GMI Research analysis indicates that the Business Software and Services Market is slated to register a high CAGR of 11.1% over the forecast period, till 2029.

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Market Dynamic

Key Drivers and Emerging Trends

Rapid digitization of industries, developments in the field of big data, growing demand for automation, predictive analysis and rapid decision making are some of the prominent factors expected to boost the growth of the business software and services market size. In addition, significant rise in deployment of enterprise software and services including marketing automation software, data visualization tools, big data analysis software, digital marketing tools, and others across IT infrastructure for enhancing profitability and enabling better strategic decision-making is estimated to drive the market growth over the forecast period. Moreover, technological development and increasing adoption of cloud-based software solutions and services, blockchain, Internet of Things (IoT), hybrid architecture, artificial intelligence, and machine learning is expected to provide huge growth opportunities to the business software and services market share over the forecast period.

Restraint in the Business Software and Services Market

However, growing concerns pertaining cyber-attacks and data privacy is one of the major factors expected to restraint the growth of the market. Moreover, higher costs of software development and licensing, increase in the cost of support and maintenance is further expected to hamper the market over the forecast period.

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Software – Segment Analysis

Based on the software, the finance segment is expected to account for a significant share in the market primarily due to the increasing demand of financial management tools for several purposes including planning, budgeting, analysis, and reporting across various business verticals. Moreover, financial management software and service offers data accuracy, simplifies payroll, gives detailed insights, reduces inventory errors, and provides data security, which further propels the market growth.

Service – Segment Analysis

Based on the service, the support and maintenance services segment is projected to account for a notable market share during the forecast period. This can be attributed to the increasing adoption of business management software and solutions, rising demand for third-party support & maintenance services, and the growing need for well-trained and experienced technicians for detecting and fixing issues.

Deployment – Segment Analysis

Based on the deployment, the cloud segment is expected to grow at a significant CAGR over the forecast period owing to the rising deployment of Software as a Service (SaaS), lower cost of cloud-based implementation than on-premises systems; and advantages of working remotely and independently through cloud computing environment.

Organization Size – Segment Analysis

Based on the organization size, the small and medium size enterprises segment is  expected to grow substantially over the forecast period owing to the increasing number of medium sized business globally and growing adoption of software and services including analytical engines, real-time data compilation tools, social media marketing tools, and others for enhancing operational processes in the organization.  According to the World Bank Group, small and medium enterprises represent about 90% of businesses worldwide and estimated to provide 600 million jobs 2030. This is expected to contribute to the growth of the market over the forecast period.

Industry Vertical – Segment Analysis

Based on the industry vertical, the retail segment is expected to hold a notable market share primarily due to the rising deployment of enterprise software for various applications including enhanced customer buying experience, secure transactions, inventory management, customer relationship management (CRM), and point-of-sale transactions among others. Furthermore, according to the United Nations Conference on Trade and Development, the e-commerce sales reached $25.6 trillion globally in 2018, with an increase of 8% from the previous year.  The rising digitization of retail industry and increasing online sales is supporting the adoption of software and services in the sector.

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Regional – Segment Analysis:

Based on region, North America is anticipated to hold a prominent market share during the forecast period. This can be attributed to the rapid economic growth, rising number of industries, and surge in the deployment of cloud-based enterprise management software solutions in the retail, BFSI, healthcare, defence, and other sectors. The presence of prominent leaders including Oracle Corporation, International Business Machines Corporation, and SAP SE is further expected to propel the market growth.

Top Market Players

Several leading companies operating in the market, include, Oracle Corporation, International Business Machines Corporation, Tableau Software LLC, QlikTech International AB, SAP SE, Salesforce.com, Inc., Microsoft Corporation, SAS Institute Inc., Adobe, Inc., and Teradata Corporation among others. 

Key Developments: 

• • In 2019, SAP SE announced that NPC International (NPC), one of the largest Pizza Hut and Wendy’s franchisee, has implemented SAP SuccessFactors solutions for human capital management (HCM) and SAP S/4HANA Cloud for enterprise resource planning (ERP).

Segments covered in the Report:

The global Business Software and Services market has been segmented on the basis of solution, industry vertical, deployment, and key regions. Based on software, the market is segmented into finance, sales & marketing, human resource, supply chain, and others. Based on service, the market is segmented into consulting, managed services, and support & maintenance. Based on the deployment, the market is segmented into cloud and on premise. Based on organization size, the market is segmented into large enterprises and small & medium enterprises. Based on industry vertical, the market is segmented into aerospace & defence, BFSI, government, healthcare, it & telecom, manufacturing, retail, transportation, and others. 

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Key questions answered in this research report:

• • At what pace is global Business Software and Services Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Business Software and Services Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Business Software and Services Market?
  • Which software generated maximum revenues in 2021 and identify the most promising software during the forecast period?
  • What are the various industry verticals of global Business Software and Services Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Business Software and Services Market by Software

• • Finance
  • Sales & Marketing
  • Human Resource
  • Supply Chain
  • Others

Global Business Software and Services Market by Service

• • Consulting
  • Managed Services
  • Support & Maintenance

Global Business Software and Services Market by Deployment

• • Cloud
  • On-premise

Global Business Software and Services Market by Organization Size

• • Large Enterprises
  • Small & Medium Enterprises

Global Business Software and Services Market by Industry Vertical

• • Aerospace & Defence
  • BFSI
  • Government
  • Healthcare
  • IT & Telecom
  • Manufacturing
  • Retail
  • Transportation
  • Others

Global Business Software and Services Market by Region

• • North America Business Software and Services Market (Option 1: As a part of the free 25% customization)
    • By Software
    • By Service
    • By Deployment
    • By Organization Size
    • By Industry Vertical
    • US Market All-Up
    • Canada Market All-Up
  • Europe Business Software and Services Market (Option 2: As a part of the free 25% customization)
    • By Software
    • By Service
    • By Deployment
    • By Organization Size
    • By Industry Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Business Software and Services Market (Option 3: As a part of the free 25% customization)
    • By Software
    • By Service
    • By Deployment
    • By Organization Size
    • By Industry Vertical
    • China Business Software and Services Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Business Software and Services Market (Option 4: As a part of the free 25% customization)
    • By Software
    • By Service
    • By Deployment
    • By Organization Size
    • By Industry Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Business Software and Services Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Oracle Corporation
  • International Business Machines Corporation
  • Tableau Software LLC
  • QlikTech International AB
  • SAP SE
  • com, Inc.
  • Microsoft Corporation
  • SAS Institute Inc.
  • Adobe, Inc.
  • Teradata Corporation