PUBLISHER: The Business Research Company | PRODUCT CODE: 1436696
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436696
Software consulting entails identifying a company's software needs and devising technology solutions to support its operations. This approach enables IT specialists to provide insightful input on software and e-commerce, fostering discussions beneficial for comprehending essential software upgrades or practical technology for employee use.
Software consulting services encompass several key categories: Enterprise Solutions, Application Development, Migration and Maintenance Services, and Design Services. Within Enterprise Solutions, prominent offerings such as ERP, CRM, EAM, and CMS stand out. Market segmentation also considers enterprise size, distinguishing between large enterprises and small to medium enterprises (SMEs). Moreover, these services find application across various industries such as automotive, education, government, healthcare, IT and telecom, and manufacturing, catering to their specific software consulting needs.
The software consulting research report is one of a series of new reports from The Business Research Company that provides software consulting statistics, including software consulting industry global market size, regional shares, competitors with software consulting shares, detailed software consulting segments, market trends and opportunities, and any further data you may need to thrive in the software consulting industry. This software consulting research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The software consulting market size has grown strongly in recent years. It will grow from $243.13 billion in 2023 to $264.14 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth observed in the historic period can be attributed to several contributing factors. These include the escalating complexity of software solutions, the growing demand for business process optimization, widespread initiatives focused on digital transformation, evolving and stringent regulatory compliance requirements, and an increasing demand for expertise in emerging and innovative technologies. Each of these elements played a significant role in driving growth and innovation within the software solutions industry during that period.
The software consulting market size is expected to see strong growth in the next few years. It will grow to $385.54 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The anticipated growth in the forecast period is expected to be driven by several key factors. These include an increased emphasis on cybersecurity consulting services, the growing adoption of remote work and collaboration tools, and a strategic alignment of IT planning with organizational objectives. Additionally, major trends projected for this period encompass the integration of blockchain technology, a heightened focus on user experience (UX) design, the continued evolution of remote work solutions, the adaptation of services to meet evolving regulatory compliance standards, and the rising prevalence of subscription-based and Software as a Service (SaaS) models within the industry. These trends are likely to shape the landscape of IT consulting and contribute to its growth in the forecast period.
The upsurge in cloud computing adoption is steering the trajectory of growth within the software consulting market. Cloud computing entails delivering diverse computing services such as storage, processing power, and applications over the internet. Software consulting, offering tailored solutions and expertise, catalyzes increased adoption of cloud technologies. As reported in April 2023 by the European Commission, 42.5% of EU businesses procured cloud computing services, primarily for office software, file storage, and email-a 4.2 percentage point surge from 2021. This increase signifies the burgeoning adoption of cloud computing, thereby fueling demand within the software consulting services market.
The upsurge in cyber-attacks is projected to drive the software consulting market's expansion in the forecast period. These deliberate and malicious digital breaches target computer systems and networks, emphasizing the critical role of software consulting in fortifying cybersecurity. Notably, a report from GOV.UK in April 2023 highlighted cybercrime's impact, affecting 11% of businesses and 8% of charities within 12 months. Specifically, medium-sized firms witnessed a 26% impact, large businesses experienced a 37% occurrence, and high-income charities reported a 25% incidence. Hence, the rising frequency of cyber-attacks propels the growth of the software consulting market.
Major players in the software consulting market are actively enhancing their market standing through technology consulting initiatives. Technological advancements serve as a pivotal factor in elevating the efficiency and innovation of software consulting. For instance, Atos, a France-based IT company, introduced Technology Consulting in July 2023, a specialized advisory service catering to C-suite executives across select European countries. This global service aligns IT strategies with business objectives, leveraging Atos' expertise in generative AI, data analytics, automation, and IoT. Its focus on customized digital journeys assists clients in navigating complex digital landscapes and anticipating emerging technology trends.
Prominent firms within the software consulting market are embracing cloud technologies, specifically cloud-based consulting services, to fortify their market standing. Cloud consulting elevates technological advantages, optimizes IT functionalities, enhances security measures, and bolsters efficiency in software development. For instance, in April 2023, Google LLC introduced a unified services portfolio, streamlining offerings across specialized domains such as learning, technical account management, and professional services. This strategic initiative aims to simplify service selection, enrich customer experiences, and emphasizes Google Cloud's commitment to fostering collaboration with partners while delivering substantial value across the customer lifecycle.
In December 2021, Accenture PLC, an Ireland-based IT services and consulting company, completed the acquisition of Headspring, LLC, a US-based software and consultancy firm. This strategic move strengthens Accenture's cloud business and bolsters its competitive edge in cloud-native capabilities, further enhancing its position in the industry.
Major companies operating in the software consulting market report are Accenture PLC, International Business Machines Corporation, PricewaterhouseCoopers B.V., Oracle Corporation, SAP SE, Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Technologies Private Limited, Klynveld Peat Marwick Goerdeler Co., Atos SE, CGI Group Inc., McKinsey & Company, Tech Mahindra Pvt. Ltd., Bain & Company, LTIMindtree Limited, FTI Consulting, Grant Thornton International Ltd., Global eProcure, Mphasis Ltd., HCL Technologies, Hexaware Technologies Ltd., BearingPoint Europe Holdings B.V., Western India Palm Refined Oils Limited, Trianz Holdings Private Limited, Zensar Technologies Limited, BJSS Ltd., Clearfind, Virtusa Consulting Services Private Limited, Rapport IT Services Pvt. Ltd., Convedo Group
North America was the largest region in the software consulting market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the software consulting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the software consulting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The software consulting market includes revenues earned by entities by developing a website, creating a mobile app, and updating e-commerce systems. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Software Consulting Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on software consulting market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for software consulting ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The software consulting market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.