The software rental service global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Software Rental Service Market, 2024The software rental service global market report 2024
Market Size –
The software rental service market size has grown strongly in recent years. It will grow from $42.36 billion in 2023 to $46.16 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to the increasing adoption of cloud computing, a rise in remote work and virtual teams, growth in small and medium-sized enterprises (SMEs), demand for scalable software solutions, and an emphasis on software security and compliance.
The software rental service market size is expected to see strong growth in the next few years. It will grow to $65.52 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to expanding digital transformation initiatives, increasing use of big data and analytics, rising focus on cybersecurity measures, demand for flexible subscription models, and the need for enhanced collaboration tools. Major trends in the forecast period include a rise in hybrid and multi-cloud environments, growth in software-as-a-service (SaaS) adoption, greater integration of AI in software solutions, the development of blockchain-based software services, and a focus on personalized and adaptive software solutions.
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Scope Of Software Rental Service Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Software Rental Service Market Overview
Market Drivers -The increasing adoption of cloud computing is expected to propel the growth of the software rental service market going forward. The rising adoption of cloud computing is attributed to its ability to offer scalable, flexible, and cost-effective computing resources and services. Cloud computing facilitates software rental services by providing scalable, on-demand access to software applications and infrastructure, which reduces the need for upfront investment and enables flexible, subscription-based models. For instance, in December 2023, data from Eurostat, a Luxembourg-based intergovernmental organization, indicated that approximately 45.2% of EU enterprises utilized cloud computing services, primarily for email hosting, file storage, and various operational tasks, reflecting an increase of 4.2 percentage points from 2021. The most sought-after services included email hosting (82.7%), file storage (68.0%), office software (66.3%), security applications (61.0%), finance or accounting software (51.6%), and enterprise database hosting (43.0%). Therefore, the increasing adoption of cloud computing is driving the growth of the software rental service market.
Market Trends –
Major companies operating in the software rental service market are developing innovative solutions, such as Arm-based cloud computing services, to enhance scalability, flexibility, and accessibility for users. Arm-based cloud computing services refer to cloud infrastructure that utilizes Arm architecture processors, known for their energy efficiency and performance, to deliver scalable, cost-effective computing resources and services. For instance, in May 2021, Oracle Corporation, a US-based database management and cloud service provider, launched the Oracle Cloud Infrastructure (OCI) Ampere A1 Compute service, which utilizes Ampere Computing’s data center chips based on Arm Ltd. technology. This features scalable, secure infrastructure with flexible virtual machine options, competitive pricing, and support for diverse workloads. The technological advancement lies in the shift to Arm architecture for data centers, offering high core counts, performance, and energy efficiency, which significantly impacts the software rental service market by increasing choice, reducing costs, and enhancing performance and efficiency.
The software rental service market covered in this report is segmented –
1) By Software Type: Productivity Software, Creative Software, Accounting And Finance Software, Customer Relationship Management (CRM) Software, Enterprise Resource Planning (ERP) Software, Project Management Software, Collaboration And Communication Software, Other Software Types
2) By Deployment Type: Cloud-Based, On-Premises
3) By Subscription Model: Monthly Rental, Annual Rental, Pay-As-You-Go
4) By Enterprise Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
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Regional Insights –
North America was the largest region in the software rental service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the software rental service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies in the market are Alphabet Inc., Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., Adobe Inc., Intuit Inc., ServiceNow Inc., Autodesk Inc., Atlassian Corporation Plc, Zoom Video Communications Inc., Dropbox Inc., Tableau Software LLC, HubSpot Inc., Slack Technologies Inc., Box Inc., Smartsheet Inc., Monday.com Ltd., Asana Inc., Pipedrive Inc.
Table of Contents
1. Executive Summary
2. Software Rental Service Market Characteristics
3. Software Rental Service Market Trends And Strategies
4. Software Rental Service Market – Macro Economic Scenario
5. Global Software Rental Service Market Size and Growth
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32. Global Software Rental Service Market Competitive Benchmarking
33. Global Software Rental Service Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Software Rental Service Market
35. Software Rental Service Market Future Outlook and Potential Analysis
36. Appendix
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