Business Software Global Market Report 2024

Description

Business software encompasses a broad array of computer programs and applications designed to support various organizational business functions and operations. These software tools are developed with the goal of streamlining processes, enhancing efficiency, and facilitating decision-making across different departments and levels within an enterprise. They play a crucial role in automating tasks, managing data, analyzing performance, and helping businesses achieve their strategic objectives.

The primary types of business software include enterprise resource planning (ERP) software, customer relationship management (CRM) software, business intelligence (BI) software, and supply chain software. ERP software comprises an integrated suite of applications that assist organizations in managing and automating core business processes such as accounting, human resources, procurement, inventory management, and manufacturing. These software solutions are deployed through cloud and on-premises models and are utilized across various industries including banking, financial services, and insurance (BFSI), healthcare, public institutions, retail, transportation, manufacturing, and other verticals.

The business software market research report is one of a series of new reports from The Business Research Company that provides business software market statistics, including business software industry global market size, regional shares, competitors with business software market share, detailed business software market segments, market trends, and opportunities, and any further data you may need to thrive in the business software industry. This business software market 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 business software market size has grown rapidly in recent years. It will grow from $745.72 billion in 2023 to $826.30 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The increase observed in the historical period can be attributed to the growing adoption of cloud-based applications, increased demand for high-speed data networks, and the rising trend of customer cloud adoption.

The business software market size is expected to see rapid growth in the next few years. It will grow to $1,261.71 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The anticipated growth in the forecast period can be attributed to advancements in cloud and networking technologies, increasing demand from small and medium enterprises (SMEs), the popularity of cloud-based subscription models, and the rising adoption of hybrid cloud deployments. Major trends expected during this period include businesses being encouraged to utilize cloud-based services, government regulations aimed at reducing carbon emissions, the continued development of technologies such as cloud computing, innovations in cloud-managed networking, new methods of communication facilitated by artificial intelligence (AI), and the transformation of internet services.

The business software market is poised for growth as businesses increasingly adopt cloud-based solutions. Cloud-based solutions encompass software applications, services, and resources delivered via cloud computing technology over the internet. The popularity of these solutions stems from their ability to offer cost-effective, scalable, accessible, innovative, and secure IT resources and services. They empower business software to deliver enhanced scalability, accessibility, cost efficiency, security, and integration capabilities, enabling organizations to drive digital transformation, innovation, and competitive advantage in today's dynamic business environment. For example, Eurostat reported in December 2023 that the adoption rate of cloud computing services among small and medium-sized enterprises grew to 59% in 2023 from 53% in 2021, highlighting the significant shift towards cloud-based solutions driving the business software market's growth.

Leading companies in the business software market are focused on developing innovative solutions such as Brex Empower to help businesses improve operational speed and efficiency. Brex Empower is a cutting-edge software platform designed to enhance operations' speed and financial discipline for businesses. For instance, in April 2022, Brex Inc. launched Brex Empower, enabling managers to create and request budgets for various expenses with defined policies, providing transparency and oversight over expenditures. This platform streamlines financial tasks such as expense tracking, reimbursements, and accounting reconciliations, freeing up valuable time and resources for companies.

In April 2024, International Business Machines Corporation acquired HashiCorp Inc. for approximately $6.4 billion. This strategic move aims to leverage HashiCorp's resources to develop an end-to-end cloud platform, helping clients manage increasing application and infrastructure complexity and establish a comprehensive hybrid cloud platform. HashiCorp Inc. provides tools and products that enable developers, operators, and security professionals to provision, secure, run, and connect cloud computing infrastructure.

Major companies operating in the business software market are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Accenture plc, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, NetSuite Inc., SAP SE, Salesforce Inc., NEC Corporation, Adobe Inc., VMware Inc., ServiceNow Inc., Workday Inc., Red Hat Inc., Infor Inc., OpenText Corporation, Citrix Systems Inc., Rackspace Technology Inc., Lumen Technologies Inc., Epicor Software Corporation, Progress Software Corporation, Deltek Inc., HashiCorp Inc., Canonical Ltd., Puppet Inc., Qualisystems Ltd., Nerdio, CFEngine AS

North America was the largest region in the business software market in 2023. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the business software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the business software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The business software market includes revenues earned by entities by providing accounting software, project management software, enterprise content management (ECM) software, and business process management (BPM) software. 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.

