July 16, 2024
Ict

“Cloud-Enabled Models is the fastest growing segment fueling the growth of Independent Software Vendors (ISVs) Market”

ISVs develop and market software and applications using proprietary rights that run on various technology platforms. Their products cater to specific needs of enterprises and provide advantages such as reduced cost of ownership, increased productivity, automation and scalability.

The global Independent Software Vendors (ISVs) Market is estimated to be valued at US$ 302.25 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the ISVs market is the shift towards cloud-enabled business models. Many ISVs are developing their offerings as software-as-a-service solutions or platform-as-a-service for ease of use, deployment and management. This is helping ISVs scale their customer base while driving recurring subscriptions and maintenance revenues. The cloud-enabled offerings are also helping ISVs penetrate new geographies and customer segments more effectively.

Segment Analysis
The global independent software vendors (ISVs) market is dominated by the application development segment. This segment holds the largest market share due to the increasing demand for developing various industry-specific applications across sectors such as healthcare, BFSI, retail, manufacturing, and others. ISVs help businesses in developing customized and tailored applications as per their industry and business requirements.

Key players operating in the independent software vendors (ISVs) market are Microsoft Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., Adobe Inc., IBM Corporation, Autodesk Inc., Intuit Inc., VMware Inc., Red Hat Inc. (part of IBM), ServiceNow Inc., Symantec Corporation (part of Broadcom Inc.), Splunk Inc., Tableau Software (part of Salesforce.com Inc.), Atlassian Corporation Plc. The market players are focusing on new product launches and partnerships with businesses to cater to the rising demand for customized and vertical-specific software applications.

Key Takeaways
The global independent software vendors (ISVs) market is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing demand for customized software applications across industries.

The North American region dominates the independent software vendors market with the highest market share of around 40% in 2023. This is attributed to the presence of major ISVs such as Microsoft Corporation, Oracle Corporation, IBM Corporation and others based in the region. Asia Pacific region is expected to be the fastest growing market during the forecast period due to rapid digitalization and rising IT investments by enterprises in countries like China and India.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it