Global Business Software and Services Market by Cover Page

Business Software and Services Market by Software (Human Resource, Sales & Marketing, Finance, Supply Chain, and Others), Services (Support & Maintenance, Managed Services, and Consulting), Enterprises (Small & Medium Enterprises and Large Enterprises), Deployments (On-premise and Cloud-based), End-users (Healthcare, IT & Telecom, Aerospace & Defense, Transportation, Government, Manufacturing, BFSI, Retail, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2022 – 2030

  • Report ID: ICT-SE-4110
  • Author: Growth Market Reports
  • Rating: 4.9
  • Total Reviews: 3
  • No. Of Pages: 199
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The global business software and services market size was valued at USD 430.1 billion in 2021 and is expected to surpass USD 1148.9 billion by 2030, expanding at a CAGR of 11.5% during the forecast period, 2022–2030. The growth of the market is attributed to the rapid growth of various business enterprises, rising expansion of several industries, and increasing adoption of the business automation processes.
 

Global Business Software and Services Market by Summary

Business software and services offer a range of innovative and advanced business automation solutions and services for organizations to enhance their decision-making and improve overall business operations. These solutions allow businesses ranging from small to large enterprises to timely evaluate their operational performance and simplify the analysis of the existing challenges or loopholes that can hamper their business growth. Using software and services, a company can effectively organize a large volume of business data and extract more informative insight that may help in business expansion. With the proper upgrade of software and services, a company can largely minimize the overall operational cost as well as enhance the result of effective management and organization of various operational units and departments within the organization. One key driving force for the rising demand for business software and services is that every organization needs to expand its operation and adopt several advanced solution systems to gain a competitive edge in their respective markets.

The COVID-19 pandemic outbreak had accelerated the expansion of the global business software and services market owing to the rising focus on the digital transformation of business operations and increasing spending on digital platform upgrades by enterprises. The majority of corporates had to adopt a work from home (WFH) policy for their employees to avoid the risk of spreading the virus. Thus, mass implementation of the remote working model had forced companies to upgrade and enhance their level of information and technology (IT) engagement to continue their normal business operations and stay alive in the global competition.

Market Trends, Drivers, Restraints, and Opportunities

  • Growing flow of business data, impacted by the rapid expansion of business operation and wide requirement for effective analytical solutions for better management present key drivers of the market.
  • Wide integration of the automation process in core functions of businesses to maximize profit and simplify business expansion are other key factors driving the market.
  • Easier process of management of departmental data and operational efficiency by combining administrative systems into a single software primarily result in improving data transparency. This is a key factor that helps to expand the market.
  • Issues concerning data privacy and security as well high cost of software installation act as major hurdles that can hinder market expansion.
  • Rising integration of innovative technologies including Artificial Intelligence (AI) and Machine Learning (ML) in business software and services is creating a lucrative growth opportunity for the market.

Scope of the Report

The report on the global business software and services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Business Software and Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2021

Historic Data

2019–2020

Forecast Period

2022–2030

Segmentation

Software (Human Resource, Sales & Marketing, Finance, Supply Chain, and Others), Services (Support & Maintenance, Managed Services, and Consulting), Enterprises (Small & Medium Enterprises and Large Enterprises), Deployments (On-premise and Cloud-based), and End-users (Healthcare, IT & Telecom, Aerospace & Defense, Transportation, Government, Manufacturing, BFSI, Retail, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Microsoft Corporation; International Business Machines Corporation; Oracle Corporation; SAP SE; Deltek, Inc.; NetSuite Inc.; Infor; Acumatica, Inc.; and Epicor Software Corporation.

 

Market Segment Insights

Rising demand for advanced finance management systems boosts the finance segment

Based on software, the global business software and services market is divided into human resources, sales & marketing, finance, supply chain, and others. The finance segment accounted for a key market share in 2021, representing more than 24.5% of the total revenue share, and is expected to expand at a rapid pace during the forecast period owing to wide adoption of advanced business service solutions for effective financial management. Moreover, the rapid advancement of financial management tools helps in executing systematic finance planning, analysis, and budgeting.

