Tax Management Software Global Market Report 2023 – By Component (Software, Professional Services), By Tax Type (Direct Taxes, Indirect Taxes), By Deployment Mode (On Premises, Cloud), By Enterprise Size (Large Enterprises, Small and Medium Enterprises), By Vertical (BFSI, Healthcare, Retail, Manufacturing, Energy and Utilities, Other Verticals) – Market Size, Trends, And Global Forecast 2023-2032

Accounting software is a computer program that assists bookkeepers and accountants in recording and reporting financial transactions for a business. The accounting software is used for optimizing business financial accounting processes such as invoicing and billing, tax calculation, financial reporting, project management, and others. Accounting software is used by bookkeepers, accounting professionals, and business owners to process accounting transactions and manage accounts. The main components of accounting software include solutions and services. Accounting software solutions help in optimizing business financial accounting processes and handle day-to-day business transactions for hassle-free bookkeeping. The different accounting software types include spreadsheets, commercial accounting software, enterprise accounting software and custom accounting software. The deployment types for accounting software include on-premise and cloud, used by enterprise sizes such as large enterprises and SMEs. The different accounting software industry verticals include BFSI, retail and e-commerce, manufacturing, IT and telecom, healthcare, government and public sector, energy and utilities, media and entertainment and other verticals. The global accounting software market is segmented - 1) By Component: Solution, Services 2) By Type: Spreadsheets, Commercial Accounting Software, Enterprise Accounting Software, Custom Accounting Software 3) By Deployment Mode: On-Premise, Cloud 4) By Enterprise Size: Large Enterprises, SMEs 5) By Industry Vertical: BFSI, Retail and Ecommerce, Manufacturing, IT and Telecom, Healthcare, Government and Public Sector, Energy and Utilities, Media and Entertainment, Other Vertical The global accounting software market size will grow from $15.73 billion in 2022 to $17.71 billion in 2023 at a compound annual growth rate (CAGR) of 12.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the accounting software is expected to grow to $27.3 billion in 2027 at a CAGR of 11.4%. The increasing demand for automation in accounting processes is driving the growth of the accounting software market. The increasing demand from the finance and accounting professionals around the world for increasing the efficiency of the accounting processes generates higher demand for accounting software. According to a 2022 survey by Airbase, a spend management platform, comprising nearly 200 finance and accounting professionals in the US, 78% of the respondents agreed that automation would have a positive impact on their growth, and 47% said that a lack of automation was costing them time and money. Therefore, the increasing focus on automation in accounting processes drives the accounting software market growth. Major players in the accounting software market are Intuit Inc., Sage Software Inc., SAP SE, Oracle Corporation, Microsoft Corporation, Infor Inc., Epicor Software Corporation, Unit4 Business Software Limited, Xero Ltd., Zoho Corp, Red Wing Software Inc., MYOB Group Pty Ltd., Reckon Ltd., Saasu Pty Ltd., and Tally Solutions Private Limited. Technological advancement is a key trend gaining popularity in the accounting software market. Major companies in the accounting software market are integrating advanced technologies such as AI (artificial intelligence) to launch innovative solutions. For instance, in July 2021, Xero, a New Zealand-based accounting software company, launched new planning, insights, and reporting tool, Analytics Plus, for small and medium-sized businesses. The tool combines cash flow forecasting and advanced predictions using AI to give businesses insights into different financial parameters. In October 2021, FreshBooks, a Canada-based invoice and accounting software company, acquired FastBill for an undisclosed amount. With this acquisition, FreshBooks gained access to FastBill’s expertise in European Union tax filing policies and enhanced accounting technologies. FreshBooks intends to expand into new markets and expand its platform to be more extensive. FastBill is a Germany-based accounting software provider. North America was the largest region in the accounting software market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in accounting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the accounting software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The accounting software market consists of revenues earned by entities by providing online accounting software. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The accounting software market research report is one of a series of new reports from The Business Research Company that provides accounting software market statistics, including accounting software industry global market size, regional shares, competitors with an accounting software market share, detailed accounting software market segments, market trends and opportunities, and any further data you may need to thrive in the accounting software industry. This accounting software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Accounting services defined as services used for the measurement, processing, and communication of financial data about economic entities. Accounting services help in calculating and preparation of tax returns and also for tax planning and keeps a check on the transactions of the business and after proper planning, it suggests ways to improve the business. The main types of accounting services are payroll services, tax preparation services, and bookkeeping, financial auditing, and other accounting services. A payroll service provider is a business that automates payroll computations, tax statements, and year-end taxes, among other services. These services are used by various industries, such as IT services, manufacturing, financial services, construction, and others. The different service providers include large enterprises, small and medium enterprises. The global accounting services market is segmented - 1) By Type: Payroll Services, Tax Preparation Services, Bookkeeping, Financial Auditing, Other Accounting Services 2) By End Use Industry: IT Services, Manufacturing, Financial Services, Construction, Other End Use Industries 3) By Service Provider: Large Enterprise, Small and Medium Enterprise The global accounting services market size grew from $640.7 billion in 2022 to $675.14 billion in 2023 at a compound annual growth rate (CAGR) of 5.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The market size of global accounting services market is expected to grow from $795.99 billion in 2027 at a CAGR of 4.2%. Regulatory reforms in the financial sector have heightened demand for accounting services such as accounting and tax advisory. For instance, in 2021-22, as a result of the escalating stress in the banking and financial sectors, the government of India launched the National Asset Reconstruction Company Limited (NARCL) or Bad Bank. On resuming regular operations in the current year, 22 stressed loans amounting to more than 80,000 crores are expected to be transferred to NARCL for resolution through a focused approach . Over the next five years, further major changes, such as the UK’s exit from the EU, will create additional demand for accounting consultants, thereby driving the market. Major companies in the accounting services market include PwC, Ernst & Young, KPMG, Deloitte Touche Tohmatsu Limited, ADP LLC, BDO LLP, Paychex Inc., Grant Thornton LLP, RSM International and H&R Block Inc. The outbreak of COVID-19 disease (COVID-19) has acted as a restraint on the accounting services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and has spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of "lock down" and the outbreak is expected to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the accounting services market will recover from the shock over the forecast period as it is a "black swan" event and not related to ongoing or fundamental weaknesses in the market or the global economy. Some accountants are outsourcing typical basic accounting tasks such as payroll accounting, accounts payable, and accounts receivable to allow their employees to focus on higher-value activities such as becoming vertical experts in their customers' markets and analyzing their clients' business data. This extra attention and analysis is transforming the role of a traditional accountant into a business advisor and takes customer service to the next level by developing strong, counsel-focused relationships. For instance, QX Accounting Services (QXAS) Ltd provides outsourced accounting, finance, and other services to accountants and accountancy firms in the UK. North America was the largest region in the accounting services market share in 2022. Western Europe was the second largest region in the accounting services market. The regions covered in the global accounting services market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the accounting services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The accounting services market consists of revenue earned by entities by providing services such as recording and analyzing of financial transactions and other financial values pertaining to businesses and other organizations. The accounting service involves summarizing, analyzing, auditing and reporting of the financial transactions to tax collection agencies and entities. It also involves auditing and preparing financial statements, designing accounting systems, developing budgets and accounting advisory. Accounting services undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The accounting services market research report is one of a series of new reports from The Business Research Company that provides accounting services market statistics, including accounting services industry global market size, regional shares, competitors with an accounting services market share, detailed accounting services market segments, market trends and opportunities, and any further data you may need to thrive in the accounting services industry. This accounting services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

