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Business Software and Services Market

Global Business Software and Services Market Size, Analysis: By Software: Finance, Sales and Marketing, Human Resource, Supply Chain, Other; By Services: Consulting, Managed Services, Support and Maintenance; By Deployment: Cloud, On-Premise; By Size; By End Use; Regional Analysis; Competitive Landscape; 2024-2032

Global Business Software and Services Market Outlook

The global business software and services market size was valued at USD 468.51 billion in 2023. The market is further projected to grow at a CAGR of 10% between 2024 and 2032.

 

Key Takeaways

  • In 2022, IT companies spent approximately USD 783 billion on enterprise software, a 7.1% increase from the year before.
  • By 2026, enterprise application software will generate 479 billion dollars in revenue worldwide.
  • The largest regional market is in North America, which is followed by Europe and Asia Pacific.

 

Business software and services are the tools and solutions that help businesses manage their operations, enhance productivity, and improve customer satisfaction. Some examples of business software and services are customer relationship management (CRM), enterprise resource planning (ERP), business intelligence (BI), cloud computing, and human resource management (HRM).

 

The global business software and services market is expected to grow at a significant rate in the coming years, driven by factors such as digital transformation, automation, competition, and customer demand. These factors enable businesses to leverage the benefits of business software and services, such as cost reduction, efficiency, scalability, agility, security, and data analytics.

 

Global Business Software and Services Market

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Key Trends and Developments

Advancements in software technology, growing need for data security and privacy, and rising demand for cloud-based solutions are fostering the business software and services market growth

 

Date Company Announcement
February 2024 Bandhan Bank and Oracle Corporation Transforming core banking operations and expanding digital services with Oracle technology aimed at enhancing growth and improving customer experience through innovative financial solutions.
January 2024 Acumatica, Inc. Showcased the award-winning construction management software at World of Concrete 2024, providing an opportunity to demonstrate innovative solutions and connect with industry professionals.
December 2023 AFL-CIO and Microsoft New tech-labour partnership focused on AI and the future of the workforce, aimed at improving the lives of workers and their communities, while addressing challenges and opportunities presented by AI.
October 2023 Epicor Software Corporation Released two new cloud-based versions of Epicor Catalog for Automotive, featuring a potent new "Intelligent Search" feature and data that is ACES-compliant.

 

 

Trends Impact
Rising demand for cloud-based solutions Cloud computing enables businesses to access software and services over the internet, reducing costs, enhancing scalability, and improving performance. Cloud-based solutions are expected to grow at a faster rate than on-premises solutions in the coming years, as more businesses adopt them for various functions.
Increasing adoption of artificial intelligence (AI) and machine learning (ML) AI and ML are transforming the way businesses operate, by automating tasks, optimising processes, generating insights, and enhancing customer experience. AI and ML are expected to be integrated into various business software and services, such as human resource management (HRM), business intelligence (BI), and data analytics, propelling the business software and services market.
Growing need for data security and privacy Data security and privacy are crucial for businesses, as they deal with sensitive and confidential information of their customers, employees, and partners. It can cause reputational damage, financial losses, and legal consequences for businesses. Therefore, businesses are investing in data security and privacy software and services, such as encryption, authentication, backup, and recovery.
Expanding role of mobile devices and applications Mobile devices and applications are becoming more prevalent and sophisticated, enabling businesses to access, manage, and deliver software and services anytime, anywhere, and on any device. Mobile devices and applications are expected to increase the efficiency, productivity, and collaboration of businesses, as well as the convenience and satisfaction of their customers.

 

Global Business Software and Services Market Trends

The demand for the business software and services is driven by the growth of managed services, which implies that businesses are increasingly outsourcing IT infrastructure management to focus on their core competencies. This trend is driven by the need for cost-effective and efficient IT solutions, and the growing complexity of technology. Managed services providers offer a range of services, including cloud management, security, and application support, which can help businesses reduce costs, improve efficiency, and enhance their overall IT capabilities.

 

Moreover, the growing shift towards cloud computing owing to its enhanced features and efficiency is providing a further boost to the business software and services market value. Also, with the increasing adoption of artificial intelligence, big data analytics, internet of things, and blockchain technologies across various industries, the business software and services market outlook look promising.

