Independent Software Vendors Market to grow by USD 1,738.53 billion from 2022 to 2027, Growth Driven by Increase in volume of enterprise data- Technavio
NEW YORK, Oct. 9, 2023 /PRNewswire/ -- The "independent software vendors Market by deployment (on-premise and cloud), component (software and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa) - Forecast and Analysis 2023-2027" report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the independent software vendors market from 2022 to 2027 is USD 1,738.53 billion. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
An increase in the volume of enterprise data is the key factor driving market growth. The growing volume and complexity of data generated is a direct result of an increase in mobile internet traffic, cloud computing as well as the rapid development and use of technologies such as IoT or AI. Demand for Big Data storage and analysis solutions worldwide is driven by any click, swipe, share, search, or feed that generates data. In addition, organizations are looking for software analytics solutions from ISVs to successfully utilize vast amounts of data to improve operational efficiency and optimize their value delivery to gain a competitive advantage in today's highly competitive business environment. Hence, these factors are expected to drive market growth during the forecast period.
Market Challenge
Data security concerns are a significant challenge restricting market growth. All over the world, data breaches raise a great deal of concern. Small and medium-sized enterprises are most at risk of such infringements. There are safety issues with the localized software programs. However, there are security concerns when it comes to cloud solutions. There are concerns about who has access to the information and data when corporations and users exchange this information and data with other entities. However, when they outsource IT, they have no control over the service provider's operations. Therefore, they face many risks. In addition, service providers often maintain confidentiality and assure customers that they have better data protection capabilities. Hence, these factors are expected to restrict market growth during the forecast period.
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The independent software vendors market is segmented by deployment (on-premise and cloud), component (software and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The market share growth by the on-premise segment will be significant during the forecast period. On-premises is software installed at the organization's premises by a local server. The software is installed on the premises to use the organization's computer system, and it pays a one-time license fee. With the option of adding additional integration features, on-premises software provides data security and regional ownership. The deployment of on-premises software is discouraged by high hardware costs and frequent maintenance required for on-premises software. In addition, as the computer systems change, it is impossible to update your locally installed software at regular intervals. Demand for on-premises applications has also fallen due to this. ISVs include SAP, Oracle, Microsoft, and IBM on-premises. Hence, these factors are expected to drive segment growth during the forecast period.
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Key Companies in the Independent Software Vendors Market:
Alphabet Inc., American Software Inc., Apple Inc., Autodesk Inc., BMC Software Inc., Cisco Systems Inc., Gamma Technologies LLC, H and W Computer Systems Inc., HP Inc., International Business Machines Corp., Microsoft Corp., Mocana Corp., Nutanix Inc., Odyssey Computing Inc., Open Text Corp., Oracle Corp., RSA Security LLC, SAP SE, ServiceNow Inc., and Vision ID Ltd.
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Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Deployment
Market Segmentation by Component
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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SOURCE Technavio
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