What are the Historical Developments and Current Growth Metrics of the Spreadsheet Software Market?
The spreadsheet software market has seen considerable growth due to a variety of factors.
• The market size of spreadsheet software has seen robust expansion in the recent past. It is forecasted to rise from $10.79 billion in 2024 to $11.66 billion in 2025, marking a compound annual growth rate (CAGR) of 8.0%.
Factors such as enhancements in the user interface, the growing preference for cloud computing, and the advent of open-source options have contributed to the historic period's growth.
What Is The Projected Growth Of The Spreadsheet Software Template Market?
The spreadsheet software market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for robust expansion in the spreadsheet software market in the upcoming years, with projections forecasting a surge from its current valuation to $15.67 billion by 2029. This signifies a compound annual growth rate (CAGR) of 7.7%.
Such significant growth within this period can be credited to enterprises broadening their digital footprint, collaborations within business ecosystems, and sophisticated leaps in data analysis and visualization. Over the forecast period, key trends such as integration with business intelligence infrastructure, improvement of data visualization, synchronization with ecosystems and application programming interfaces (APIs), and amalgamation with business intelligence platforms are predicted to dominate.
What Are The Key Drivers Fueling Growth In The Spreadsheet Software Market?
The rise in the use of cloud-based solutions is projected to drive the expansion of the spreadsheet software market. These solutions include software applications, services, or resources that are hosted, managed, and accessed remotely via the internet. The demand for these solutions is on the upswing because they are accessible from anywhere with an internet connection, cost-effective, and have strong security measures. They also enable real-time collaboration in spreadsheet software among users in different places, thereby improving teamwork and information exchange. For example, as per the Luxembourg-based intergovernmental organization, Eurostat, in December 2023, cloud computing solutions have been taken up by 45.2% of EU enterprises in 2023, an increase of 4.2% from 2021. Out of these, 75.3% purchased sophisticated cloud services related to security software applications. Consequently, the increasing uptake of cloud-based solutions is fuelling the expansion of the spreadsheet software market.
What Are The Principal Market Segments In The Global Spreadsheet Software Industry?
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
Subsegments:
1) By Free And Open-Source Software: Open-Source Spreadsheet Software, Cloud-Based Free Spreadsheet Tools
2) By Proprietary Software: Desktop-Based Software, Cloud-Based Proprietary Spreadsheet Tools
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What Emerging Trends Are Influencing The Growth Of The Spreadsheet Software Market?
Leading organizations in the spreadsheet software market are prioritizing technological advancements, such as artificial intelligence (AI) assistants for spreadsheets, to improve the user experience and foster innovation. An inbuilt AI assistant for spreadsheets is an intrinsic AI feature within a spreadsheet application that delivers superior functionalities, aiding users in numerous tasks pertaining to data analysis and manipulation. For example, in May 2023, Equals Technologies Inc., an American spreadsheet startup, introduced AI Assist, the first-ever inbuilt AI assistant for spreadsheets. This product provides a variety of functionalities designed to boost data analysis and productivity. The AI assistant aids users in writing and debugging SQL (Structured Query Language) queries within associated databases, handling formulas in cells, modifying and summarizing charts, and executing other data-related tasks in the spreadsheet framework. Its intention is to modernize spreadsheets by equipping users with high-level capabilities for their data analysis tasks, simplifying the management of dynamic and real-time data analyses straight from the spreadsheet interface.
Who Are the Key Players In The Spreadsheet Software Market?
Major companies operating in the spreadsheet software market are:
• Apple Inc.
• Google LLC
• Microsoft Corporation
• International Business Machines Corporation
• Oracle Corporation
• SAP SE
• SAS Institute Inc.
• Dropbox Inc.
• Tableau Software
• Kingsoft Corporation
• MathWorks Inc.
• Altair Engineering Inc.
• Smartsheet Inc.
• Domo Inc.
• Airtable Inc.
• Hancom Inc.
• Corel Corporation
• Minitab Inc.
• Mariner Software
• LibreOffice
• Thinkfree Corporation
• SoftMaker Software GmbH
• Polaris Office
• Ragic
• Apache OpenOffice
What Are The Regional Insights Into The Spreadsheet Software Market?
North America was the largest region in the spreadsheet software market in 2024. 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.
