Software - Worldwide

  • Worldwide
  • The Software market is expected to witness a remarkable growth trajectory worldwide.
  • It is projected that by the year 2024, the revenue in this market segment will reach an impressive figure of US$702.00bn.
  • Within this market, Enterprise Software is anticipated to dominate with a projected market volume of US$294.30bn by 2024.
  • Furthermore, the revenue in the Software market is projected to exhibit a steady annual growth rate of 5.01% from 2024 to 2029.
  • This growth is anticipated to result in a substantial increase in the market volume, reaching US$896.20bn by the year 2029.
  • In global comparison, it is noteworthy that United States is expected to generate the highest revenue in the Software market.
  • The projected revenue for the United States alone in 2024 is estimated to be US$363.40bn.
  • This highlights the significant market presence and potential of the United States in the Software market industry on a global scale.
  • In the worldwide software market, the United States leads the way with its innovative tech startups and dominance in cloud computing services.

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

 
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Analyst Opinion

The software market has been experiencing significant growth worldwide due to the increasing demand for digital transformation across various industries.

Customer preferences:
Customers are increasingly looking for software solutions that can help them streamline their business processes, reduce costs, and improve efficiency. Cloud-based software solutions have become increasingly popular due to their flexibility, scalability, and cost-effectiveness. Additionally, customers are also looking for software solutions that can help them comply with data privacy regulations and improve cybersecurity.

Trends in the market:
In the United States, the software market is dominated by large players such as Microsoft, Oracle, and IBM. These companies offer a wide range of software solutions to customers across various industries. However, there has been a trend towards the adoption of open-source software solutions, which offer greater flexibility and cost-effectiveness. Additionally, there has been an increasing demand for software solutions that can help companies automate their business processes and improve customer experience.In Europe, the software market is highly fragmented, with a large number of small and medium-sized software companies offering specialized solutions to customers in different industries. There has been a trend towards the adoption of cloud-based software solutions, which offer greater flexibility and scalability. Additionally, there has been an increasing demand for software solutions that can help companies comply with the General Data Protection Regulation (GDPR) and improve cybersecurity.In Asia, the software market is dominated by companies such as Tencent, Alibaba, and Baidu, which offer a wide range of software solutions to customers across various industries. There has been a trend towards the adoption of mobile-first software solutions, as more customers in the region access the internet via mobile devices. Additionally, there has been an increasing demand for software solutions that can help companies improve supply chain management and logistics.

Local special circumstances:
In Latin America, the software market is still in its early stages of development. However, there has been a trend towards the adoption of software solutions that can help companies improve customer experience and comply with data privacy regulations. Additionally, there has been an increasing demand for software solutions that can help companies improve financial management and reduce costs.In Africa, the software market is also in its early stages of development. However, there has been a trend towards the adoption of software solutions that can help companies improve healthcare delivery, education, and agriculture. Additionally, there has been an increasing demand for software solutions that can help companies improve financial inclusion and reduce poverty.

Underlying macroeconomic factors:
The growth of the software market worldwide is being driven by several macroeconomic factors, including the increasing adoption of digital technologies, the growing demand for cloud-based solutions, and the need for companies to improve efficiency and reduce costs. Additionally, the increasing focus on data privacy and cybersecurity is driving the adoption of software solutions that can help companies comply with regulations and protect their data. The COVID-19 pandemic has also accelerated the adoption of digital technologies, as more companies shift towards remote work and online business models. As a result, the software market is expected to continue growing in the coming years, driven by the increasing demand for digital transformation across various industries.

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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