Global Software Products Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
30 Jun, 2021
The software products market consists of sales of software products by entities (organizations, sole traders and partnerships) that develop, market and distribute software products for commercial and personal use. Software products are usually sold in the form of licenses to use the software for a specified period or permanently. The license generally entitles the buyer to receive updates of the programs. Companies in this industry create and distribute computer software by designing software, providing documentation, assisting in installation and providing support services to software purchasers. Some businesses design, develop and publish; others only publish.
Global Software Products Market Size And Drivers:
The global software products market is expected to grow from $930.93 billion in 2020 to $968.25 billion in 2021 at a compound annual growth rate (CAGR) of 4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1493.07 billion in 2025 at a CAGR of 11%. IoT technology adoption by manufacturing and transportation services companies is expected to drive the software products market in the forecast period.
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Trends In The Global Software Products Market
Top software vendors such as Oracle and SAP have been attempting to penetrate the middle market, to expand their client base and increase overall revenues. These companies have begun offering scaled-down, pre-configured versions of their applications. They are pursuing new distribution channels to sell and distribute their software products and are also acquiring mid-market software companies to increase their market shares and revenues. For example, SAP acquired Business One software to penetrate the middle market.
Global Software Products Market Segments:
The global software products market is further segmented based on type, application, end user industry and geography.
By Type: Operating Systems & Productivity Software Publishing, Database, Storage & Backup Software Publishing, Business Analytics & Enterprise Software, Video Game Software, Design, Editing & Rendering Software
By Application: Large Enterprises, Small And Medium Enterprises
By End Use Industry: BFSI, Media And Entertainment, IT and Telecommunications, Energy And Utilities, Government And Public Sector, Retail And Consumer Goods, Manufacturing, Others
Sub segments 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 global software products market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global software products market, accounting for 41% of the market in 2020.
Read More On The Report For The Global Software Products Market At:https://www.thebusinessresearchcompany.com/report/software-products-global-market-report-2020-30-covid-19-impact-and-recovery
Software Products Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides software products market overviews, analyzes and forecasts market size and growth for the global software products market, software products market share, software products market players, software products market segments and geographies, software products market’s leading competitors’ revenues, profiles and market shares. The software products market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.