LONDON, July 18, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s report on the software services market forecasts the global software services market size to grow from $1,520.8 billion in 2022 to $1,652.3 billion in 2023 at a compound annual growth rate (CAGR) of more than 8%. The global software services market size is then expected to reach $1,369.1 billion in 2027 at a CAGR of more than 9%. North America was the largest region in the software services market in 2022.
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The rising automation of company operations is predicted to drive the future growth of the software services market. Automation refers to technology that requires less human intervention to execute activities. Automation software is a superior and wiser method of cost containment and reduction where the greatest opportunity is to expand customer (end-user) service while steadily cutting expenses; thus, the use of automation in business processes will increase demand for the software services market. According to a report published in April 2021 by Zapier, a US-based company that enables businesses to automate workflows and move data across apps, in 2021, 63% of SMBs stated that automation enabled them to quickly shift in response to the pandemic. Furthermore, 66% of employees say that workplace automation helps them to concentrate on more innovative tasks and activities. As a result, increased automation of company operations is propelling the software services industry forward.
Major players in the software services market are Microsoft Corporation, Oracle Corporation, Epicor Software Corporation, International Business Machines Corporation, Infor Inc., Deltek Inc., Acumatica Inc., Unit4, Syspro, TOTVS S.A, SAP SE, Cloud Software Group Inc., QlikTech International AB, Tableau Software Inc., and SAS Institute Inc.
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The primary trend gaining traction in the software services market is technological advancement. To boost their market position, major software services businesses are focusing on inventing new technologies.
Valvoline Inc., a US-based provider of automotive and industrial solutions, for instance, released Vision Service Lane Technology in January 2023. The capacity of Vision to give a personalized, VIN-specific menu of services provides a platform for the service department to increase income. Vision is one of the most sophisticated fixed-ops software products on the market, relying on collaborations with partners to identify their pain areas and untapped possibilities in their present software. In the service drive or at the service desk, advisors use vision to help them develop relationships, trust, and accountability with clients.
The global software services market is segmented by software into finance, sales and marketing, human resource, supply chain, other software types; by service into consulting, managed services, support and maintenance; by enterprise size into large enterprises, small and medium enterprises; by deployment into cloud, on-premise; by end-use into aerospace and defense, banking and financial institutions (BFSI), government, healthcare, IT and telecom, manufacturing, retail, transportation, other end-uses.
Software Services Global Market Report 2023 by The Business Research Company provides insights on the software services market size, software services market segments, software services market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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