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Report Overview
The global business software and services market size was valued at USD 468.51 billion in 2023. The market is further projected to grow at a CAGR of 10% between 2024 and 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- In 2022, IT companies spent approximately USD 783 billion on enterprise software, a 7.1% increase from the year before.
- By 2026, enterprise application software will generate 479 billion dollars in revenue worldwide.
- The largest regional market is in North America, which is followed by Europe and Asia Pacific.
Global Business Software and Services Market Analysis by Region
North America is the dominating region due to high adoption of cloud computing software and AI technologies among businesses
North America leads the business software and services market share due to the presence of major players such as Microsoft, Oracle, IBM, and Salesforce, as well as the high adoption of cloud computing and artificial intelligence (AI) among businesses.
Europe is expected to witness significant growth in the forecast period, owing to the increasing demand for digital transformation and automation solutions among small and medium-sized enterprises (SMEs) and the public sector. The European Commission's Digital Single Market strategy and the General Data Protection Regulation (GDPR) are also supporting the adoption of business software and services in the region.
The Asia Pacific region is projected to register the highest CAGR in the forecast period due to the rapid economic development and digitalisation of various industries such as manufacturing, retail, healthcare, and education. Additionally, the growing penetration of the internet and mobile devices as well as the rising investments in IT infrastructure are resulting in business software and services market expansion in the region.
Middle East and African region is expected to witness a gradual growth in the business software and services market, as the businesses are facing challenges such as political instability, security threats, and low internet penetration. However, the rising demand for cloud-based solutions, AI, and big data analytics, and the development of smart cities and e-government projects, are expected to create growth opportunities for the market players in the region.
Business Software and Services Market Report Snapshots
Business Software and Services Market Size
Business Software and Services Market Trends
Business Software and Services Market Regional Analysis
Business Software and Services Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the business software and services market reached an approximate value of USD 468.51 billion.
The market is expected to grow at a CAGR of 10% between 2024 and 2032.
The major drivers of the business software and services market are the increased deployment of enterprise services and software across IT infrastructure and technological advances such as machine learning and blockchain.
The key trends guiding the growth of the market include the increased usage of automation and the surging demand for high-speed data networks.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Finance, sales and marketing, human resource, and supply chain, among others, are the different software in the market.
Consulting, managed services, and support and maintenance are some of the services in the market.
The leading deployment modes of business software and services are cloud and on-premise.
The various end uses of business software and services are aerospace and defence, banking, finance services and insurance, government, healthcare, IT and telecom, manufacturing, retail, and transportation, among others.
Key players in the market are Acumatica, Inc., Microsoft Corporation, Epicor Software Corporation, Oracle Corporation, Deltek, Inc., NetSuite Inc., SYSPRO, International Business Machines Corporation, and Totvs SA, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124