The Software Products Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Software Products Global Market Report 2024, 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.
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.
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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
Major companies operating in software products are introducing innovative products such as Google Pixel 7 and 7 Pro to drive revenues in the market. Google Pixel 7 and 7 Pro is a software product that runs the latest version of Android with a clean, stock Android experience, along with timely software updates directly from Google. For instance, in October 2022, Google, a US-based software company launched Google Pixel 7 and 7 Pro. These smartphones feature upgraded cameras, sophisticated designs, and new colors. Both phones come with Android 13, private compute core, Android System Intelligence, Android Messages end-to-end encryption, and Android backup encryption.
The software products market report table of contents includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
……..
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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