Software Consulting Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Software Consulting Market revenue is expected to grow at a CAGR of 12.0% over the next five years. The growing demand for digitalizing business processes across various industry verticals is driving market growth.

Key Highlights

• Technological advancements in cloud computing and data analytics are increasing the demand for new services and encouraging enterprises to adopt innovative solutions. Furthermore, rising demand for software consulting services is expected to stimulate investments in cutting-edge software technology.
• Software security services are expected to grow over the next five years. The increasing use of cloud servers and cyberattacks will bring new opportunities for the software consulting market. For instance, Accenture PLC acquired Sentor, a Sweden-based independent provider of cyber defense and managed security services.
• Key market players focus on expanding their businesses and strengthening their market positions through collaborations and partnerships. For Instance, Accenture and Vodafone collaborated to provide managed security services for Small & Medium Enterprises (SMEs) and international clients in Europe. Accenture would support Vodafone through this collaboration in offering enterprise-grade cybersecurity solutions to businesses across numerous industries.
• Organizations focus on improving work quality, boosting delivery speed, lowering labor costs, and increasing transparency and accountability through software deployment. Because of the COVID-19 pandemic, organizations are finding it challenging to satisfy end-user expectations, and hence they are increasingly adopting software consulting solutions and services to accelerate service delivery.
• COVID-19 increased the digitization demand and is the key trend that continues post-COVID-19 which in turn creates a surge in demand and opportunities for the software consulting market.

Software Consulting Market Trends

Increasing demad for digital solutions

• Artificial Intelligence (AI) and Machine Learning (ML) are anticipated to boost automation and data-driven decision-making across operations. These technological advancements are projected to increase demand for the software consulting market.
• The increasing use of digital payments, the incorporation of blockchain technology into banking, and the growing number of digital wallets are expected to fuel market growth over the next five years.
• Digitalization adoption is growing across end-user industries such as BFSI, healthcare, and retail. For Instance, Cognizant collaborated with Microsoft to deliver a new digital healthcare solution to enhance remote patient monitoring for improved medical care.
• The rapid adoption of new technology and the growing focus on security push the market forward. Large cloud service providers, such as Microsoft and Amazon, play a significant role in the software consulting market growth. For Instance, Cisco Systems Inc. announced that it had released the Cisco Cloud Controls Framework (CCF) to the public. Cisco CCF is a complete framework that combines national and international security compliance and certification standards.
• Implementation of IT security technologies adoption is growing. Software-defined wide area networks (SD-WAN) have 54.90%, the highest percentage of adoption across IT industries. Such initiatives will further boost the software consulting market.

Norh America is Expected to Register Significant Market Growth During the Forecast Period

• The North America Software Consulting market is expected to grow significantly over the next five. The rising digital transformation trend is leading to an increased demand for software consulting in the region.
• The factors such as the rapid IT industry expansion, rising population, rapid cloud and virtualization technologies development, growing adoption of the internet of things, and increasing safety and security concerns are driving growth for the Software Consulting market.
• The growing adoption of cloud-based solutions and services for storing customers' critical information and the increasing number of cyberattacks are driving the demand for the software consulting market. For Instance, Tech Mahindra announced that it expanded its collaboration with Microsoft to strengthen hybrid cloud capabilities. The partnership aims to leverage Microsoft Azure Stack HCI, a new hyper-converged (HCI) solution, to accelerate hybrid cloud transformation, consolidate virtualized workloads and build enterprise resilience.
• Key players in the software consulting market are employing various growth and expansion strategies, such as strategic partnerships and collaborations, research and development initiatives, and investments, to gain a competitive advantage.

Software Consulting Market Competitor Analysis

The Software Consulting market needs to be more cohesive due to ongoing partnerships and recent advancements in the market. Some major players in the market studied include Ericsson, Airhop Communications, Cisco Systems, Huawei Technologies, and Commscope.

October 2022 - Accenture acquired Blackcomb Consultants to help Insurance carriers accelerate digital transformation in the Cloud.

Additional benefits of purchasing the report:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

This product will be delivered within 2 business days.