Financial auditing professional services refer to services that provide financial records of an organization and help the professionals with an accurate representation of the transactions. Financial auditing professional services are used to evaluate the financial statements of an organization. The main services of financial auditing professional services are employee benefit plan audit, service organization control (SOC) audit, financial statement audit, due diligence, and other services. An employee benefit plan audit is used to safeguard the financial integrity of the plan to provide health, retirement, and other associated benefits to participants over the term of payments. The types include external audits and internal audits. BFSI, government, manufacturing, healthcare, retail and consumer, IT and telecom, and other end-users use these. The global financial auditing professional services market is segmented - 1) By Service: Employee Benefit Plan Audit, Service Organization Control (SOC) Audit, Financial Statement Audit, Due Diligence, Other Services 2) By Type: External Audit, Internal Audit 3) By End-Use: BFSI, Government, Manufacturing, Healthcare, Retail And Consumer, IT And Telecom, Other End-Uses The global financial auditing professional services market size will grow from $136.25 billion in 2022 to $147.42 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global financial auditing professional services is expected to grow to $198.56 billion in 2027 at a CAGR of 7.7%. Rising incidences of banking fraud are expected to propel the growth of the financial auditing professional services market going forward. Fraud refers to the act of intentionally deceiving a system to gain access to information or deny another individual their rights. Financial auditing professional services help reduce bank fraud, such as requesting higher payment or reimbursement for services by preventing misreporting and managing risks. For instance, according to the Reserve Bank of India Annual Report 2021-2022, India's central bank and regulatory body responsible for the regulation of the Indian banking system, total fraud cases reported by banks and other financial institutions increased by 23.69% and the fraud cases increased from 7,359 in 2020-21 to 9,103 in 2022. Therefore, the rising incidences of banking fraud are driving the financial auditing professional services market. Major players in the financial auditing professional services market are Binder Dijker Otte (BDO) Global, Grant Thornton International Ltd., Ernst & Young (EY) Global Limited, Deloitte Touche Tohmatsu Limited, Mazars, Moore Stephens International Limited, KPMG International, Nexia International Limited, PricewaterhouseCoopers, Moore Global, Deloitte, Grant Thornton LLP, Withum Smith+Brown PC, and BF Borgers CPA PC. Strategic partnerships are a key trend gaining popularity in the financial auditing professional services market. Major market players are focusing their efforts on a partnership that will improve their products and service portfolio in the future. For instance, in May 2022, PlainID, an Israel-based authorization company that provides authorization and policy-based access solutions, entered into a strategic partnership with PwC, a UK-based professional services company, to revolutionise financial services. Similarly, in December 2021, Ernst & Young (EY) Global Limited, a UK-based company engaged in providing assurance, consulting, tax, and transaction services, entered into a strategic relationship with ServiceNow, a US-based software company, to provide improved finance and tax services. In May 2022, RSM Brazil, a Brazil-based leading audit, accounting, tax, and consulting company, merged with Pemom. With the merger, Pemom is expected to enhance RSM Brazil’s already strong audit, tax, HR, and employment solutions; real estate credentials; as well as its risk advisory services; and also help in strengthening RSM’s footprint in Brazil. Pemom is a Brazil-based audit and consulting firm operating in the financial auditing professional services market. North America was the largest region in the financial auditing professional services market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this financial auditing professional services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the financial auditing professional services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The financial auditing professional services market includes revenues earned by entities by providing financial auditing professional services including organization control (SOC) audit such as SOC 1, SOC 2, SOC 3, and SOC for cybersecurity. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The financial auditing professional services market research report is one of a series of new reports from The Business Research Company that provides financial auditing professional services market statistics, including financial auditing professional services industry global market size, regional shares, competitors with a financial auditing professional services market share, detailed financial auditing professional services market segments, market trends and opportunities, and any further data you may need to thrive in the financial auditing professional services industry. This financial auditing professional services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

SaaS is a software distribution model which allows data to be accessible from any device with an internet connection and a web browser. The software provider hosts and maintains the servers, databases, and code that comprise the application under this web-based approach. The main deployment types of software as a service (SaaS) are public cloud and private cloud. The public cloud is an IT model in which on-demand computing services and infrastructure are managed by a third party and shared by multiple organizations via the public Internet. The software is used by small and medium enterprises (SMEs), large enterprises for customer relationship management (CRM), enterprise resource planning (ERP), human resource management (HRM), manufacturing and operations and supply chain management (SCM). The various end users of the software include manufacturing, retail, education, healthcare, IT and telecom, BFSI and others. The global software as a service (SaaS) market is segmented - 1) By Application: Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Human Resource Management (HRM), Manufacturing and Operations, Supply Chain Management (SCM) 2) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud 3) By Enterprise Size: Small & Medium Enterprises (SMEs), Large Enterprises 4) By End User: Manufacturing, Retail, Education, Healthcare, IT & Telecom, BFSI, Other End-Users The global software as a service (saas) market size will grow from $235.58 billion in 2022 to $253.62 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global software as a service (saas) is expected to grow to $328.03 billion in 2027 at a CAGR of 6.6%. Rapid changes in business dynamics in the market are expected to benefit the software as a service (SaaS) market in the forecast period as cloud-based solutions support business operations in changing conditions. Dynamic market conditions include economic uncertainty, competitive rivalry and the increasing adoption of mobile, changing regulations, internet usage and applications. These conditions along with the increasing number of infrastructures and established networks have forced organizations to pursue scalable and flexible solutions such as SaaS and other cloud-enabled services to run and supervise their operations in a cost-effective and efficient way. These factors have also compelled companies to outsource applications and prefer cloud computing services like SaaS to reduce their cost burden on infrastructure. Companies that seek services from a third-party vendor are more likely to get better performance, compliance and customer satisfaction at a low cost. For example, Sony Communications aims at delivering innovative products and better experiences to its customers using automation and Infosys SaaS solutions. Infosys helped Sony to attain customer loyalty and win competition by providing robust IT solutions and design thinking at a low cost which helped Sony to have a competitive edge in the software as a service (saas) market. Major players in the Software as a Service (SaaS) market are Salesforce, ServiceNow, Microsoft, Google, CisCo., Slack, Adobe, Oracle, Amazon AWS, DocuSign, Zendesk, Dropbox, ADP, Atlassian Confluence, Shopify, Workday, Hubspot, SAP, IBM, Box, Concur, JIRA, GitHub, GoToMeeting, Twilio, CoupaSoftware, Xero and Zuora. Increasing threats on data security especially on cloud platforms are expected to limit the growth of companies in the software as a service market during the forecast period. The threats on data security include industrial espionage and hacking which resulted in multiple breaches of data security involving public cloud environments. These breaches are mainly because of the negligence the cloud service providers. In addition, many companies lack trust in data security when outsourcing from a third-party vendor. As vendor has access to organizations' data, companies fear the misuse of data which might affect the organization's reputation. For example, Code Spaces, a former SaaS provider, discontinued its operations as hackers had access to its cloud services and stole all their data due to which Code Spaces faced damages to its reputation, finances, and business. The introduction of artificial intelligence is gaining popularity in the SaaS market. Artificial Intelligence (AI) is an area of computer science that focus on the simulation of human intelligence processes by machines. AI in SaaS helps companies to upgrade themselves from time to time with the latest data, create better user experience through predictive analytics, automate the areas where manual functions were required previously and personalize user interface features. For example, Oracle, a big player in SaaS market uses AI and machine learning to overtake salesforce in SaaS. This indicates that AI and machine learning would be differentiating factors for the growth of SaaS market. The General Data Protection Regulation (GDPR) break the split of regulations for the security of personal data in the European Union. It makes provisions to protect personal data and privacy of EU citizens for transactions that happen within EU member states. It also regulates the export of personal data outside the EU. There could be data-subjects that patronize the subscriber that are located in the EU, even if a single SaaS subscriber is based in a non-EU location and the SaaS application is based in a non-EU location. This may cause the subscriber to follow the GDPR regulations. For instance, Intercom, a US-based SaaS provider is shortening its time of storing data on visitors to customers' sites by deleting the visitor data if a visitor has not been seen for nine months to comply with the GDPR. In October 2021, Microsoft Corporation acquired Ally.io for an