Global Business Software and Service Market Thriving: Projected to touch USD 786.2 Billion by 2027, growing at the CAGR of 10.8% during the forecast period (2020-2027)
Published | 15 May 2021
study conducted by the
strategic consulting and market research firm BlueWeave Consulting revealed that the global
business software and Service market was
worth USD 385.3
billion in the year 2020. It is
estimated to grow at the CAGR of 10.8%, earning revenue of around USD 786.2 Billion by the end of 2027. One of the most important
factors in the global business software and service market's growth is
technological advancements. During the forecast period, the market
is expected to be propelled forward by a significant shift of IT companies
towards business analytical tools such as simple reporting to advanced and
sophisticated forecasting or other data mining tools.
The Emergence of Cloud-Based Platform is Driving Market Growth
The demand for
cloud-based Service has risen as a result of the numerous advantages they
provide, such as privacy and the prevention of identity theft. The evolution of
IT Service on a cloud-based platform has broadened the reach of IT technology Service
available to end-users. Cloud-based software solutions provide various
advantages like cost-effectiveness, mobility, and flexibility, which are
contributing to the growth of the cloud-based platform in the organizations. Since
these programs are beneficial to both small and large businesses, the demand
for them is growing substantially.
Need for Mobility and Data Portability is Propelling the Market Forward
The demand for business software and Service is being driven by the need for mobility and data portability, which allows for the use of data-centric solutions. In general, data portability refers to the ease with which people can easily obtain, shift, copy, pass, and reuse their data through a variety of Service and IT environments. Data portability also allows the transfer of data from one department to another or from one location to another, which saves a lot of time and helps in developing the efficiency of the employees.
High licensing cost Impeding Market Growth
High licensing cost is acting as a major barrier for the growth of the global business software and Service market. The overall cost of installation further spikes up as it does not include software development cost in the licensing price. The price factor plays a major role when an enterprise is finalizing a business software for themselves and high price is only going to prevent the companies, especially the small and medium ones from pursuing these Service.
Impact of COVID-19 in the industry
COVID-19 outbreak has significantly acted as a growth factor for the global business software and service market. As the lockdown was imposed in almost all the countries, compelling people to stay at home, people started working from home to follow social distancing norms and to prevent the spread of the virus. As a result, the dependence on business software and service market among local as well as global businesses rose tremendously, proliferating the market growth. According to experts, the trend of work from home is only going to grow strong in the upcoming years.
The cloud segment occupies the largest share of the global business software and Service market
Based on deployment, the market has been categorized into cloud and on-premise.
Cloud or on-premise technologies are implemented based on an organization's needs. The on-premise segment holds the largest market share as it offers customization of the software which proves to be convenient for organizations with varied needs. However, the market of cloud Service is also expanding all around the world. The numerous advantages provided by cloud Service, such as mobile data accessibility and the elimination of the need for manual upgrades, are contributing to the segment's development.
North America is expected to witness significant growth in the market during the forecast period
North America is the dominant region in the global business software and Service market. The growing use of business intelligence software and resources, the need to outsource cloud deployment activities to third parties, and the growing customer awareness are all expected to propel the region's business intelligence market forward. The widespread adoption of cloud strategy has also pushed the use of business intelligence. Furthermore, due to the increasing demand for business software and Service in emerging markets, the Asia Pacific region is also expected to expand significantly.
Do not miss the business
opportunity of the global business software and Service market. Consult our
analysts to gain crucial insights, and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global business software and Service market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global business software and Service market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and Service online & offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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