Software - North America

  • North America
  • Revenue in the Software market is projected to reach US$379.90bn in 2024.
  • Enterprise Software dominates the market with a projected market volume of US$158.60bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 4.10%, resulting in a market volume of US$446.10bn by 2028.
  • In global comparison, most revenue will be generated in the United States (US$353.50bn in 2024).

Key regions: United States, Canada, Germany, China, Japan

 
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Analyst Opinion

The North American Software market is one of the most dynamic and rapidly growing markets in the world. With a strong focus on innovation and technology, the region has become home to some of the most successful software companies in the world.

Customer preferences:
Customers in North America are increasingly looking for software solutions that can help them streamline their business operations and increase efficiency. Cloud-based solutions are becoming increasingly popular, as they offer greater flexibility and scalability than traditional on-premise software. Additionally, customers are looking for software that is user-friendly and easy to integrate with other systems.

Trends in the market:
One of the biggest trends in the North American software market is the rise of artificial intelligence (AI) and machine learning (ML). Companies are using these technologies to develop software that can automate tasks, analyze data, and make predictions. Another trend is the increasing use of software in the healthcare industry, as healthcare providers seek to improve patient outcomes and reduce costs. Additionally, there is a growing demand for software that can help companies comply with data privacy regulations, such as the General Data Protection Regulation (GDPR) in Europe.

Local special circumstances:
The North American software market is highly competitive, with many small and large companies vying for market share. Silicon Valley in California is home to many of the world's most successful software companies, and the region has a strong startup culture. In addition, the Canadian software industry is also growing rapidly, with Toronto emerging as a major tech hub.

Underlying macroeconomic factors:
The strong economy in North America has contributed to the growth of the software market, as companies have more resources to invest in technology. Additionally, the region has a highly skilled workforce, which has helped to drive innovation in the software industry. Finally, the region's strong intellectual property laws have encouraged innovation and investment in the software industry.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises, except for the Enterprise Software segment, in which consumer (B2C) spending is not considered. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and reports from our primary research. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, level of digitization, GDP sector composition, and observed level of software piracy. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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