Support & maintenance segment held a dominant market share in 2021

In terms of services, the market is segmented into support & maintenance, managed services, and consulting. The support & maintenance segment held a dominant market share in 2021, representing more than 35% of the total market revenue share, and is anticipated to exhibit a healthy growth rate in the coming years. The segment growth is attributed to extensive use of the software for a third-party support system and the increasing need for innovative solutions for business management systems.

Rising integration of real-time business updates fuels the large enterprises

Based on enterprises, the global business software and services market is bifurcated into small & medium enterprises and large enterprises. The large enterprises segment accounted for more than 55% of the total revenue of the market in 2021 and is expected to constitute a major share during the targeted period. The segment growth is attributed to the rising integration of real-time business updates and enhanced analytical models in evaluating business data. Wide spending on the development of effective IT network solutions by large enterprises presents another key driver of the segment.

Cloud-based segment is a fast-growing domain

On the basis of deployments, the market is categorized as on-premise and cloud-based. The cloud-based segment is a fast-growing domain and is anticipated to hold a key share of the market in the coming years owing to the availability of cost-effective cloud computing platforms and rising demand for large data storage capacity. The use of cloud-based platforms offers several advantages such as easy access, flexibility of data transfer, and strong security.
 

Global Business Software and Services Market by Deployments

BFSI segment to register a considerable CAGR

On the basis of end-users, the market is segregated into healthcare, IT & telecom, aerospace & defense, transportation, government, manufacturing, BFSI, retail, and others. The BFSI segment constituted more than 15% of the global market share in 2021 and is projected to register a considerable CAGR during the forecast period owing to the rising need to constantly upgrade software and service in the banking and financial service sectors to enhance secure and convenient service to customers. The rapid expansion of digital wallet platforms, increasing automation of the banking system, and wide popularity of mobile applications for smooth and easy financial transactions further propel the segment.

North America to constitute a key market share

In terms of regions, the global business software and services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a major share, constituting more than 27% of the global market share in 2021, and is projected to register a robust market growth in the coming years. The wide acceptance of advanced software solutions among business enterprises and rapid expansion of the IT infrastructure sector are key factors boosting the regional market. Furthermore, the rising adoption of cloud-based platforms across different business enterprises is further fueling the market in the region.
 

Global Business Software and Services Market by Regions

Competitive Landscape

Key players competing in the global business software and services market are Microsoft Corporation; International Business Machines Corporation; Oracle Corporation; SAP SE; Deltek, Inc.; NetSuite Inc.; Infor; Acumatica, Inc.; and Epicor Software Corporation. Some of these key players have adopted a number of business expansion strategies such as entering into a collaboration or partnership, launching new products, and expansion of production capacity in different geographical locations. For instance, in June 2020, International Business Machines Corporation and SAP SE entered into a collaboration to develop advanced solutions for the enhancement of enterprises’ business operations.
 