undisclosed amount. With this acquisition, Ally.io has become a member of the Microsoft Viva family as part of its employee experience platform (EXP) designed to assist businesses in embracing the new digital work life. Ally.io is a US-based SaaS startup. North America was the largest region in the Software as a Service (SaaS) market in 2022. Western Europe was the second largest region in the global Software as a Service (SaaS) market share. The regions covered in the global Software as a Service (SaaS) market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the software as a service (SaaS) market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The software as a service (SaaS) market includes revenues earned by entities by providing cloud based software services. SaaS is a software solution that can be purchased on a subscription or pay per use basis to use an application for organizational purposes. Customers can access this application over the internet, mainly through a web browser. All software and application data is located in the service provider's data center. SaaS allows an organization to run an application with minimal upfront costs and accelerates the overall functionality of the organization. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The software as a service (SaaS) market research report is one of a series of new reports from The Business Research Company that provides software as a service (SaaS) market statistics, including software as a service (SaaS) industry global market size, regional shares, competitors with a software as a service (SaaS) market share, detailed software as a service (SaaS) market segments, market trends and opportunities, and any further data you may need to thrive in the software as a service (SaaS) industry. This software as a service (SaaS) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

A software product is a software system that is eligible for being delivered to its customer with documentation that explains how to install and use the system. The main types of software products are operating systems and productivity software publishing, database, storage and backup software publishing, business analytics and enterprise software, video game software, and design, editing & rendering software. Business analytics and enterprise software tools are types of application software that retrieve data from one or more business systems and combine it in a repository, such as a data warehouse, to be reviewed and analyzed. Enterprise software is computer software used to satisfy the needs of an organization rather than individual users. The software products have applications in large enterprises and small and medium enterprises. The various end-user industries are BFSI, media and entertainment, IT and telecommunications, energy and utilities, government and public sector, retail and consumer goods, manufacturing and others. The global software products market 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 The global software products market size grew from $1333.48 billion in 2022 to $1500.2 billion in 2023 at a compound annual growth rate (CAGR) of 12.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The software products market is expected to grow to $2357.31 billion in 2027 at a CAGR of 12.0%. IoT technology adoption by manufacturing and transportation services companies is expected to drive the software products market in the forecast period. IoT is a network of physical objects such as devices, vehicles, buildings and other items which are embedded with electronics, software, sensors and network connectivity enable these objects to collect and exchange data. For instance, Microsoft and Rolls-Royce have announced a partnership centering on future Rolls-Royce intelligent engines, which will integrate Microsoft Suite into its service solutions to expand its digital capabilities. According to International Data Corporation (IDC), global spending on IoT was around $1.4 trillion in 2021; this includes hardware, software and services for IoT technologies. Thus, IoT technology adoption is expected to expand the demand for software products market. Asia-Pacific was the largest region in the software products market in 2022. North America was the second largest region of the software products market. The regions covered in the software products market analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The software products market is expected to be limited due to high competition in terms of pricing, product portfolio and other factors from market competitors and new entrants in the market during the forecast period. Existing players in the market are offering a wider range of products at competitive process to increase their customer base and boost revenues. A large number of start-up companies are also developing innovative products. As most of these start-ups are funded by venture capital companies, they have sufficient capital for the research and development of new software products. Furthermore, the increase in competitors in the market is likely to result in price-wars. This would affect the sales of companies, resulting in lower revenues and profit margins. These price-wars further affect the funding available for research and development projects, this limits the launch of new products, thereby having a negative impact on the market growth. 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. Major companies in the software products market include Microsoft, Oracle Corp, Google, salesforce.com, Tencent Holdings Co Ltd., International Business Machines Corporation, Adobe Systems Incorporated, Nintendo Co Ltd., Fiserv, Inc. and Sony Corp. The countries covered in the software products market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The software products market includes revenues earned by entities by developing and distributing 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. The market value does not include revenues generated from Software as a Service (SaaS). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The software products market research report is one of a series of new reports from The Business Research Company that provides software products market statistics, including software products industry global market size, regional shares, competitors with a software products market share, detailed software products market segments, market trends and opportunities, and any further data you may need to thrive in the software products industry. This software products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Firewall as a service (FWaaS) is a firewall solution delivered as a cloud-based service that allows companies to simplify IT infrastructure. Firewall as a Service filters network traffic to safeguard organizations from both inside and outside threats. The main service types of firewalls as a service are traffic monitoring and control, compliance and audit management, reporting and log management, automation and orchestration, and security management. Traffic monitoring and control reports, alert, and provides vital information. Firewall services use this for web-traffic details, security attacks, VPN log-on and log-off trends, and firewall rule changes. The services are deployed in private and hybrid deployment by large enterprises, small and medium enterprises, and used for banking, financial services, and insurance, it and telecom, manufacturing, travel and hospitality, healthcare, energy and utilities, retail and consumer goods, and other verticals. The global firewall as a service market is segmented - 1) By Service Type: Traffic Monitoring and Control, Compliance and Audit Management, Reporting and Log Management, Automation and Orchestration, Security Management 2) By Deployment: Private, Hybrid 3) By Enterprise Size: Large Enterprise, Small and Medium Enterprises 4) By Vertical: Banking, Financial Services and Insurance, IT and Telecom, Manufacturing, Travel and Hospitality, Healthcare, Energy and Utilities, Retail and Consumer goods, Other Verticals The global firewall-as-a-service market size will grow from $2.32 billion in 2022 to $2.93 billion in 2023 at a compound annual growth rate (CAGR) of 26.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the firewall-as-a-service is expected to grow to $7.39 billion in 2027 at a CAGR of 26.0%. The increase in the number of fraud cases and cyber-attacks is expected to propel the growth of the firewall as a service market going forward. A cyberattack is a malicious and deliberate attempt by an individual or organization to breach the information system of another individual or organization. Cybercrime has increased every year as people try to benefit from vulnerable business systems. The visibility and traffic filtering that a firewall provides enable an organization to identify and block a large percentage of malicious traffic before it enters the network perimeter and can provide defense in depth. For instance, according to an article published by Forbes, a US-based business magazine, the average number of cyberattacks and data breaches worldwide increased by 15.1% in 2020. Furthermore, according to a statistical report published by Packetlabs, a Canadian-based penetration testing company, in 2021 cybercrime costs the world $6 trillion and by 2025 this figure would climb to $10.5 trillion. Therefore, an increase in the number of fraud cases and cyber-attacks will drive the firewall-as-a-service market. Major players in the firewall-as-a-service market are Barracuda Networks Inc., Cisco Syatems Inc., Juniper Networks Inc., Cato Networks, Forcepoint, Fortinet Inc., Check Point Software Technologies Inc., Palo Alto Networks, WatchGuard, Microsoft Corporation, SonicWall, Sophos group PLC., and Zscaler. Advancements in cloud-based firewall services have emerged as a key trend gaining popularity in the firewall as a service market. A cloud firewall protects cloud infrastructure from attacks, just as a traditional firewall protects on-premise networks. Major companies operating in the firewall as a service market are focused on developing new technological solutions to strengthen their position. For instance, in March 2022, Palo Alto, a US-based cybersecurity company launches a cloud-native firewall service for AWS (Amazon Web Services). It would be a managed Next-Generation Firewall (NGFW) service designed to simplify securing AWS deployments, enabling organizations to speed their pace of innovation while remaining highly secured. In May 2021, Arayaka, a US-based wide-area software-defined network connectivity, and application delivery company acquired Secucloud GmbH for an undisclosed amount. With this acquisition, Arayaka would be able to deliver on the promise of a managed SASE (SECURE ACCESS SERVICE