 

Global Business Software and Services Market

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Market Segmentation

Global Business Software and Services Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

 

Market Breakup Categories
Software Finance, Sales and Marketing, Human Resource, Supply Chain, Other
Services Consulting, Managed Services, Support and Maintenance
Deployment Cloud, On-Premise
Size Small and Medium Enterprises, Large Enterprises
End Use Aerospace and Defence, Banking, Finance Services and Insurance, Government, Healthcare, IT and Telecom, Manufacturing, Retail, Transportation, Others
Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa

 

Software for human resource and supply chain can bolster the market growth as they help businesses to manage their complex work operations

According to business software and services market analysis, finance software helps businesses to manage their accounting, budgeting, forecasting, and reporting activities. It also enables them to comply with various financial regulations and standards. The major factors driving the growth of the finance segment are the increasing adoption of cloud-based solutions, the growing demand for automation and digitisation of financial processes, and the rising need for data-driven insights and decision making.

 

Sales and marketing software helps businesses to plan, execute, and monitor their sales and marketing campaigns, along with managing their customer relationships and interactions. It also helps them to generate leads, increase conversions, and optimise revenue. The key drivers of the segment are the rising adoption of social media and mobile platforms, the growing need for enhanced customer experience and retention, and the increasing integration of AI and analytics. These drivers are aiding the business software and services market growth.

 

Human resource software helps businesses to manage their human capital and perform various functions such as recruitment, training, performance management, payroll, benefits, and compliance. It also helps them to enhance employee engagement, productivity, and retention. The main factors fueling the growth of the segment are the rising adoption of cloud-based and mobile solutions, the increasing need for workforce optimisation and automation, and the growing demand for talent management and diversity.

 

Lastly, supply chain software helps businesses to manage their end-to-end supply chain processes, such as sourcing, procurement, production, distribution, and logistics. It also helps them to improve their efficiency, agility, visibility, and resilience. The major drivers of the supply chain segment in the business software market are the increasing globalisation and complexity of supply chains, the growing need for cost and risk reduction, and the rising adoption of artificial intelligence and blockchain.

 

Large enterprises hold a significant business software and services market share due to adoption of various software and services in their management process

According to business software and services market report, the share of small and medium enterprises (SMEs) is expected to grow steadily due to the need for automation and optimisation of business processes, the growing usage of cloud-based applications, and the rising demand for data analytics. Some of the leading vendors in this segment are Microsoft, Oracle, SAP, Salesforce, and Intuit.

 

On the other hand, the adoption of artificial intelligence and machine learning, and the integration of various software and services platforms by large enterprises can increase business software and services market size in the future. Some of the leading vendors in this segment are IBM, Adobe, Cisco, Dell, and VMware.

 

Global Business Software and Services Market

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Competitive Landscape

Market players are offering a wide range of software and services, such as customer relationship management, human capital management, and cloud computing to serve various industries

 

Company Name Year Founded Headquarters Products/Services
Acumatica, Inc. 2008 Washington, United States Cloud ERP software for small and mid-sized businesses
Microsoft Corporation 1975 Washington, United States Dynamics 365, a cloud-based suite of business applications
Epicor Software Corporation 1972 Texas, United States Epicor ERP, a cloud-based enterprise resource planning system
Oracle Corporation 1977 California, United States Oracle Cloud ERP, a comprehensive cloud-based business management solution

 

Other key players in the global business software and services market include Deltek, Inc., NetSuite Inc., SYSPRO, International Business Machines Corporation, and Totvs SA, among others.

 

Global Business Software and Services Market Analysis by Region

North America is the dominating region due to high adoption of cloud computing software and AI technologies among businesses

North America leads the business software and services market share due to the presence of major players such as Microsoft, Oracle, IBM, and Salesforce, as well as the high adoption of cloud computing and artificial intelligence (AI) among businesses.

 

Europe is expected to witness significant growth in the forecast period, owing to the increasing demand for digital transformation and automation solutions among small and medium-sized enterprises (SMEs) and the public sector. The European Commission's Digital Single Market strategy and the General Data Protection Regulation (GDPR) are also supporting the adoption of business software and services in the region.

 

The Asia Pacific region is projected to register the highest CAGR in the forecast period due to the rapid economic development and digitalisation of various industries such as manufacturing, retail, healthcare, and education. Additionally, the growing penetration of the internet and mobile devices as well as the rising investments in IT infrastructure are resulting in business software and services market expansion in the region.

