“”Grand View Research, Inc. – Market Research and Consulting.””
According to a new report published by Grand View Research, the rapid increase in the volume of enterprise data and the increasing automation of business processes in several end-use sectors such as retail, manufacturing, health and transport should drive the demand for business software. And services.
The Global business software and services market the size should reach $911.77 billion by 2028recording a 11.3% CAGR from 2021 to 2028according to a new report by Grand View Research, Inc. Rising volume of business data and automation of business processes across various industries such as healthcare, retail, and manufacturing is expected to drive the market growth over the course of the forecast period.
Benefits such as timely delivery of products, reduction in production costs, and improved operational efficiency rendered by effective business software and services are expected to propel the market growth over the forecast period. Enterprise software and services are widely used in business processes as they help reduce operational costs. Additionally, enterprise software allows organizations to merge all aspects of the business into one central system; thus increasing the transparency of operations. This is also expected to contribute to the growth of the market.
Enterprises are increasingly adopting cloud-based deployment solutions due to technological developments and a growing emphasis on providing flexibility and mobility to users. This incentivizes vendors to develop software solutions that can be deployed through cloud platforms. The increasing use of cloud-based platforms has triggered the demand for cloud-based software solutions and services among small and medium-sized businesses due to benefits such as flexibility and mobility.
Technological innovation, the growing use of new data sources and the penetration of cloud-based services are further increasing the need for software solutions customized for specific business operations. The growing demand for optimized delivery mechanisms, from the point of production to the point of consumption, is encouraging companies to adopt supply chain management software.
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Highlights of the Enterprise Software and Services Market Report
• The sales and marketing segment is expected to register the highest CAGR from 2021 to 2028. Sales and marketing management software is widely used by businesses to combine their sales procedures and tasks, which contributes to its increased demand .
• The support and maintenance segment dominated the market in 2020. This can be attributed to the emergence of software business models to identify and resolve product quality issues.
• The cloud segment is expected to become the fastest growing deployment segment over the next seven years as it eliminates the need to periodically and manually update enterprise software solutions and enables users to access data from anywhere hassle-free.
• The small and medium business segment is expected to register a significant CAGR during the forecast period. Growing number of government initiatives through digital campaigns for small and medium enterprises (SMEs) such as video marketing, social media and search engine marketing is expected to drive the growth of small and medium segment businesses.
• The healthcare segment is expected to become the fastest growing end-use segment over the next seven years. This growth can be attributed to the growing demand for process streamlining in the documentation process, health data exchange and storage.
• North America accounted for the largest market share in terms of revenue and is expected to continue dominating the market during the forecast period. Increased adoption of advanced technologies such as hybrid architecture, machine learning, artificial intelligence, and blockchain is contributing to the growth of the market in North America.
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Enterprise software and services market segmentation
Grand View Research has segmented the global enterprise software and services market based on software, services, deployment, company size, end-use, and region:
Enterprise Software Outlook (Revenue, USD Billion, 2016 – 2028)
• Sales and Marketing
• Human resource
• Supply chain
Business Services Outlook (Revenue, USD Billion, 2016 – 2028)
• Managed services
• Support and maintenance
Enterprise Software and Services Deployment Outlook (Revenue, USD Billion, 2016 – 2028)
• On the site
Enterprise Software & Services Company Size Outlook (Revenue, USD Billion, 2016 – 2028)
• Large companies
• Small and medium enterprises
Enterprise Software & Services End Use Outlook (Revenue, USD Billion, 2016 – 2028)
• Aerospace and Defense
• Health care
• IT & Telecom
Enterprise Software & Services Region Outlook (Revenue, USD Billion, 2016 – 2028)
• North America
• United States
• Great Britain
• Asia Pacific
• Latin America
List of Predictive Analytics Market Key Players
• Acumatica, Inc.
• Deltec, Inc.
• Epicor Software Corporation
• IBM Corporation
• info inc.
• NetSuite Inc.
• Microsoft Corporation
• SAP SE
• Oracle Corporation
• Totvs S.A.
• Unit 4
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business intelligence software market Size, Share and Trend Analysis Report by Technology, by Function (General Management, Finance), by Tool, by Deployment, by Enterprise Size, by End Use, by Region and Segment Forecast, 2019 -2025.
About Grand View Research
Grand View Research is a market research and consulting firm based in the United States and India. It is headquartered in San Francisco. We provide business information, syndicated research reports, and custom research reports to large as well as small and medium sized businesses. Our database contains thousands of in-depth statistics and analysis on over 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional and global business environment.
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To view the original version on ABNewswire, visit: Enterprise Software and Services Market: Knowing the Latest Trends and Forecasts for Long-Term Business Planning to 2028 | CAGR: 11.3% | Grand View Research, Inc.