Global Business Software and Services Market to Grow at a CAGR of 10% During 2024-2032, Driven by the Rising Need for Companies to Adopt Digitisation

Businesses are increasingly adopting cloud-based software owing to its benefits of security, cost-effectiveness, and scalability. Software and services enhance the efficiency of businesses, which contributes to the business software and services market demand. For instance, the use of cloud-based finance software can help organisations automate several financial processes, including billing, expense tracking, and payment processing.

For businesses, software ats as a repository for documents, facilitating communication, and ensuring the safe and secure management of client information. The adoption of software can also help companies overcome the shortages of skilled workforce and reduce manual errors. Software widely adopted by businesses globally includes human resources software. Large enterprises use this software to perform functions such as hiring new employees and conducting performance evaluations. Business software and services have become the core element for every organisation. The products serve as the essential force behind maintaining agility, efficiency, service quality, and reducing complications.

In June 2023, Oracle Corporation (NYSE: ORCL) announced its plan to integrate generative artificial intelligence (AI) features into its human resources software for businesses. The integration is aimed at assisting businesses with various tasks, such as drafting job descriptions and employee performance goals.

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Market Breakup by Software, Services, Deployment, Size, End Use, and Region:

• The market is segmented based on software into finance, sales and marketing, human resource, supply chain, and others.

• By services, the market is segmented into consulting, managed services, and support and maintenance.

• By deployment, the market is segmented into cloud and on-premise.

• By size, the market is bifurcated into small and medium enterprises, and large enterprises.

• By end use, the business software and services market is segmented into aerospace and defence, banking, finance services and insurance, government, healthcare, IT and telecom, manufacturing, retail, transportation, and others.

• Region-wise, the global market for business software and services can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• By adopting software, businesses can automate processes and allocate resources more effectively. Business software and services allow employees to work on strategic activities and drive business growth.

• Organisations are deploying software and service platforms to save on paper usage, staffing needs, and operational expenses, which provides them with significant cost savings.

• The need for organisations to enhance customer service, to boost their sales, also supports the market growth. The deployment of advanced software helps businesses provide their customers with self-service options, responsive customer support, real-time order tracking, and personalised recommendations.

• Strategic adoption of software and services enables organisations to innovate and quickly adapt to market demands, to remain ahead of the competition.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for business software and services for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the software, services, deployment, size, end use, and major regions of business software and services.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the business software and services market are Acumatica, Inc., Microsoft Corporation, Epicor Software Corporation, Oracle Corporation [NYSE: ORCL], Deltek, Inc., NetSuite Inc., SYSPRO, International Business Machines Corporation, and Totvs SA, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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