Global Software Market Report and Forecast 2024-2032

Global Software Market Outlook

The global software market size was approximately USD 656.10 billion in 2023. The market is assessed to grow at a CAGR of 9.6% between 2024 and 2032, reaching a value of USD 1497.10 billion by 2032.

Key Trends in the Market

A software is a set of programmes that fulfils the command of its users by carrying out specific operations and tasks. It simplifies complex parts of big projects and helps businesses increase their profitability by lowering their time and costs of operations. Enterprise software solutions are becoming increasingly popular because of their flexibility, functionality, and user-friendly interface that facilitates smooth communication across different workplace channels. They also facilitate reliable customer support services.

• Several companies are restructuring their internal workflow operations due to rapid economic changes and growing digitalisation, which is contributing to the software market demand. Advanced software solutions enable businesses to streamline their operations and enhance accuracy and transparency in work, thereby improving business productivity.

• The acceptance of real time applications in critical industries like healthcare, oil and gas, and public safety is boosting the popularity of digital solutions, which is contributing to the software market expansion. These software, when integrated with other systems, can help perform several tasks efficiently, like assisting healthcare staff in maintaining patient records or enabling safety personnel to identify gas leaks at installation rigs, preventing the occurrence of major accidents.

• Advancements in artificial intelligence and machine learning technologies are expected to fuel the global software market growth. This is because businesses are expected to use AutoML to simplify complex data sets and generate new ideas by relying on generative AI applications. Their use is also expected to grow for implementing improved cybersecurity measures.

Market Segmentation

Based on type, the market is segmented into application software, system infrastructure software, development and deployment software, and productivity software. On the basis of deployment, the market can be divided into on-premises and cloud. The software market segmentation, based on organisation size, includes small and medium enterprises, and large enterprises.

By industry vertical, the market is categorised into BFSI, retail, healthcare, government, and IT and telecom, among others. The major regional markets for software include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global software market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Microsoft Corp.

• Alphabet Inc. (Google LLC)

• IBM Corp.

• Oracle Corp.

• SAP SE

• Cisco Systems, Inc.

• Adobe Inc.

• Broadcom Inc.

• McAfee Corp.

• Cloud Software Group, Inc.

• Salesforce, Inc.

• NortonLifeLock Inc.

• VMware, Inc.

• Others

Market Share by Industry Vertical

As per the global software market analysis, the BFSI sector is expected to witness a significant growth in demand for software. This is because of stringent risk management guidelines outlined by central banks for protection against economic losses. The rise of new trends, including cryptocurrencies and cashless transactions, is boosting the demand for safe and secure applications that can track investments and transfers in real time. Besides, the use of analytical tools and mathematical models to predict future financial conditions and revenue is also expected to increase.

Meanwhile, the reliance of the healthcare sector on software for tasks like handling patient traffic, maintaining patient records and medical history, monitoring critical patients in real time, and inventory management, is also expected to undergo a significant transformation, with a renewed focus on improving patient care and health outcomes.

Market Share by Region

North America is expected to account for a significant software market share over the forecast period. This is because of increasing competition to create unique products that cater to the specific requirements of different customers and individuals. Integration of new core functions, high level visualisations, and improved accessibility is expected to boost the market demand for software. Besides, technological breakthroughs in quantum computing are also expected to add to the existing set of large datasets, which is anticipated to boost the demand for software for analytical and insightful research. Other regions, namely Europe and the Asia Pacific, are also expected to witness a considerable growth in demand in the coming years.

Competitive Landscape

Adobe Inc. was founded in December 1982 and is headquartered in San Jose, California. It makes a wide range of software applications and products that enhance document productivity, drive digital businesses, and tap the creative potential of individuals. This includes Adobe Experience Cloud, Adobe Document Cloud, Adobe Creative Cloud, and Adobe Express, among others.

McAfee Corp. provides threat protection software applications including antiviruses that guard people’s online identities, their locations, and allows for safe browsing. It minimises the risk of data breaches and can be availed at any retail store or from internet service provider, or purchased through any McAfee partner. It has won the PC Mag Editor’s Choice Award 33 times and is headquartered in San Jose, California.

Broadcom Inc. was founded in 1960s and is headquartered in Palo Alto, California. It is one of the world’s leading companies providing semiconductor and infrastructure software solutions. It combines its total production capacity, engineering expertise, diverse product portfolio, and sharp operational focus to deliver desired outcomes to its customers.

Other global software market players include Microsoft Corp., Alphabet Inc. (Google LLC), IBM Corp., Oracle Corp., SAP SE, Cisco Systems, Inc., Cloud Software Group, Inc., Salesforce, Inc., NortonLifeLock Inc., and VMware, Inc., among others.

Key Highlights of the Report