Software Market Size, Share & Trends Analysis Report By Enterprise Size, By Vertical (BFSI, Retail), By Deployment (On-premises, Cloud), By Type (Productivity Software, Application Software), By Region, And Segment Forecasts, 2023 - 2030

Software Market Size, Share & Trends Analysis Report By Enterprise Size, By Vertical (BFSI, Retail), By Deployment (On-premises, Cloud), By Type (Productivity Software, Application Software), By Region, And Segment Forecasts, 2023 - 2030

Software Market Growth & Trends

The global software market size is expected to reach USD 1,397.31 billion by 2030, according to a new report by Grand View Research, Inc. The industry is anticipated to grow at a lucrative CAGR of 11.5% from 2023 to 2030. An increase in the volume of enterprise information, growing automation of business processes, and rising digitization are the major factors driving market growth. In addition, rising network security and privacy concerns drive the market. However, high licensing and support costs are the major restraining factor for the industry. Most of the key players implement different strategies, such as collaboration and acquisition, to grab the maximum share in the global industry.

For instance, McAfee has collaborated with Atlassian for innovative information security and risk protection for clients seeing to accelerate their move to the cloud. The COVID-19 pandemic has positively impacted the market. Palo Alto Networks, a cybersecurity company, stated that by the end of March 2020, about 40,261 doubtful registered domain names were recognized. In addition, using similar business email addresses has also become a popular choice for cybercriminals to conduct attacks. The shift toward a remote working model has also increased the threat of cyber-attack across enterprises. The mounting concern of cyber threats has encouraged various enterprises to adopt software solutions and configure malware protection, detection, and mitigation strategies, fueling market growth.

On-premises software accounted for the largest share as on-premises solutions permit hands-on ownership and control of security monitoring, which provides flexible and adaptive security. The North America regional market accounted for the largest revenue share in 2022. The U.S. was the major country in the world that contributed mainly to revenue generation for the software industry. Increased spending on software solutions by SMEs and large enterprises in the region contributed to the high revenue generation. Moreover, the increasing stringency of data privacy & security standards and policies are the factors that contribute further to revenue generation in North America.

Software Market Report Highlights

• The application software segment dominated the market in 2022 and accounted for a revenue share of over 43%. They are designed to automate & streamline tasks, allowing users to perform their work more efficiently. It provides tools and features that help users perform tasks quickly and accurately, leading to increased productivity
• The on-premises segment led the market in 2022 with a revenue share of over 58% owing to its capabilities to provide more flexibility for customization and integration with existing systems. Organizations can tailor their software and integrate it with other on-premise applications to meet their needs
• The large enterprise segment led the market in 2022 and held the largest revenue share of over 72% owing to the high investments by large-scale businesses in deploying next-gen technologies and software solutions
• The IT & telecom segment is predicted to have significant growth over the forecast years owing to the increasing adoption of various software solutions to automate processes, enable real-time data analysis, enhance communication & collaboration, and streamline operations
• North America dominated the market in 2022 with a share of over 43%. North America has been at the forefront of cloud adoption, with significant cloud providers based in the region. The popularity of cloud-based software, including SaaS, PaaS, and IaaS, contributes significantly to the market growth

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