 

Middle East and African region is expected to witness a gradual growth in the business software and services market, as the businesses are facing challenges such as political instability, security threats, and low internet penetration. However, the rising demand for cloud-based solutions, AI, and big data analytics, and the development of smart cities and e-government projects, are expected to create growth opportunities for the market players in the region.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Software
  • Services
  • Deployment
  • Size
  • End Use
  • Region
Breakup by Software
  • Finance
  • Sales and Marketing
  • Human Resource
  • Supply Chain
  • Other
Breakup by Services
  • Consulting
  • Managed Services
  • Support and Maintenance
Breakup by Deployment
  • Cloud
  • On-Premise
Breakup by Size
  • Small and Medium Enterprises
  • Large Enterprises
Breakup by End Use
  • Aerospace and Defence
  • Banking, Finance Services and Insurance
  • Government
  • Healthcare
  • IT and Telecom
  • Manufacturing
  • Retail
  • Transportation
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Acumatica, Inc.
  • Microsoft Corporation
  • Epicor Software Corporation
  • Oracle Corporation
  • Deltek, Inc.
  • NetSuite Inc.
  • SYSPRO
  • International Business Machines Corporation
  • Totvs SA
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Business Software and Services Market Analysis
    8.1    Key Industry Highlights 
    8.2    Global Business Software and Services Historical Market (2018-2023) 
    8.3    Global Business Software and Services Market Forecast (2024-2032)
    8.4    Global Business Software and Services Market by Software
        8.4.1    Finance
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Sales and Marketing
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Human Resource
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
        8.4.4    Supply Chain
            8.4.4.1    Historical Trend (2018-2023)
            8.4.4.2    Forecast Trend (2024-2032)
        8.4.5    Other
    8.5    Global Business Software and Services Market by Services
        8.5.1    Consulting
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Managed Services
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Support and Maintenance
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
    8.6    Global Business Software and Services Market by Deployment
        8.6.1    Cloud
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    On-Premise
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
    8.7    Global Business Software and Services Market by Size
        8.7.1    Small and Medium Enterprises
            8.7.1.1    Historical Trend (2018-2023)
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Large Enterprises
            8.7.2.1    Historical Trend (2018-2023)
            8.7.2.2    Forecast Trend (2024-2032)
    8.8    Global Business Software and Services Market by End Use
        8.8.1    Aerospace and Defence
            8.8.1.1    Historical Trend (2018-2023)
            8.8.1.2    Forecast Trend (2024-2032)
        8.8.2    Banking, Finance Services and Insurance
            8.8.2.1    Historical Trend (2018-2023)
            8.8.2.2    Forecast Trend (2024-2032)
        8.8.3    Government
            8.8.3.1    Historical Trend (2018-2023)
            8.8.3.2    Forecast Trend (2024-2032)
        8.8.4    Healthcare
            8.8.4.1    Historical Trend (2018-2023)
            8.8.4.2    Forecast Trend (2024-2032)
        8.8.5    IT and Telecom
            8.8.5.1    Historical Trend (2018-2023)
            8.8.5.2    Forecast Trend (2024-2032)
        8.8.6    Manufacturing
            8.8.6.1    Historical Trend (2018-2023)
            8.8.6.2    Forecast Trend (2024-2032)
        8.8.7    Retail
            8.8.7.1    Historical Trend (2018-2023)
            8.8.7.2    Forecast Trend (2024-2032)
        8.8.8    Transportation
            8.8.8.1    Historical Trend (2018-2023)
            8.8.8.2    Forecast Trend (2024-2032)
        8.8.9    Others
    8.9    Global Business Software and Services Market by Region       
        8.9.1    North America
            8.9.1.1    Historical Trend (2018-2023) 
            8.9.1.2    Forecast Trend (2024-2032)
        8.9.2    Europe
            8.9.2.1    Historical Trend (2018-2023) 
            8.9.2.2    Forecast Trend (2024-2032)
        8.9.3    Asia Pacific
            8.9.3.1    Historical Trend (2018-2023) 
            8.9.3.2    Forecast Trend (2024-2032)
        8.9.4    Latin America
            8.9.4.1    Historical Trend (2018-2023) 
            8.9.4.2    Forecast Trend (2024-2032)
        8.9.5    Middle East and Africa
            8.9.5.1    Historical Trend (2018-2023) 
            8.9.5.2    Forecast Trend (2024-2032) 
9    North America Business Software and Services Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Business Software and Services Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Business Software and Services Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.2    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Business  Software and Services Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa  Business Software and Services Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape

