Market Insights Technology Software Productivity Software

Office Software - North America

North America

Revenue in the Office Software market is projected to reach US$15.90bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.24%, resulting in a market volume of US$17.37bn by 2028.
In global comparison, most revenue will be generated in the United States (US$14,770.00m in 2024).

Key regions: China, Netherlands, Japan, South Korea, Australia

Market

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Analyst Opinion

The Office Software market in North America has been experiencing significant growth in recent years.

Customer preferences: Customers in North America are increasingly demanding more flexible and collaborative software solutions that can be accessed from anywhere, at any time. This has led to a rise in cloud-based office software solutions, which offer greater mobility and accessibility than traditional desktop software. Additionally, customers are placing greater emphasis on security and data privacy, which has led to increased investment in cybersecurity features.

Trends in the market: One of the major trends in the North American Office Software market is the rise of subscription-based models. Many software providers are moving away from one-time purchases and towards subscription-based models, which offer a more predictable revenue stream and allow for more frequent updates and improvements. Another trend is the increasing integration of artificial intelligence (AI) and machine learning (ML) into office software, which can improve productivity and streamline workflows.

Local special circumstances: The North American market is highly competitive, with a number of large software providers vying for market share. Microsoft Office remains the dominant player in the market, but there are a number of smaller providers offering niche solutions. Additionally, the market is highly regulated, with strict data privacy and security regulations that must be adhered to.

Underlying macroeconomic factors: The North American economy has been performing well in recent years, with low unemployment and steady growth. This has led to increased investment in technology and software, as businesses look to stay competitive and improve efficiency. Additionally, the rise of remote work and the gig economy has led to increased demand for flexible and mobile software solutions.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.

Forecasts:

We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. 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.