NEW YORK, Dec. 4, 2023 /PRNewswire/ — The “software market by type (subscriptions, identity and access management, endpoint/network/messaging/web security, and risk management), deployment (cloud-based and on-premises), and geography (North America, Europe, APAC, South America, and Middle East and Africa) – Forecast and Analysis 2023-2027″ report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the software market between 2023 and 2027 is USD 27.86 billion.
Technavio has announced its latest market research report titled Global Software Market 2023-2027
The increase in the volume of enterprise data is a key factor driving market growth. Many organizations, e.g., in the form of customer interaction, transactions, or Internet of Things devices, collect and process massive amounts of data from various sources. In addition, with the growing importance of Data Driven Decision-making, there is an increased emphasis on software tools for businesses that are capable of handling massive sets of data and providing useful insights. Hence, these factors are expected to drive market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
Market Challenge
High costs of licensing and support are significant challenges restricting market growth. The software industry has undergone a significant transformation, moving from a service-oriented industry to a product-oriented industry, and then to a combination of product and service industries. As a result, there have been several changes in the product licensing and maintenance licensing landscape as it relates to the industry. Hence, these factors are expected to restrict market growth during the forecast period.
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The software market has been segmented by type (subscriptions, identity and access management, endpoint/network/messaging/web security, and risk management), deployment (cloud-based and on-premises), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The subscriptions segment is estimated to witness significant growth during the forecast period. There is a growing awareness of the advantages of software subscription models, which will lead to paradigm shifts in how software solutions are delivered and used. Flexibility, cost efficiency, and updates and improvements are some of the key advantages of subscription-based software models. Another significant benefit of the package is its regular updates and ongoing improvements. Hence, these factors are expected to drive segment growth during the forecast period.
North America is estimated to contribute 49% to the growth of the global market during the forecast period.
View the Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
Key Companies in the software market:
Adobe Inc., ANSYS Inc., Autodesk Inc., Cisco Systems Inc., Dassault Systemes SE, Focus Softnet Pvt. Ltd., Gen Digital Inc., Hewlett Packard Enterprise Co., IFS World Operations AB, International Business Machines Corp., McAfee LLC, Microsoft Corp., Oracle Corp., OTSUKA CORP., Salesforce Inc., SAP SE, SYNERGIX TECHNOLOGIES PTE LTD., Synopsys Inc., VMware Inc., and Zoho Corp. Pvt. Ltd.
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Software Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.47% |
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Market growth 2023-2027 |
USD 27.86 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
7.18 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 49% |
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Key countries |
US, Canada, China, India, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Deployment
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio