The software products market has seen rapid growth, with projections showing it will rise from $1449.4 billion in 2023 to $1605.89 billion in 2024, reflecting a CAGR of 10.8%. This growth is driven by enterprise resource planning, the e-commerce boom, mobile app development, the open source movement, and cybersecurity concerns. The market is expected to continue its rapid expansion, reaching $2529.03 billion by 2028, with a CAGR of 12.0%. Future growth drivers include digital transformation initiatives, smart city development, edge computing, robotic process automation, and privacy solutions. Key trends include cloud-native and SaaS adoption, remote collaboration tools, low-code development, blockchain applications, and AI integration in business processes.
Major Driver In The Software Products Market
The software products market is anticipated to experience growth driven by the adoption of IoT technology in manufacturing and transportation services companies. IoT, involving a network of physical objects embedded with electronics, software, sensors, and network connectivity, enables data collection and exchange. A notable partnership between Microsoft and Rolls-Royce focuses on integrating Microsoft Suite into future Rolls-Royce intelligent engines. According to the International Data Corporation (IDC), global spending on IoT in 2021 reached around $1.4 trillion, encompassing hardware, software, and services. This robust adoption of IoT technology is expected to fuel demand for software products, resulting in market sizes of $G billion in 2023, $H billion in 2024, and an expected $I billion in 2028.
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Software Products Market Competitive Landscape
Amazon Inc., Apple, Alphabet Inc., Microsoft Corp., EMC Corporation, Dell Technologies Inc., Sony Corp., Tencent Holdings Co. Ltd., Intel Corporation, HP Inc., International Business Machines Corporation, Oracle Corp., SAP SE, salesforce.com, Fiserv Inc., Adobe Systems Incorporated, Nintendo Co ltd., NetApp, Autodesk Inc., Zoom Video Communications Inc., Citrix Systems, Symantec Corporation, Atlassian Corporation plc, Splunk Inc., Check Point Software Technologies Ltd., DocuSign Inc., Ubisoft, ServiceNow Inc., CrowdStrike Holdings Inc., Red Hat Inc.
Key Software Products Market Trend
Major companies operating in software products are introducing innovative products such as Google Pixel 7 and 7 Pro to drive revenues in the market. Google Pixel 7 and 7 Pro is a software product that runs the latest version of Android with a clean, stock Android experience, along with timely software updates directly from Google. For instance, in October 2022, Google, a US-based software company launched Google Pixel 7 and 7 Pro. These smartphones feature upgraded cameras, sophisticated designs, and new colors. Both phones come with Android 13, private compute core, Android System Intelligence, Android Messages end-to-end encryption, and Android backup encryption.
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Software Products Market Segmentation
The software products market covered in this report is segmented –
1) By Type: Operating Systems & Productivity Software Publishing, Database, Storage & Backup Software Publishing, Business Analytics & Enterprise Software, Video Game Software, Design, Editing & Rendering Software
2) By Application: Large Enterprises, Small And Medium Enterprises
3) By End-User Industry: BFSI, Media And Entertainment, IT and Telecommunications, Energy And Utilities, Government And Public Sector, Retail And Consumer Goods, Manufacturing, Other End User Industries
Subsegments Covered: Operating Systems, Productivity Software Publishing, Database Software, Middleware Software, Storage And Backup Software, ERP Software, BI Software, CRM Software, SCM Software, Other Software, Browser Games, PC Games, Smart Phone/Tablet Games, Console Games, Engineering Design Software, Animation And VFX Design Software, Image/Video Editing And Graphic Design Software
By Geography:The regions covered in the software products market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
Asia-Pacific was the largest region in the software products market in 2023.
The Software Products Global Market Report 2024 furnishes information about the global software products market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
