Software Products Market Characteristics
The software product market consists of sales of software products by entities companies (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. The market includes operating systems & productivity software, database, storage & backup software, business analytics & enterprise software, video game software, and design, editing & rendering software.
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.
Competitive Landscape of the Software Products Market
Major players in the global Software products market include Microsoft, HP Inc, Oracle, Dell Technologies, and IBM.
Software Products Market Size
The software products market size is expected to reach a higher double digit figure by 2022, significantly growing at a good CAGR during the forecast period. The growth in the software products market is due to rapid development of cloud technology, rise in disposable income, and increased demand for different software products.
However, the market for software products is expected to face certain restraints from several factors such as increased prices and usage issues.
Software Products Market Segmentation
The global software products market is further segmented based on type and geography.
By Type - The software products market is segmented into operating systems & productivity software publishing, database, storage & backup software publishing, business analytics & enterprise software, video game software, design, editing & rendering software , 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 is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North America Software products market accounts the largest share in the global software products market.
Trends in the Software Products Market
Increase in the number of mergers and acquisitions in the software products industry, introduction of High-performance cloud computing are the major trends witnessed in the global software products market.
Potential Opportunities in the Software Products Market
With development of new technology, improved earning capacity, emerging markets growth, the scope and potential for the global Software products market is expected to significantly rise in the forecast period.