud computing is one of the most important shifts that has impacted the global enterprise software industry.
Global Business Software and Service Market Forecast and Trends
Increase in the use of Cloud-Based Software
The use of cloud-based software solutions and services is increasing among small- and medium-sized enterprises due to various benefits such as flexibility, cost-effectiveness, and mobility. In addition, data backup, data security, and system upgrade include in the cloud-based services. Furthermore, the increasing acceptance...