Global Business Software and Services Market by Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Business Software and Services Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Business Software and Services Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Business Software and Services Market - Supply Chain
  4.5. Global Business Software and Services Market Forecast
     4.5.1. Business Software and Services Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Business Software and Services Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Business Software and Services Market Absolute $ Opportunity
5. Global Business Software and Services Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Business Software and Services Market Size and Volume Forecast by End Users
     5.3.1. Healthcare
     5.3.2. IT & Telecom
     5.3.3. Aerospace & Defense
     5.3.4. Transportation
     5.3.5. Government
     5.3.6. Manufacturing
     5.3.7. BFSI
     5.3.8. Retail
     5.3.9. &
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Business Software and Services Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Business Software and Services Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Business Software and Services Demand Share Forecast, 2019-2026
7. North America Business Software and Services Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Business Software and Services Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Business Software and Services Market Size and Volume Forecast by End Users
     7.4.1. Healthcare
     7.4.2. IT & Telecom
     7.4.3. Aerospace & Defense
     7.4.4. Transportation
     7.4.5. Government
     7.4.6. Manufacturing
     7.4.7. BFSI
     7.4.8. Retail
     7.4.9. &
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Business Software and Services Demand Share Forecast, 2019-2026
8. Latin America Business Software and Services Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Business Software and Services Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Business Software and Services Market Size and Volume Forecast by End Users
     8.4.1. Healthcare
     8.4.2. IT & Telecom
     8.4.3. Aerospace & Defense
     8.4.4. Transportation
     8.4.5. Government
     8.4.6. Manufacturing
     8.4.7. BFSI
     8.4.8. Retail
     8.4.9. &
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Business Software and Services Demand Share Forecast, 2019-2026
9. Europe Business Software and Services Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Business Software and Services Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Business Software and Services Market Size and Volume Forecast by End Users
     9.4.1. Healthcare
     9.4.2. IT & Telecom
     9.4.3. Aerospace & Defense
     9.4.4. Transportation
     9.4.5. Government
     9.4.6. Manufacturing
     9.4.7. BFSI
     9.4.8. Retail
     9.4.9. &
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Business Software and Services Demand Share Forecast, 2019-2026
10. Asia Pacific Business Software and Services Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Business Software and Services Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Business Software and Services Market Size and Volume Forecast by End Users
     10.4.1. Healthcare
     10.4.2. IT & Telecom
     10.4.3. Aerospace & Defense
     10.4.4. Transportation
     10.4.5. Government
     10.4.6. Manufacturing
     10.4.7. BFSI
     10.4.8. Retail
     10.4.9. &
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Business Software and Services Demand Share Forecast, 2019-2026
11. Middle East & Africa Business Software and Services Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Business Software and Services Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Business Software and Services Market Size and Volume Forecast by End Users
     11.4.1. Healthcare
     11.4.2. IT & Telecom
     11.4.3. Aerospace & Defense
     11.4.4. Transportation
     11.4.5. Government
     11.4.6. Manufacturing
     11.4.7. BFSI
     11.4.8. Retail
     11.4.9. &
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Business Software and Services Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Business Software and Services Market: Market Share Analysis
  12.2. Business Software and Services Distributors and Customers
  12.3. Business Software and Services Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Microsoft Corporation
     12.4.2. International Business Machines Corporation
     12.4.3. Oracle Corporation
     12.4.4. SAP SE
     12.4.5. Deltek, Inc.
     12.4.6. NetSuite Inc.
     12.4.7. Infor
     12.4.8. Acumatica, Inc.

Key players competing in the global business software and services market are Microsoft Corporation; International Business Machines Corporation; Oracle Corporation; SAP SE; Deltek, Inc.; NetSuite Inc.; Infor; Acumatica, Inc.; and Epicor Software Corporation. Some of these key players have adopted a number of business expansion strategies such as entering into a collaboration or partnership, launching new products, and expansion of production capacity in different geographical locations. For instance, in June 2020, International Business Machines Corporation and SAP SE entered into a collaboration to develop advanced solutions for the enhancement of enterprises’ business operations.
 

Global Business Software and Services Market by Key Players

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FAQ Section

Some frequently asked quetions about this report!

The global business software and services market size was valued at USD 430.1 billion in 2021 and is expected to surpass USD 1148.9 billion by 2030.

The support & maintenance segment held a dominant market share in 2021, representing more than 35% of the total market revenue share.

Key drivers of the market include the rapid growth of various business enterprises, rising expansion of several industries, and increasing adoption of business automation process.

North America held a major share, constituting more than 27% of the global market share in 2021 and is projected to account for a large market share during the forecast period.

Key players of the market are Microsoft Corporation; International Business Machines Corporation; Oracle Corporation; SAP SE; Deltek, Inc.; NetSuite Inc.; Infor; Acumatica, Inc.; and Epicor Software Corporation.