Business software refers to application software that helps companies, government agencies and non-profit organizations to manage day to day operations, including accounting, project management, enterprise resource planning, human resource management, customer relationship management. It provides various advantages like increased efficiency, enhanced productivity, improved operational insights, reduced costs. There is an increasing need for business software and services among organizations to streamline their business processes.
The global Business Software and Services Market is estimated to be valued at US$ 525.77 Bn or billions in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rise in Cloud Computing is one of the key trends witnessed in the business software and services market. Cloud computing provides software and services delivered over the internet as a utility which is more flexible, scalable and cost effective as compared to on-premises solutions. Most organizations are shifting towards cloud based business software like CRM, ERP, HR etc due to benefits like low cost of ownership, easy deployment, automatic updates and scalability. This transition towards cloud based delivery model is expected to propel the growth of business software and services market during the forecast period.
SWOT Analysis
Strength: Business software and services provide efficient tools to manage business operations. They help improve productivity, transparency and decision making.
Weakness: High upfront investment costs and complexity of implementations. Transitioning to new systems also require extensive training.
Opportunity: Growing digitization across industries is increasing demand for business automation tools. More companies are adopting cloud-based solutions for flexibility and scalability.
Threats: Stiff competition from open source and low-cost vendors. Changing technology landscape requires continuous innovation to remain relevant.
Key Takeaways
The global business software and services market is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing digitization and business automation adoption across industries.
Regional analysis
North America is expected to dominate the market, owing to early adoption of advanced technologies by established organizations in the region. Asia Pacific is anticipated to grow at the fastest pace, due to rising tech-savviness of SMEs and growing need to improve operational efficiency.
Key players operating in the business software and services market include Acumatica, Inc., Unit4, Deltek, Inc., Totvs SA, Epicor Software Corporation, SYSPRO, International Business Machines Corporation, SAP SE, Infor, Inc., Oracle Corporation, Microsoft Corporation, and NetSuite Inc. The market is competitive with vendors aiming to offer integrated, industry-specific solutions through continuous product innovation.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
About Author – Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice’s dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn