Business Software And Services Market Size, Share & Trends Report, 2022-2030
The global business software and services market size was valued at US$ 395.78 billion in 2021 and is expected to hit US$ 1027.71 billion by 2030 and poised to grow at a CAGR of 11.2% during the forecast period 2022 to 2030.
Growth Factors:
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 market growth.
Business expansion initiatives by several organizations across the world are expected to fuel market growth. The rapidly increasing use of cloud platforms, owing to benefits such as flexibility, cost-effectiveness, and mobility, has triggered the demand for cloud-based software solutions and services among small and medium-sized businesses. Furthermore, the market is expected to benefit from the rising use of innovative technologies such as blockchain, hybrid architecture, artificial intelligence, and machine learning over the forecast period.
Business software and services are widely used by companies to simplify corporate operations. To accomplish data privacy and security goals, this software and services provide quick and easy access to unstructured data obtained through data analytics. In addition, enterprise solutions lead to a significant reduction in raw material and inventory costs, allowing businesses to boost their profitability.
Many businesses are implementing business solutions to improve their operational efficiency by combining administrative systems into a single software. Departmental data is linked with real-time updates in business solution modules, resulting in improved data transparency. Businesses select the software and solutions best suited to their requirements.
The COVID-19 pandemic had a favorable impact on the business software and services market. According to an NTT Ltd. report commissioned by International Data Group, Inc. (IDG), the institutionalization of the work-from-home model amid local and worldwide quarantines has boosted the demand for value-added services for mitigating security concerns. Moreover, economic uncertainties caused by the pandemic have encouraged several vendors to focus on customer service-driven methods, including proactive support in customers' digital journeys.
Report Scope of the Business Software and Services Market
|
Report Coverage |
Details |
|
Market Size by 2030 |
USD 1027.71 Billion |
|
Growth Rate from 2022 to 2030 |
CAGR of 11.2% |
|
Largest Market |
North America |
|
Fastest Growing Market |
Europe |
|
Base Year |
2021 |
|
Forecast Period |
2022 to 2030 |
|
Segments Covered |
Software, Service, Deployment, Enterprise, End Use, Geography |
|
Companies Mentioned |
Epicor Software Corporation, Infor Inc., Oracle Corporation, Microsoft Corporation, Acumatica Inc., Unit4, International Business Machines Corporation, NetSuite Inc., Totvs SA, SYSPRO |
Software Insights
The finance segment held the largest market share of over 25% in 2021 owing to the growing demand for financial management tools among businesses for activities such as planning, budgeting, analysis, and reporting. Financial management software is widely used in the BFSI industry in North America for risk compliance, operational efficiency, and improved productivity. The increasing number of mobile applications facilitating financial data management and providing other use cases related to financing is also anticipated to offer growth opportunities to this segment.
The human resource segment is expected to grow significantly over the forecast period. Functions such as training, payroll, and recruitment widely benefit from the integration and computerization of business solutions. Human resource management systems are used by numerous payroll associations, such as ADP Canada, ASL Consulting, and CADJPRO Payroll Solutions, due to their organizational benefits. Moreover, business software allows companies to improve their productivity by providing insights into the workforce and enhancing the employee experience.
Service Insights
The support & maintenance segment held the largest market share of over 40% in 2021. This can be attributed to the growing popularity of business management systems and software business models for detecting and resolving product quality issues. The increased demand for third-party support & maintenance services, owing to their cost-effectiveness, as well as well-trained and experienced experts, are expected to drive the segment growth. Moreover, increasing developments across smartphone applications are also contributing to the demand for these services.
The managed services segment is expected to register the fastest growth rate over the forecast period. This can be attributed to the increasing reliance of organizations on IT assets and infrastructure to improve the efficiency of their operations. The consulting services segment is expected to grow substantially over the forecast period. The increased demand for a range of consulting services from businesses seeking help with risk management and discovering growth prospects for future development are driving the segment growth.
Deployment Insights
The on-premise segment held the largest market share of over 60% in 2021. Improved data security offered by the on-premise deployment model has encouraged several companies from developing countries to adopt on-premise software solutions over recent years. Moreover, the segment is expected to further grow over the forecast period owing to the increased need for enterprise software and services that enable the customization of software according to the client's requirements.
Cloud services are widely adopted by companies globally as they eliminate the need for manual upgrades and allow users to easily access data from remote locations. In addition, they enable businesses to pay only for the resources they utilize, thus reducing energy usage. Strict government laws aimed at reducing carbon emissions are encouraging businesses to use cloud-based services. The availability of cloud-based subscriptions at affordable prices, coupled with the growing interest of companies in hybrid cloud deployment, is also anticipated to drive the segment.
Enterprise Size Insights
The large enterprise segment held the largest market share of over 60% in 2021. Business software and services are used by both large and small businesses to improve internal and external business processes. Large enterprises use them to leverage advanced analytical engines, real-time data compilation tools, and process blueprints. Moreover, their focus on improving the productivity of individual departments and enhancing resource allocation and strategic decision-making is encouraging them to adopt effective networking solutions and automation capabilities.
Meanwhile, the SMEs segment is expected to grow as a result of an increase in government activities, including digital campaigns such as social media marketing, video marketing, and search engine marketing. For instance, in May 2019, Singapore's Info-Communications Media Development Authority (IMDA) initiated a public consultation process to establish a policy framework to facilitate the deployment of 5G networks.
End-use Insights
The BFSI segment held the largest market share of over 18% in 2021. This can be ascribed to the rising deployment of enterprise software to improve customer experience and provide benefits such as secure transactions and regular access to client databases. Moreover, an increase in automation and digitization of banking institutions to simplify complex and critical processes and provide better client experiences is also expected to drive the segment growth.
The IT & telecom segment is expected to grow rapidly over the forecast period. This can be attributed to the increasing demand among businesses to re-evaluate strategies and sophisticated technology. Various companies are expanding their operations to serve wider markets, thereby creating a demand for business solutions and services to efficiently cater to their consumers. The growing government support for the digital transformation of businesses in developing economies is encouraging IT & telecom companies to develop newer software solutions, thus driving the segment growth.
Regional Insights
North America dominated the global market with a share of over 30% in 2021. This can be attributed to the rising demand for high-speed data networks and the presence of several software vendors in the region. Moreover, companies in North America focus on implementing software and analytics-based initiatives. The region also has a high number of computer scientists, data analysts, and software engineers who work with enterprise solutions and services.
Europe accounted for the second-largest share in 2021. The promising growth of the regional market can be attributed to the significant investments by large firms in advanced software and services and the implementation of new technologies across various industries. The demand for enterprise solutions is also expected to increase in the region owing to the rising focus on cloud-based facilities and endeavors to develop business intelligence solutions. For example, the European Union’s European Cloud Initiative aims to give enterprises a digital head start in the data-driven market.
Some of the prominent players in the Business Software And Services Market include:
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
By Software
By Service
By Deployment
By Enterprise
By End Use
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Points Covered in Business Software And Services Market Study:
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Business Software and Services Market
5.1. COVID-19 Landscape: Business Software and Services Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Business Software and Services Market, By Software Type
8.1. Business Software and Services Market, by Software Type, 2022-2030
8.1.1. Finance
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Sales & Marketing
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Human Resource
8.1.3.1. Market Revenue and Forecast (2017-2030)
8.1.4. Supply Chain
8.1.4.1. Market Revenue and Forecast (2017-2030)
8.1.5. Others
8.1.5.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Business Software and Services Market, By Service Type
9.1. Business Software and Services Market, by Service Type, 2022-2030
9.1.1. Consulting
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Managed Services
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Support & Maintenance
9.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Business Software and Services Market, By Deployment Type
10.1. Business Software and Services Market, by Deployment Type, 2022-2030
10.1.1. Cloud
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. On-premise
10.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Business Software and Services Market, By Enterprise Type
11.1. Business Software and Services Market, by Enterprise Type, 2022-2030
11.1.1. Large Enterprises
11.1.1.1. Market Revenue and Forecast (2017-2030)
11.1.2. Small Enterprises
11.1.2.1. Market Revenue and Forecast (2017-2030)
11.1.3. Medium Enterprises
11.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 12. Global Business Software and Services Market, By End Use Type
12.1. Business Software and Services Market, by End Use, 2022-2030
12.1.1. Aerospace & Defense
12.1.1.1. Market Revenue and Forecast (2017-2030)
12.1.2. BFSI
12.1.2.1. Market Revenue and Forecast (2017-2030)
12.1.3. Government
12.1.3.1. Market Revenue and Forecast (2017-2030)
12.1.4. Healthcare
12.1.4.1. Market Revenue and Forecast (2017-2030)
12.1.5. IT & Telecom
12.1.5.1. Market Revenue and Forecast (2017-2030)
12.1.6. Others
12.1.6.1. Market Revenue and Forecast (2017-2030)
Chapter 13. Global Business Software and Services Market, Regional Estimates and Trend Forecast
13.1. North America
13.1.1. Market Revenue and Forecast, by Software (2017-2030)
13.1.2. Market Revenue and Forecast, by Service (2017-2030)
13.1.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.1.4. Market Revenue and Forecast, by Enterprise (2017-2030)
13.1.5. Market Revenue and Forecast, by End Use (2017-2030)
13.1.6. U.S.
13.1.6.1. Market Revenue and Forecast, by Software (2017-2030)
13.1.6.2. Market Revenue and Forecast, by Service (2017-2030)
13.1.6.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.1.6.4. Market Revenue and Forecast, by Enterprise (2017-2030)
13.1.7. Market Revenue and Forecast, by End Use (2017-2030)
13.1.8. Rest of North America
13.1.8.1. Market Revenue and Forecast, by Software (2017-2030)
13.1.8.2. Market Revenue and Forecast, by Service (2017-2030)
13.1.8.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.1.8.4. Market Revenue and Forecast, by Enterprise (2017-2030)
13.1.8.5. Market Revenue and Forecast, by End Use (2017-2030)
13.2. Europe
13.2.1. Market Revenue and Forecast, by Software (2017-2030)
13.2.2. Market Revenue and Forecast, by Service (2017-2030)
13.2.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.2.4. Market Revenue and Forecast, by Enterprise (2017-2030)
13.2.5. Market Revenue and Forecast, by End Use (2017-2030)
13.2.6. UK
13.2.6.1. Market Revenue and Forecast, by Software (2017-2030)
13.2.6.2. Market Revenue and Forecast, by Service (2017-2030)
13.2.6.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.2.7. Market Revenue and Forecast, by Enterprise (2017-2030)
13.2.8. Market Revenue and Forecast, by End Use (2017-2030)
13.2.9. Germany
13.2.9.1. Market Revenue and Forecast, by Software (2017-2030)
13.2.9.2. Market Revenue and Forecast, by Service (2017-2030)
13.2.9.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.2.10. Market Revenue and Forecast, by Enterprise (2017-2030)
13.2.11. Market Revenue and Forecast, by End Use (2017-2030)
13.2.12. France
13.2.12.1. Market Revenue and Forecast, by Software (2017-2030)
13.2.12.2. Market Revenue and Forecast, by Service (2017-2030)
13.2.12.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.2.12.4. Market Revenue and Forecast, by Enterprise (2017-2030)
13.2.13. Market Revenue and Forecast, by End Use (2017-2030)
13.2.14. Rest of Europe
13.2.14.1. Market Revenue and Forecast, by Software (2017-2030)
13.2.14.2. Market Revenue and Forecast, by Service (2017-2030)
13.2.14.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.2.14.4. Market Revenue and Forecast, by Enterprise (2017-2030)
13.2.15. Market Revenue and Forecast, by End Use (2017-2030)
13.3. APAC
13.3.1. Market Revenue and Forecast, by Software (2017-2030)
13.3.2. Market Revenue and Forecast, by Service (2017-2030)
13.3.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.3.4. Market Revenue and Forecast, by Enterprise (2017-2030)
13.3.5. Market Revenue and Forecast, by End Use (2017-2030)
13.3.6. India
13.3.6.1. Market Revenue and Forecast, by Software (2017-2030)
13.3.6.2. Market Revenue and Forecast, by Service (2017-2030)
13.3.6.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.3.6.4. Market Revenue and Forecast, by Enterprise (2017-2030)
13.3.7. Market Revenue and Forecast, by End Use (2017-2030)
13.3.8. China
13.3.8.1. Market Revenue and Forecast, by Software (2017-2030)
13.3.8.2. Market Revenue and Forecast, by Service (2017-2030)
13.3.8.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.3.8.4. Market Revenue and Forecast, by Enterprise (2017-2030)
13.3.9. Market Revenue and Forecast, by End Use (2017-2030)
13.3.10. Japan
13.3.10.1. Market Revenue and Forecast, by Software (2017-2030)
13.3.10.2. Market Revenue and Forecast, by Service (2017-2030)
13.3.10.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.3.10.4. Market Revenue and Forecast, by Enterprise (2017-2030)
13.3.10.5. Market Revenue and Forecast, by End Use (2017-2030)
13.3.11. Rest of APAC
13.3.11.1. Market Revenue and Forecast, by Software (2017-2030)
13.3.11.2. Market Revenue and Forecast, by Service (2017-2030)
13.3.11.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.3.11.4. Market Revenue and Forecast, by Enterprise (2017-2030)
13.3.11.5. Market Revenue and Forecast, by End Use (2017-2030)
13.4. MEA
13.4.1. Market Revenue and Forecast, by Software (2017-2030)
13.4.2. Market Revenue and Forecast, by Service (2017-2030)
13.4.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.4.4. Market Revenue and Forecast, by Enterprise (2017-2030)
13.4.5. Market Revenue and Forecast, by End Use (2017-2030)
13.4.6. GCC
13.4.6.1. Market Revenue and Forecast, by Software (2017-2030)
13.4.6.2. Market Revenue and Forecast, by Service (2017-2030)
13.4.6.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.4.6.4. Market Revenue and Forecast, by Enterprise (2017-2030)
13.4.7. Market Revenue and Forecast, by End Use (2017-2030)
13.4.8. North Africa
13.4.8.1. Market Revenue and Forecast, by Software (2017-2030)
13.4.8.2. Market Revenue and Forecast, by Service (2017-2030)
13.4.8.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.4.8.4. Market Revenue and Forecast, by Enterprise (2017-2030)
13.4.9. Market Revenue and Forecast, by End Use (2017-2030)
13.4.10. South Africa
13.4.10.1. Market Revenue and Forecast, by Software (2017-2030)
13.4.10.2. Market Revenue and Forecast, by Service (2017-2030)
13.4.10.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.4.10.4. Market Revenue and Forecast, by Enterprise (2017-2030)
13.4.10.5. Market Revenue and Forecast, by End Use (2017-2030)
13.4.11. Rest of MEA
13.4.11.1. Market Revenue and Forecast, by Software (2017-2030)
13.4.11.2. Market Revenue and Forecast, by Service (2017-2030)
13.4.11.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.4.11.4. Market Revenue and Forecast, by Enterprise (2017-2030)
13.4.11.5. Market Revenue and Forecast, by End Use (2017-2030)
13.5. Latin America
13.5.1. Market Revenue and Forecast, by Software (2017-2030)
13.5.2. Market Revenue and Forecast, by Service (2017-2030)
13.5.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.5.4. Market Revenue and Forecast, by Enterprise (2017-2030)
13.5.5. Market Revenue and Forecast, by End Use (2017-2030)
13.5.6. Brazil
13.5.6.1. Market Revenue and Forecast, by Software (2017-2030)
13.5.6.2. Market Revenue and Forecast, by Service (2017-2030)
13.5.6.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.5.6.4. Market Revenue and Forecast, by Enterprise (2017-2030)
13.5.7. Market Revenue and Forecast, by End Use (2017-2030)
13.5.8. Rest of LATAM
13.5.8.1. Market Revenue and Forecast, by Software (2017-2030)
13.5.8.2. Market Revenue and Forecast, by Service (2017-2030)
13.5.8.3. Market Revenue and Forecast, by Deployment (2017-2030)
13.5.8.4. Market Revenue and Forecast, by Enterprise (2017-2030)
13.5.8.5. Market Revenue and Forecast, by End Use (2017-2030)
Chapter 14. Company Profiles
14.1. Epicor Software Corporation
14.1.1. Company Overview
14.1.2. Product Offerings
14.1.3. Financial Performance
14.1.4. Recent Initiatives
14.2. Infor Inc.
14.2.1. Company Overview
14.2.2. Product Offerings
14.2.3. Financial Performance
14.2.4. Recent Initiatives
14.3. Oracle Corporation
14.3.1. Company Overview
14.3.2. Product Offerings
14.3.3. Financial Performance
14.3.4. Recent Initiatives
14.4. Microsoft Corporation
14.4.1. Company Overview
14.4.2. Product Offerings
14.4.3. Financial Performance
14.4.4. Recent Initiatives
14.5. Acumatica Inc.
14.5.1. Company Overview
14.5.2. Product Offerings
14.5.3. Financial Performance
14.5.4. Recent Initiatives
14.6. Unit4
14.6.1. Company Overview
14.6.2. Product Offerings
14.6.3. Financial Performance
14.6.4. Recent Initiatives
14.7. International Business Machines Corporation
14.7.1. Company Overview
14.7.2. Product Offerings
14.7.3. Financial Performance
14.7.4. Recent Initiatives
14.8. NetSuite Inc.
14.8.1. Company Overview
14.8.2. Product Offerings
14.8.3. Financial Performance
14.8.4. Recent Initiatives
14.9. Totvs SA
14.9.1. Company Overview
14.9.2. Product Offerings
14.9.3. Financial Performance
14.9.4. Recent Initiatives
14.10. SYSPRO
14.10.1. Company Overview
14.10.2. Product Offerings
14.10.3. Financial Performance
14.10.4. Recent Initiatives
Chapter 15. Research Methodology
15.1. Primary Research
15.2. Secondary Research
15.3. Assumptions
Chapter 16. Appendix
16.1. About Us
16.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers