Categories: Market Research

Software Services Market Growth Outlook Through 2024-2033

Overview and Scope
Software service refers to a process of services in which a cloud provider uses a software distribution model to host programs and makes them available to end customers via the internet. It is used by businesses to increase client engagement and provide effective customer care.

Sizing and Forecast
The software services market size has grown strongly in recent years. It will grow from $1625.25 billion in 2023 to $1748.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to globalization of business, enterprise resource planning (erp) systems, cybersecurity concerns, business process automation, cloud computing.

The software services market size is expected to see rapid growth in the next few years. It will grow to $2626.24 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to internet of things (iot) integration, artificial intelligence (ai) and machine learning, remote work solutions, augmented reality (ar) and virtual reality, edge computing solutions. Major trends in the forecast period include sustainable and green technologies, 5g technology implementation, digital transformation, cloud-native development, focus on user experience (ux) design, subscription-based and saas models.

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Segmentation & Regional Insights
The software services market covered in this report is segmented –

1) By Software: Finance, Sales And Marketing, Human Resource, Supply Chain, Other Software Types
2) By Service: Consulting, Managed Services, Support And Maintenance
3) By Deployment: Cloud, On-Premise
4) By Enterprise Size: Large Enterprises, Small And Medium Enterprises
5) By End-Use: Aerospace And Defense, Banking And Financial Institutions (BFSI), Government, Healthcare, IT And Telecom, Manufacturing, Retail, Transportation, Other End-Uses

North America was the largest region in the software services market in 2023. The regions covered in the software services 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
The increasing automation of business processes is expected to boost the growth of the software services market going forward. Automation refers to the technology that uses less human assistance to complete tasks. The use of automation software is a superior and wiser method of cost containment and reduction where the greatest opportunity is to expand customer (end-user) service while steadily cutting expenses, hence, the use of automation in business processes will rise the demand for the software services market. For instance, in April 2021, according to a report published by Zapier, a US-based company that empowers businesses to automate workflows and move data across apps, in 2021, 63% of SMBs stated automation enabled them to quickly shift in response to the pandemic. Furthermore, 66% of employees believe that automation at work allows them to focus on more innovative roles and initiatives. Therefore, the increased automation of business processes is driving the growth of the software services market.

Key Industry Players

Major companies operating in the software services market report are Microsoft Corporation, Oracle Corporation, Epicor Software Corporation, International Business Machines Corporation, Infor Inc., Deltek Inc., Acumatica Inc., Unit4, Syspro Technologies, TOTVS S.A, SAP SE, Cloud Software Group Inc., Qliktech International AB, Tableau Software Inc., SAS Institute Inc., NetSuite Inc., Salesforce Inc., Adobe Inc., Workday Inc., Plex Systems Inc., Aras Corporation, PTC Inc., Autodesk Inc., Dassault Systemes, Parasoft, ComplianceQuest, Siemens AG, Atlassian Corporation, Hewlett Packard Enterprise, Veeva Systems, Intellect Software Solutions Pvt. Ltd., Kovair Software Inc. .

The software services market report table of contents includes:

1. Executive Summary

2. Software Services Market Characteristics

3. Software Services Market Trends And Strategies

4. Software Services Market – Macro Economic Scenario

5. Global Software Services Market Size and Growth
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31. Global Software Services Market Competitive Benchmarking

32. Global Software Services Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Software Services Market

34. Software Services Market Future Outlook and Potential Analysis

35. Appendix

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