Global Business Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global Business Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Business Software Market is expected to register a CAGR of 11.5% over the forecast period from 2022 to 2027. Growing adoption of digitalization by many businesses, technological advancement in the cloud, rapid integration of multichannel touchpoints into a single platform, Managing the compnay resources utilization, and increasing need to analyze the vast business data to draw insights that can surge the company's revenue are some of the primary factors boosting Business software market.

Key Highlights

• Business software is a group of programs and functions designed and developed to do specific productive, creative, financial, and daily business works. It is mainly used to automate the business. It helps companies and small business owners to create, promote, sell, market, manage and scale their businesses.
• The use of software in business is crucial as it helps in planning and design, faster decision making, implementation of the latest technologies, customer support, data analysis, and techniques in supply chain management that will accelerate the growth of the business.
• Due to digitization and online data collection, companies' demands for data insights, consumer assessments, and business processes have increased. This development drives demand for Enterprise Software, particularly Business Intelligence (BI). In addition to BI, the Enterprise Software section includes Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Supply Chain Management (SCM) software.
• The COVID-19 pandemic accelerated digitalization, resulting in increased data collection and the need to analyze the data collected. It also increased digitalization to cope with the remote-working environment. Further, The pandemic has compelled worldwide businesses to adopt basic kinds of cloud migration instantly.

Key Market TrendsCustomer Relationship Management Software Show Significant Growth in the Market

• CRM software (customer relationship management software) manages and analyzes customer interactions and data throughout the customer lifecycle. It collects and analyzes customer interactions and data throughout the customer lifecycle.
• Cloud CRM lets enterprises take a more holistic approach that improves customer experience outcomes via enhanced machine learning, including sentiment analysis and the ability to harness the emotional affinity between the brand and customers. Such considerations are expected to drive the use of Cloud CRM for regional businesses.
• The CRM software Market across the world is expanding through partnerships and collaborations. In July 2022, PerformNOW, the retail home furnishings industry performance of group business and CRM software provider, announced its collaboration with Tools2Win, an industry data analytics software. The partnership will enable quick and easy access to information for automated follow-up communications and marketing campaigns to be set up as pre-defined workflows.
• Furthermore, In July 2022, Deloitte Romania announced its partnership with Creatio, a software company that offers a platform to automate workflows and CRM with no code to provide automation solutions for SMEs, large enterprises, and corporations that operate in sectors such as financial services, manufacturing, retail, telecommunication, pharma, transportation, and advertising and media, along with the public sector.
• Moreover, the CRM software is benefiting the end uses like healthcare. In July 2022, Salesforce Japan announced that it would collaborate with Fujitsu, a medical and pharmaceutical data and computing technologies company, to offer enhanced digital solutions for the healthcare sector in Japan. The CRM system healthcare cloud offered by Salesforce will offer comprehensive integration and analysis of patient medical data.

North America is Expected to Witness Significant Growth in the Market

• The rising demand for high-speed data networks and the considerable presence of software vendors in the region are driving the growth of the Business Software Market in this region. Supply chain management is necessary for the regional vendors to support different business needs, including supply chain mapping, supplier risk assessment, transaction traceability, fraud detection, resilience planning, real-time visualization, and consumer-facing transparency.
• Further, to provide developments in the business software market, the region is witnessing investments. For instance, In March 2022, Sourcemap Inc, a supply chain software company that provides end-to-end supply chain due diligence software, announced that it had raised USD10m funding to expand its business presence in North America and launch a European subsidiary for traceability and transparency within the supply chain.
• The regional vendors are also utilizing this shift to digital with new business models for promoting ERP. In June 2021, Infor announced a "Three for Free" program for smaller distributors in North America. For a limited time, small and mid-sized businesses (SMBs) in North America can receive a subscription for three free user licenses of Infor CloudSuite Distribution, a cloud platform powered by the Infor Distribution SX.e ERP system with an optional fixed-fee services engagement. ​
• Companies worldwide are introducing new products or services to gain a competitive advantage. In November 2021, Epicor, an industry-specific enterprise software company based in the United States, announced the launch of Epicor Kinetic, its cloud-based ERP platform for manufacturers. The new updates will deliver cloud solutions to give manufacturers even more power to streamline operations and boost profitability. The answer will include expanded cloud options for large manufacturers, new features to improve insight and productivity, and an enhanced user experience,
• Globally there is also witnessing strategic partnerships and acquisitions to capitalize on the increasing demand for business software solutions. For instance, In July 2022, IRIS Software Group, a software provider of accountancy solutions, announced the acquisition of Doc. It is a document management software provider for CPA firms across North America. The acquisition will allow CPA firms to reduce administrative workloads and enhance productivity, allowing tax professionals and accountants to focus on growing their firms and providing value-added customer services.

Competitive Landscape

The Global Business Software Market is moderately fragmented. The market consists of major players, such as Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, and SAP SE. Some of the key developments in the market are:

• In August 2021, Vodafone Spain announced the expansion of its technology supply agreement with Amdocs to modernize its customer relationship management (CRM) system and increase the benefits and return on investment from its specialized, tailored customer management system.
• In August 2021, Zoho announced the launch of a no-code design studio that empowers businesses across industries to create custom CRM interfaces, Canvas. The interface will streamline CRM implementations into contextual, employee-facing experiences that boost CRM adoption rates. Zoho CRM enables companies with the tools they need to make CRM interfaces suited to the role of individual employees, with Canvas, without any IT or developed involvement required.

Additional Benefits:

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

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