A software product is a software system that is eligible for being delivered to its customer with documentation that explains how to install and use the system.
Sizing and Forecast
The software products market size has grown rapidly in recent years. It will grow from $1449.4 billion in 2023 to $1605.89 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to enterprise resource planning, e-commerce boom, mobile application development, open source movement, cybersecurity concerns, open source movement.
The software products market size is expected to see rapid growth in the next few years. It will grow to $2529.03 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to growing digital transformation initiatives, smart cities development, edge computing, robotic process automation, privacy and compliance solutions. Major trends in the forecast period include cloud-native and saas adoption, remote collaboration tools, low-code and no-code development, blockchain applications, ai in business processes.
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Segmentation & Regional Insights
The software products market covered in this report is segmented –
1) By Type: Operating Systems & Productivity Software Publishing, Database, Storage & Backup Software Publishing, Business Analytics & Enterprise Software, Video Game Software, Design, Editing & Rendering Software
2) By Application: Large Enterprises, Small And Medium Enterprises
3) By End-User Industry: BFSI, Media And Entertainment, IT and Telecommunications, Energy And Utilities, Government And Public Sector, Retail And Consumer Goods, Manufacturing, Other End User Industries
Subsegments Covered: Operating Systems, Productivity Software Publishing, Database Software, Middleware Software, Storage And Backup Software, ERP Software, BI Software, CRM Software, SCM Software, Other Software, Browser Games, PC Games, Smart Phone/Tablet Games, Console Games, Engineering Design Software, Animation And VFX Design Software, Image/Video Editing And Graphic Design Software
Asia-Pacific was the largest region in the software products market in 2023. North America was the second largest region of the software products market. The regions covered in the software products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
IoT technology adoption by manufacturing and transportation services companies is expected to drive the software products market in the forecast period. IoT is a network of physical objects such as devices, vehicles, buildings and other items which are embedded with electronics, software, sensors and network connectivity enable these objects to collect and exchange data. For instance, Microsoft and Rolls-Royce have announced a partnership centering on future Rolls-Royce intelligent engines, which will integrate Microsoft Suite into its service solutions to expand its digital capabilities. According to International Data Corporation (IDC), global spending on IoT was around $1.4 trillion in 2021; this includes hardware, software and services for IoT technologies. Thus, IoT technology adoption is expected to expand the demand for software products.
Key Industry Players
Major companies operating in the software products market report are Amazon Inc., Apple, Alphabet Inc., Microsoft Corp., EMC Corporation, Dell Technologies Inc., Sony Corp., Tencent Holdings Co. Ltd., Intel Corporation, HP Inc., International Business Machines Corporation, Oracle Corp., SAP SE, salesforce.com, Fiserv Inc., Adobe Systems Incorporated, Nintendo Co ltd., NetApp, Autodesk Inc., Zoom Video Communications Inc., Citrix Systems, Symantec Corporation, Atlassian Corporation plc, Splunk Inc., Check Point Software Technologies Ltd., DocuSign Inc., Ubisoft, ServiceNow Inc., CrowdStrike Holdings Inc., Red Hat Inc.
The software products market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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