Westford, USA, Nov. 01, 2022 (GLOBE NEWSWIRE) -- SkyQuest’s analysis of the software market shows that it is a rapidly growing sector with immense potential. The global market is expected to reach $872.72 billion by 2028 at a CAGR of 6.6% between 2021 and 2028. This growth is being driven by the increasing demand for enterprise software, which is being driven by the need for businesses to digitalize and automate their operations. Our study estimates that enterprise software will account for 40% of all software spending by 2028.
The Asia-Pacific region is expected to be the fastest contributor to growth in the software market, due to the rapid economic development in countries such as China and India. In China, the government's "Made in China 2025" initiative is driving investment in enterprise software, while in India, the government's "Digital India" initiative is promoting the use of digital technologies across all sectors of the economy. SkyQuest expects that these initiatives will result in strong growth in enterprise software spending in both countries.
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The North American software market is also expected to grow significantly and remain the largest revenue contributor to the global market, due to the continued adoption of cloud-based services by businesses of all sizes. Cloud computing enables businesses to reduce their IT costs and improve their agility, making it an increasingly popular choice for companies looking to invest in new technology. We expect that cloud-based software will account for 47% of all enterprise software spending by 2028.
Companies will Have to Have Clear Understanding about their Strength and Weakness to Sustain in the Intense Competition
SkyQuest's analysis of the software market indicates that it is a rapidly growing and highly competitive sector. There are a number of key players in the industry, each with their own strengths and weaknesses. The industry is forecast to grow significantly in the next few years, with new applications and technologies being developed all the time. This growth presents both opportunities and challenges for companies operating in the space.
On the one hand, the increasing demand for software products and services presents an opportunity for companies in the global software market to grow their revenues and market share. However, on the other hand, this rapid growth also means that there is intense competition for market share, which can put pressure on margins and profitability. In order to succeed in this environment, companies need to have a clear understanding of their strengths and weaknesses, as well as those of their competitors. They also need to be able to identify and exploit opportunities as they arise.
The sector is currently in a state of flux. The traditional model of selling software licenses is under pressure from the rise of cloud-based services, which are often seen as being more flexible and cost-effective. This is resulting in consolidation among software vendors, as well as M&A activity.
Our study notes that the top five software companies now account for almost 60% of the global software market, up from 45% five years ago. The company expects this trend to continue, with the top 10 firms accounting for around 75% of the industry by 2030. This concentration means that there are fewer opportunities for new entrants to make an impact.
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The software industry is highly competitive, with numerous players vying for market share. However, the top five companies in the industry (Microsoft, Oracle, IBM, Salesforce, and SAP) account for over 60% of the market. The rest of the industry is fragmented, with many small and medium-sized companies fighting for a slice of the pie. In order to survive and thrive in this fiercely competitive landscape of global software market, companies need to have a strong presence in key markets, a robust product portfolio, and a solid financial position. Those that can meet these criteria will be well-positioned to succeed in the future.
The research firm also believes that pricing pressure will remain a key challenge for software vendors. As buyers become more price-sensitive, vendors will need to find new ways to differentiate their products and justify their prices.
Enterprise Software to Remain Responsible for 40% of all Software Spending by 2028.
Enterprise software is expected to remain responsible for 40% of all software spending by 2028 in the global software market, according to SkyQuest's analysis. This is a significant increase from the current level of 30%, and reflects the growing importance of enterprise software in the global economy. Enterprise software spending is forecast to grow at a CAGR of 7.93% between 2022 and 2028, reaching $ 348.3 billion by 2028. This growth will be driven by continued investment in core enterprise applications such as ERP, CRM and SCM, as well as new areas such as big data, cloud computing and artificial intelligence.
There are several reasons why enterprise software market is expected to continue growing at a rapid pace. First, businesses are becoming increasingly reliant on software to run their operations. This is especially true in the wake of the COVID-19 pandemic, which has forced many businesses to move their operations online. Second, the demand for new and innovative enterprise software solutions is constantly increasing. This is due to the fact that businesses are always looking for ways to improve their efficiency and effectiveness.
With the continued adoption of cloud-based solutions and the increasing use of artificial intelligence (AI) and machine learning (ML) technologies, we expect the enterprise software market to keep its position intact in the years to come. Cloud-based solutions offer a number of advantages over traditional on-premise software, including lower costs, increased flexibility, and scalability. AI and ML are becoming increasingly important for enterprises as they look to automate tasks and improve decision-making.
The enterprise software market is highly competitive, with a large number of vendors offering a wide range of products and services. However, the top five vendors (Microsoft, Oracle, SAP, IBM and Salesforce) are expected to account for around 60% of total enterprise software spending by 2028.
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Major Players in Global Software[SS1] Market
- Acumatica, Inc.
- Microsoft Corporation
- IBM
- PayPal
- ADP
- Salesforce
- SAP SE
- Oracle Corporation
- TOTVS S.A.
- Google LLC
- Oracle Corporation
- Symantec Corporation
- Dell EMC
- Wipro Ltd. (India)
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[SS1]Update players in RD
