Business Software Global Market Report 2024

The business software market size has grown rapidly in recent years. It will grow from $745.72 billion in 2023 to $826.3 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The increase observed in the historical period can be attributed to the growing adoption of cloud-based applications, increased demand for high-speed data networks, and the rising trend of customer cloud adoption.

The business software market size is expected to see rapid growth in the next few years. It will grow to$1.26 trillion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The anticipated growth in the forecast period can be attributed to advancements in cloud and networking technologies, increasing demand from small and medium enterprises (SMEs), the popularity of cloud-based subscription models, and the rising adoption of hybrid cloud deployments. Major trends expected during this period include businesses being encouraged to utilize cloud-based services, government regulations aimed at reducing carbon emissions, the continued development of technologies such as cloud computing, innovations in cloud-managed networking, new methods of communication facilitated by artificial intelligence (AI), and the transformation of internet services.

The business software market is poised for growth as businesses increasingly adopt cloud-based solutions. Cloud-based solutions encompass software applications, services, and resources delivered via cloud computing technology over the internet. The popularity of these solutions stems from their ability to offer cost-effective, scalable, accessible, innovative, and secure IT resources and services. They empower business software to deliver enhanced scalability, accessibility, cost efficiency, security, and integration capabilities, enabling organizations to drive digital transformation, innovation, and competitive advantage in today's dynamic business environment. For example, Eurostat reported in December 2023 that the adoption rate of cloud computing services among small and medium-sized enterprises grew to 59% in 2023 from 53% in 2021, highlighting the significant shift towards cloud-based solutions driving the business software market's growth.

Leading companies in the business software market are focused on developing innovative solutions such as Brex Empower to help businesses improve operational speed and efficiency. Brex Empower is a cutting-edge software platform designed to enhance operations' speed and financial discipline for businesses. For instance, in April 2022, Brex Inc. launched Brex Empower, enabling managers to create and request budgets for various expenses with defined policies, providing transparency and oversight over expenditures. This platform streamlines financial tasks such as expense tracking, reimbursements, and accounting reconciliations, freeing up valuable time and resources for companies.

In April 2024, International Business Machines Corporation acquired HashiCorp Inc. for approximately $6.4 billion. This strategic move aims to leverage HashiCorp's resources to develop an end-to-end cloud platform, helping clients manage increasing application and infrastructure complexity and establish a comprehensive hybrid cloud platform. HashiCorp Inc. provides tools and products that enable developers, operators, and security professionals to provision, secure, run, and connect cloud computing infrastructure.

Major companies operating in the business software market are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Accenture plc, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, NetSuite Inc., SAP SE, Salesforce Inc., NEC Corporation, Adobe Inc., VMware Inc., ServiceNow Inc., Workday Inc., Red Hat Inc., Infor Inc., OpenText Corporation, Citrix Systems Inc., Rackspace Technology Inc., Lumen Technologies Inc., Epicor Software Corporation, Progress Software Corporation, Deltek Inc., HashiCorp Inc., Canonical Ltd., Puppet Inc., Qualisystems Ltd., Nerdio, CFEngine AS.

North America was the largest region in the business software market in 2023. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the business software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the business software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Business software encompasses a broad array of computer programs and applications designed to support various organizational business functions and operations. These software tools are developed with the goal of streamlining processes, enhancing efficiency, and facilitating decision-making across different departments and levels within an enterprise. They play a crucial role in automating tasks, managing data, analyzing performance, and helping businesses achieve their strategic objectives.

The primary types of business software include enterprise resource planning (ERP) software, customer relationship management (CRM) software, business intelligence (BI) software, and supply chain software. ERP software comprises an integrated suite of applications that assist organizations in managing and automating core business processes such as accounting, human resources, procurement, inventory management, and manufacturing. These software solutions are deployed through cloud and on-premises models and are utilized across various industries including banking, financial services, and insurance (BFSI), healthcare, public institutions, retail, transportation, manufacturing, and other verticals.

The business software market research report is one of a series of new reports that provides business software market statistics, including business software industry global market size, regional shares, competitors with business software market share, detailed business software market segments, market trends, and opportunities, and any further data you may need to thrive in the business software industry. This business software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The business software market includes revenues earned by entities by providing accounting software, project management software, enterprise content management (ECM) software, and business process management (BPM) software. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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