Software Market to Grow by USD 27.2 Billion from 2024-2028, Driven by Rising Enterprise Data Volume; AI-Powered Market Evolution- Technavio

NEW YORK, Oct. 22, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The Global Software Market  size is estimated to grow by USD 27.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  7.8%  during the forecast period. Increase in volume of enterprise data is driving market growth, with a trend towards increasing cloud computing. However, high costs of licensing and support  poses a challenge - Key market players include Adobe Inc., ANSYS Inc., Autodesk Inc., Cisco Systems Inc., Dassault Systemes SE, Focus Softnet Pvt. Ltd., Gen Digital Inc., Hewlett Packard Enterprise Co., IFS World Operations AB, International Business Machines Corp., McAfee LLC, Microsoft Corp., Oracle Corp., OTSUKA CORP., Salesforce Inc., SAP SE, SYNERGIX TECHNOLOGIES PTE LTD., Synopsys Inc., VMware Inc., and Zoho Corp. Pvt. Ltd..

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Key Market Trends Fueling Growth

Organizations are transitioning from on-premises software to cloud-based solutions, which provide benefits such as flexibility in deployment, cost savings on IT infrastructure, and remote access for seamless collaboration. Cloud software's scalability accommodates businesses of all sizes, allowing them to adapt to changing demands without significant investments. Quick implementation and deployment times, enhanced security, continuous updates, and global accessibility are additional advantages. These factors contribute to the growth of the software market, making cloud computing an attractive choice for businesses seeking agility, security, and time-to-market advantages. 

In today's business landscape, productivity software continues to trend with cloud deployment becoming the norm. Industries like energy and utilities, healthcare, and finance are increasingly adopting cloud-based software solutions for streamlined operations. Data security remains a top priority, with cloud platforms providing advanced security features. Blockchain technology and hybrid architecture are revolutionizing industries, while machine learning and AI are enhancing business management systems and HRM systems. Managed services and consulting services are in demand for implementing these technologies. On-premise deployment and cloud services, including hybrid cloud deployment, are key options for IT and telecom companies. Financial management tools, data analytics, and remote working solutions are essential for businesses. Security software, computing devices, and information systems are crucial for secure transactions and network protection against cyber threats. E-commerce and internet communication are driving digital transformation. 

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Market Challenges

• The software industry has undergone significant changes, starting as a service-focused sector, then shifting to a product-focused industry, and now transitioning into a hybrid model. Traditional licensing models like single-user and concurrent-user licenses were common in corporate applications. However, concurrent-user licensing is gradually being replaced. Usage-based licensing is gaining popularity, but perpetual licensing continues to be the preferred strategy. This shift has led to high license and maintenance costs, which may impede the growth of the global software market in the forecast period.
• The software market is facing numerous challenges in today's business landscape. With the rise of remote work, ensuring secure access to information systems and networks is crucial. Security software, including antivirus and firewalls, is essential to protect against cyber threats. Computing devices and internet communication must be secure for transactions to be safe. Access management and data protection are key concerns for businesses, particularly those using e-commerce, AI, IoT, and cloud-based solutions. Large enterprises must adhere to security standards and implement business process automation. Network security is vital to guard against cybercrimes, while system-level security risks cybersecurity software. Zero Trust security architecture and access control are essential tools for mitigating risks. Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Supply Chain Management (SCM) software must be secure. Cloud-based solutions offer flexibility but come with their own unique challenges. IT and telecom industries are prime targets for cyberattacks. Staying updated with the latest cybersecurity tools is essential to stay ahead of threats.

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Segment Overview 

This software market report extensively covers market segmentation by

1. Type 
• 1.1 Subscriptions
• 1.2 Identity and access management
• 1.3 Endpoint/network/messaging/web security
• 1.4 Risk management
2. Deployment 
• 2.1 Cloud-based
• 2.2 On-premises
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Subscriptions-  The software market continues to grow, with businesses increasingly relying on technology to streamline operations and enhance customer experience. Software solutions offer efficiency, automation, and data analysis capabilities, making them essential tools for modern organizations. Companies invest in software to improve productivity, reduce costs, and gain a competitive edge. The market caters to various industries, providing customized software to meet specific business needs. Software vendors offer ongoing support and updates to ensure optimal performance and security. Overall, software plays a crucial role in driving business success.

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Research Analysis

The software market is experiencing significant growth due to the increasing shift towards remote work and the need for secure information systems. With the rise of computing devices and internet communication, transactions are increasingly being conducted online, making security software a must-have. Networks and access management are crucial components of information systems, and data and network protection are essential for cybersecurity. Cybersecurity is a top priority as cyber threats continue to evolve, with cybersecurity software solutions becoming increasingly important. Business process automation and network security are key areas of focus, with Zero Trust and Cloud platforms leading the way. Cloud-based software solutions, blockchain, hybrid architecture, artificial intelligence, and machine learning are also driving innovation in the software market. Business management systems, HRM systems, healthcare, and finance are among the industries that heavily rely on software solutions for efficient operations. Access control and system-level security risks are critical concerns, and cybersecurity software is essential for mitigating these risks. Overall, the software market is dynamic and ever-evolving, with new technologies and trends emerging constantly.

The software market is a dynamic and ever-evolving industry that caters to the needs of businesses and individuals in various sectors. With the rise of remote work and the increasing reliance on computing devices and information systems, the demand for secure and efficient software solutions. Internet communication, transactions, and networks have become essential, leading to a growing need for access management, data protection, and network protection. Cybersecurity has become a top priority, with cyber threats constantly evolving and targeting businesses of all sizes. Software solutions encompass application software, system infrastructure software, development software, and deployment software, among others. E-commerce, AI, IoT, and cybercrimes are driving innovation in the market, with ERP, CRM, SCM, and cloud-based solutions becoming increasingly popular. IT and telecom industries are major consumers of software, with large enterprises leading the way in adopting security standards and business process automation. Cybersecurity software, including tools for access control, system-level security risks, and zero trust security architecture, is a critical component of the software market. Cloud deployment, hybrid architecture, machine learning, and business management systems are also key areas of focus. Energy and utilities, healthcare, finance, and human resources are just a few industries that benefit from the latest software trends, including blockchain, cloud platforms, and data analytics. Managed services and consulting services are also essential components of the software market, offering businesses expert guidance and support in implementing and optimizing their software solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Subscriptions
• Identity And Access Management
• Endpoint/network/messaging/web Security
• Risk Management
• Deployment
• Cloud-based
• On-premises
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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