June 22, 2024
Ict

The global Business Software and Services Market Growth Accelerated by Rising Adoption of Cloud-Based Solutions

Business software and services help companies improve business processes, enhance productivity, and gain real-time insights. These solutions include accounting, office productivity, Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Sup-ply Chain Management (SCM), Human Capital Man-agement (HCM), and collaboration software. The ad-vantage of using business software is that it reduces operational costs, improves efficiency, and streamlines business processes.

The global Business Software and Services Market is estimated to be valued at US$ 1.2 trillion in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The rising adoption of cloud-based solutions is one of the key trends accelerating the growth of the business software and services market. Cloud-based business solutions offer various advantages such as scalability, flexibility, mobility, and low upfront costs. They eliminate the need for in-house IT infrastructure and reduce capital expenditures. The adoption of Software-as-a-Service (SaaS) model is growing as it provides on-demand access to software and its updates from centralized servers. Companies are increasingly opting for cloud-based ERP, CRM, HCM, and collaboration tools to streamline operations and improve productivity. The availability of affordable cloud subscriptions is encouraging more small and medium enterprises to invest in cloud-based business solutions.

Key players: Key players operating in the business software and services market are Microsoft Corporation, Oracle Corporation, SAP SE, IBM Corporation, Ultimate Software Group Inc., ADP, LLC, Salesforce.com Inc., VMware Inc., and Citrix Systems Inc. Microsoft Corporation holds the leading position in the market, owing to its wide product portfolio of business applications and solutions

Regional analysis: North America is expected to hold the largest share of the business software and services market during the forecast period. The growth in the region can be attributed to the presence of major solution providers, developed IT infrastructure, and growing need for automation across industries.

Segment Analysis
The global business software and services market is segmented based on software/service type, organization size and end-use industry. The enterprise resource planning (ERP) software segment currently dominates the market owing to the growing adoption of ERP solutions by large enterprises for centralized management of resources. ERP allows companies to use a system of integrated applications to manage business and automate many back office functions related to technology, services and human resources.

Key Takeaways

The global Business Software and Services Market is estimated to be valued at US$ 1.2 trillion in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030.

*Note:

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