    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    Acumatica, Inc.
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Microsoft Corporation
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Epicor Software Corporation
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Oracle Corporation
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Deltek, Inc.
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    NetSuite Inc.
            16.2.6.1    Company Overview
            16.2.6.2    Product Portfolio
            16.2.6.3    Demographic Reach and Achievements
            16.2.6.4    Certifications
        16.2.7    SYSPRO
            16.2.7.1    Company Overview
            16.2.7.2    Product Portfolio
            16.2.7.3    Demographic Reach and Achievements
            16.2.7.4    Certifications
        16.2.8    International Business Machines Corporation
            16.2.8.1    Company Overview
            16.2.8.2    Product Portfolio
            16.2.8.3    Demographic Reach and Achievements
            16.2.8.4    Certifications
        16.2.9    Totvs SA
            16.2.9.1    Company Overview
            16.2.9.2    Product Portfolio
            16.2.9.3    Demographic Reach and Achievements
            16.2.9.4    Certifications
        16.2.10    Others
17    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Business Software and Services Market: Key Industry Highlights, 2018 and 2032
2.    Global Business Software and Services Historical Market: Breakup by Software (USD Billion), 2018-2023
3.    Global Business Software and Services Market Forecast: Breakup by Software (USD Billion), 2024-2032
4.    Global Business Software and Services Historical Market: Breakup by Services (USD Billion), 2018-2023
5.    Global Business Software and Services Market Forecast: Breakup by Services (USD Billion), 2024-2032
6.    Global Business Software and Services Historical Market: Breakup by Deployment (USD Billion), 2018-2023
7.    Global Business Software and Services Market Forecast: Breakup by Deployment (USD Billion), 2024-2032
8.    Global Business Software and Services Historical Market: Breakup by Size (USD Billion), 2018-2023
9.    Global Business Software and Services Market Forecast: Breakup by Size (USD Billion), 2024-2032
10.    Global Business Software and Services Historical Market: Breakup by End Use (USD Billion), 2018-2023
11.    Global Business Software and Services Market Forecast: Breakup by End Use (USD Billion), 2024-2032
12.    Global Business Software and Services Historical Market: Breakup by Region (USD Billion), 2018-2023
13.    Global Business Software and Services Market Forecast: Breakup by Region (USD Billion), 2024-2032
14.    North America Business Software and Services Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    North America Business Software and Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.    Europe Business Software and Services Historical Market: Breakup by Country (USD Billion), 2018-2023
17.    Europe Business Software and Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.    Asia Pacific Business Software and Services Historical Market: Breakup by Country (USD Billion), 2018-2023
19.    Asia Pacific Business Software and Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
20.    Latin America Business Software and Services Historical Market: Breakup by Country (USD Billion), 2018-2023
21.    Latin America Business Software and Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
22.    Middle East and Africa Business Software and Services Historical Market: Breakup by Country (USD Billion), 2018-2023
23.    Middle East and Africa Business Software and Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
24.    Global Business Software and Services Market Structure

Key Questions Answered in the Report

In 2023, the business software and services market reached an approximate value of USD 468.51 billion.

The market is expected to grow at a CAGR of 10% between 2024 and 2032.

The major drivers of the business software and services market are the increased deployment of enterprise services and software across IT infrastructure and technological advances such as machine learning and blockchain.

The key trends guiding the growth of the market include the increased usage of automation and the surging demand for high-speed data networks.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

Finance, sales and marketing, human resource, and supply chain, among others, are the different software in the market.

Consulting, managed services, and support and maintenance are some of the services in the market.

The leading deployment modes of business software and services are cloud and on-premise.

The various end uses of business software and services are aerospace and defence, banking, finance services and insurance, government, healthcare, IT and telecom, manufacturing, retail, and transportation, among others.

Key players in the market are Acumatica, Inc., Microsoft Corporation, Epicor Software Corporation, Oracle Corporation, Deltek, Inc., NetSuite Inc., SYSPRO, International Business Machines Corporation, and Totvs SA, among others.

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