What Is The Overview Of The Global Spreadsheet Software Market?
Spreadsheet software refers to computer programs or applications designed for creating, editing, and analyzing tabular data in a grid format. This software tool allows users to organize data into rows and columns, create charts and graphs, and perform various data analysis tasks.
Spreadsheet Software Global Market Report 2024 provides data on the global spreadsheet software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The spreadsheet software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Spreadsheet Software?
The market for spreadsheet software has experienced substantial growth in recent years. It is projected to increase from $10.05 billion in 2023 to $10.79 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.3%. The historical growth can be attributed to improvements in user interfaces, greater adoption of cloud computing, and the rise of open-source alternatives. Looking ahead, the spreadsheet software market is expected to grow to $14.55 billion in 2028, with a CAGR of 7.8%. This growth is driven by digital transformation initiatives, integration with business ecosystems, and advances in data analysis and visualization. Key trends in the forecast period include integration with business intelligence tools, improved data visualization, and better integration with business intelligence platforms and APIs.
What Factors Are Driving Growth In The Spreadsheet Software Market?
The growth of the spreadsheet software market is anticipated to be driven by the increasing adoption of cloud-based solutions. Cloud-based solutions involve software applications, services, or resources that are managed and accessed remotely via the Internet. The shift to cloud-based solutions is gaining momentum due to their accessibility from anywhere with an internet connection, cost-effectiveness, and robust security features. These solutions foster real-time collaboration on spreadsheet software, enabling users in different locations to work together more efficiently. For example, in December 2023, Eurostat reported that 45.2% of EU businesses embraced cloud computing in 2023, marking a 4.2% increase from 2021, with a significant portion purchasing advanced cloud security services. Thus, the growing use of cloud solutions is stimulating growth in the spreadsheet software market.
Get Your Free Sample of the Global Spreadsheet Software Market Report
What Are The Main Segments Of The Global Spreadsheet Software Market?
The spreadsheet software market covered in this report is segmented –
1) By Type: Free And Open-Source Software, Proprietary Software
2) By Pricing Model: One-Time License, Subscription-Based
3) By Deployment: On-Premise, Cloud-Based
4) By Application: Large Enterprise, Small And Medium-Sized Businesses (SMBs), Individuals
What Emerging Trends Are Influencing The Growth Of The Spreadsheet Software Matket?
Major companies in the spreadsheet software market are prioritizing technological advancements, such as integrating AI assistants, to improve user experience and foster innovation. A native AI assistant for spreadsheets is an integrated feature that enhances data analysis and manipulation tasks within the spreadsheet application. For example, in May 2023, Equals Technologies Inc., a US-based startup, introduced AI Assist, the first native AI assistant for spreadsheets. This assistant offers functionalities like writing and debugging SQL queries in connected databases, managing formulas, editing and summarizing charts, and performing other data-related tasks. It aims to modernize spreadsheets by providing users with advanced tools for data analysis, making it easier to work with dynamic, real-time data within the spreadsheet interface.
What Is The Largest Region In The Spreadsheet Software Market?
North America was the largest region in the spreadsheet software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spreadsheet software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