Business Software 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 business software 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.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for business software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The business software 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 market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

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.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:1) By Software Type: Enterprise Resource Planning (ERP) Software; Customer Relationship Management (CRM) Software; Business Intelligence (BI) Software; Supply Chain Software
2) By Deployment: Cloud; On-Premise
3) By End-User Vertical: Banking, Financial Services, And Insurance (BFSI); Healthcare; Public And Institutions; Retail; Transportation; Manufacturing; Other End-User Verticals
Companies Mentioned: Amazon.com Inc.; Alphabet Inc.; Microsoft Corporation; Accenture plc; International Business Machines Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r17891

1. Executive Summary

2. Business Software Market Characteristics

3. Business Software Market Trends And Strategies

4. Business Software Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Business Software Market Size and Growth

5.1. Global Business Software Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Business Software Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Business Software Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Business Software Market Segmentation

6.1. Global Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Enterprise Resource Planning (ERP) Software
Customer Relationship Management (CRM) Software
Business Intelligence (BI) Software
Supply Chain Software
6.2. Global Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Cloud
On-Premise
6.3. Global Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Banking, Financial Services, And Insurance (BFSI)
Healthcare
Public And Institutions
Retail
Transportation
Manufacturing
Other End-User Verticals

7. Business Software Market Regional And Country Analysis

7.1. Global Business Software Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Business Software Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Business Software Market

8.1. Asia-Pacific Business Software Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Business Software Market

9.1. China Business Software Market Overview
9.2. China Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Business Software Market

10.1. India Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Business Software Market

11.1. Japan Business Software Market Overview
11.2. Japan Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Business Software Market

12.1. Australia Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Business Software Market

13.1. Indonesia Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Business Software Market

14.1. South Korea Business Software Market Overview
14.2. South Korea Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Business Software Market

15.1. Western Europe Business Software Market Overview
15.2. Western Europe Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Business Software Market

16.1. UK Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Business Software Market

17.1. Germany Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Business Software Market

18.1. France Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Business Software Market

19.1. Italy Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Business Software Market

20.1. Spain Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Business Software Market

21.1. Eastern Europe Business Software Market Overview
21.2. Eastern Europe Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Business Software Market

22.1. Russia Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Business Software Market

23.1. North America Business Software Market Overview
23.2. North America Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Business Software Market

24.1. USA Business Software Market Overview
24.2. USA Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Business Software Market

25.1. Canada Business Software Market Overview
25.2. Canada Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Business Software Market

26.1. South America Business Software Market Overview
26.2. South America Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Business Software Market

27.1. Brazil Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Business Software Market

28.1. Middle East Business Software Market Overview
28.2. Middle East Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Business Software Market

29.1. Africa Business Software Market Overview
29.2. Africa Business Software Market, Segmentation By Software Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Business Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Business Software Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Business Software Market Competitive Landscape And Company Profiles

30.1. Business Software Market Competitive Landscape
30.2. Business Software Market Company Profiles
- 30.2.1. Amazon.com Inc.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Alphabet Inc.
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Microsoft Corporation
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Accenture plc
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. International Business Machines Corporation
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Business Software Market Other Major And Innovative Companies

31.1. Cisco Systems Inc.
31.2. Oracle Corporation
31.3. NetSuite Inc.
31.4. SAP SE
31.5. Salesforce Inc.
31.6. NEC Corporation
31.7. Adobe Inc.
31.8. VMware Inc.
31.9. ServiceNow Inc.
31.10. Workday Inc.
31.11. Red Hat Inc.
31.12. Infor Inc.
31.13. OpenText Corporation
31.14. Citrix Systems Inc.
31.15. Rackspace Technology Inc.

32. Global Business Software Market Competitive Benchmarking

33. Global Business Software Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Business Software Market

35. Business Software Market Future Outlook and Potential Analysis

35.1 Business Software Market In 2028 - Countries Offering Most New Opportunities
35.2 Business Software Market In 2028 - Segments Offering Most New Opportunities
35.3 Business Software Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer