Business Software And Services Market Size, Share & Trends Analysis Report By Software, By Service, By Deployment, By Enterprise Size, By End Use, By Region, And Segment Forecasts, 2022 - 2030

Business Software And Services Market Size, Share & Trends Analysis Report By Software, By Service, By Deployment, By Enterprise Size, By End Use, By Region, And Segment Forecasts, 2022 - 2030

Business Software And Services Market Growth & Trends

The global business software and services market size is expected to reach USD 1,153.75 billion by 2030, registering a CAGR of 11.7% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The market is expected to witness significant growth over the forecast period owing to increasing data volumes and automation of business processes across various industries, such as healthcare, retail, and manufacturing.

Corporate software and services offer various benefits, such as on-time product delivery, lower production costs, and enhanced operational efficiency. This is expected to favor market expansion over the forecast period. Moreover, they enable companies to reduce costs and consolidate business operations into a single central system, thereby resulting in increased transparency in various business activities.

The demand for cloud-based solutions has increased in recent years on account of technological advancements and the rising focus of businesses on offering flexibility and mobility to users. Vendors are responding to this by developing solutions that can be deployed via cloud platforms. The demand for cloud-based solutions is expected to increase substantially among small and medium-sized businesses over the forecast period.

Moreover, personalized solutions are being rapidly deployed for specific company activities as a result of technological innovations, the growing use of new data sources, and the penetration of cloud-based services. For instance, the adoption of supply chain management software has increased in response to the growing demand for improved delivery mechanisms from the point of production to the point of consumption.

Business Software And Services Market Report Highlights

• The sales and marketing segment is anticipated to grow at the highest CAGR from 2022 to 2030. Sales and marketing management solutions are widely used by companies to combine their sales procedures and tasks
• The support and maintenance segment dominated the market in 2021. The emergence of software business models to identify and fix issues related to product quality can be attributed to this growth
• The cloud segment is expected to emerge as the fastest-growing deployment segment over the forecast period as it eliminates the need for frequent and manual upgrades and enables users to access data from any location in a hassle-free way
• The Small & Medium Enterprises (SME) segment is expected to register a promising CAGR over the forecast period. The growing number of government initiatives through digital SME campaigns such as video marketing, social media, and search engine marketing is expected to drive the growth of the segment
• Healthcare is expected to emerge as the fastest-growing end-use segment over the forecast period. The growth can be attributed to the increasing demand for process streamlining in documentation processes, health data exchange, and storage
• North America accounted for the largest revenue share in 2021 and is expected to continue dominating the market over the forecast period. The increased adoption of advanced technologies such as machine learning, artificial intelligence, and blockchain is contributing to the regional market growth