EDGE) offering, while providing customers and partners with greater choice for the type of solution they would position for different deployment of use-cases. Secucloud GmbH is a Germany-based company working on security technology and provides cloud-based firewall-as-a-service. North America was the largest region in the firewall as a service market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the firewall-as-a-service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the firewall-as-a-service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The firewall as a service (FWaaS) market consists of revenues earned by entities by providing FWaaS such as providing next-generation firewall (NGFW) capabilities like web filtering, advanced threat protection (ATP), intrusion prevention system (IPS), and Domain Name System (DNS) security. The market value includes the value of related goods sold by the service provider or included within the service offering. The FwaaS service market also includes stateful firewall features such as packet filtering, network monitoring, Internet Protocol security (IPsec), secure sockets layer virtual private network (SSL VPN) support, and Internet Protocol (IP) mapping features. FWaaS also has deeper content inspection capabilities that include the ability to identify malware attacks and other threats. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The firewalls as a service market research report are one of a series of new reports from The Business Research Company that provides firewalls as a service market statistic, including firewalls as a service industry global market size, regional shares, competitors with firewalls as a service market share, detailed firewalls as a service market segments, market trends, and opportunities, and any further data you may need to thrive in the firewalls as a service industry. This firewalls as a service market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Information technology (IT) is the use of computers, storage, networking and other physical devices, infrastructure and processes to create, process, store, secure and exchange all forms of electronic data. The main type of information technology (IT) are IT services, computer hardware, telecom, and software products. Computer hardware is the physical components that a computer system requires to function and encompasses everything within a PC or laptop. The services are used by large, small, and medium enterprises of financial services, retail and wholesale, manufacturing, healthcare and others. The global information technology (IT) market is segmented - 1) By Type: IT Services, Computer Hardware, Telecom, Software Products 2) By Organization Size: Large Enterprise, Small and Medium Enterprise 3) End User Industry: Financial Services, Retail & Wholesale, Manufacturing, Healthcare, Other End User Industries Subsegments Covered: Hardware Support Services, Software And BPO Services, Cloud Services, Computer Peripheral Equipment, Computer Storage Devices And Servers, Computers, Wireless Telecommunication Carriers, Wired Telecommunication Carriers, Communications Hardware, Satellite & Telecommunication Resellers, Operating Systems & Productivity Software Publishing, Database, Storage & Backup Software Publishing, Business Analytics & Enterprise Software, Video Game Software, Design, Editing & Rendering Software The global information technology (IT) market size grew from $8179.48 billion in 2022 to $8852.41 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The information technology (IT) market is expected to grow to $11995.97 billion in 2027 at a CAGR of 7.9%. The demand for cloud computing services is expected to drive the demand for IT services during the forecast period. In the cloud computing model, data is stored on the internet by a cloud computing provider, who manages and operates data storage as a service. Many companies are now choosing applications hosted in the cloud for their day-to-day operations. For example, according to statistics provided by hostingtribunal.com, 60% of computing workloads were running in the public cloud in 2019. Similarly, 94% of enterprise workloads are expected to be processed by cloud data centers in 2021. Companies are also opting for cloud-based data storage, thus boosting the demand for IT services. Major companies in the information technology (IT) market include Apple, Microsoft, Verizon Communications, China Mobile, AT&T Inc., Huawei, Deutsche Telekom AG, Dell Technologies Inc., Samsung Electronics Co., Ltd. and Comcast Corporation. The outbreak of COVID-19 disease (COVID-19) has acted as a significant restraint on the information technology (IT) market share in 2020 as supply chains were disrupted due to trade restrictions and employees working for these establishments faced difficulties related to infrastructure and communication owing to lockdowns imposed by governments globally, forcing them to work from home. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity, with countries entering a state of 'lock down,' and the outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the information technology (IT) market will recover from the shock across the forecast period as it is a 'black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy. Over the past five years there has been an increasing prevalence of low cost open source alternatives. Open source has become a preferred platform for developing new technology. In the past, software publishers would open source software that was not making money, but now companies are open sourcing software to increase their presence and share in the market. Supabase, a YC-incubated startup that offers developers an open-source alternative, announced that it had raised a $6 million in funding to create new open-source tools. Asia-Pacific was the largest region in the information technology (IT) market in 2022. North America was the second largest region of the information technology (IT) market. The regions covered in the information technology (IT) industry analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the information technology (IT) market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The information technology (IT) market consists of revenues earned by entities by providing IT services such as computer networking, broadcasting, systems design services and information distribution technologies like television and telephones and other equipment used during the process. The market value includes the value of related goods sold by the service provider or included within the service offering. The information technology (IT) market also includes sales of computers, computer peripherals and telecommunications equipment which are used in providing IT services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The information technology (IT) market research report is one of a series of new reports from The Business Research Company that provides information technology (IT) market statistics, including information technology (IT) industry global market size, regional shares, competitors with information technology (IT) market share, detailed information technology (IT) market segments, market trends and opportunities, and any further data you may need to thrive in the information technology (IT) industry. This information technology (IT) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Software is a set of instructions, data, or programs used to operate a computer and perform specific tasks. Business process outsourcing (BPO) is a business practice in which an organization contracts with an external service provider to perform important business functions or tasks. The main types of services in software and bpo services are software services and BPO services. BPO (business process outsourcing) services are the services provided by using a third-party provider company to perform an essential business task. It can used by large enterprises, small and medium enterprises and are often used in financial services, retail & wholesale, information technology, manufacturing, healthcare and other industries. The global software and bpo services market is segmented - 1) By Type: BPO Services, Software Services 2) By Organisation Size: Large Enterprises, Small And Medium Enterprises 3) By End-Use Industry: Financial Services, Retail & Wholesale, Information Technology, Manufacturing, Healthcare, Other End-User Industries Subsegments Covered: CRM BPO, HRO BPO, F&A BPO, Other BPO Services, Application Software, Infrastructure Software, Vertical - Specific Software, Software Outsourcing Services, Other Software Services The global software and bpo services size market grew from $1886.15 billion in 2022 to $2073.16 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The software and bpo services market is expected to grow to $2961.61 billion in 2027 at a CAGR of 9.3%. The emergence of startups as major clients of software and BPO service providers is expected to drive the market. Driven by cost efficiency and the necessity to focus on core operations, startups have started outsourcing non-core operations such as finance and recruitment to specialized agencies and companies. For instance, outsourcing of finance and tech operations helps Leverage Edu, an India-based EdTech startup connecting students with mentors, save approximately 40% of its capital through outsourcing. The increasing number of startups is also expected to positively impact the market. The number of startups in India is expected to increase to 10,500 by 2020, a 4000 increase from the current number, depicting new opportunities for the software and bpo services market in the client expansion and revenue generation. Major companies in the software and bpo services market include TCS, Nippon Telegraph And Telephone Corp, telefonaktiebolaget lm ericsson, Cognizant Technology Solutions Corp, Dell Technologies Inc., Hewlett Packard Enterprise Co, Microsoft, Capgemini, Cisco Systems, Inc., and Infosys ltd. High employee attrition in the BPO services industry is expected to hinder the growth of the BPO services market in the forecast period. According to the Analytics India Employee Attrition Study, in 2017, the USA accounted for the highest attrition rate of 42% in the BPO services industry, followed by Australia - 29%, Europe - 24% and India - 18% attrition. The impact of high attrition is expected to increase hiring costs for training and development of new employees, failure to attract new clients and decrease in productivity of the BPO services sector. All these factors are expected to reduce BPO providers' profitability and stability in the market, hindering the growth. Many software services companies are adopting quality standards such as Information Technology Infrastructure Library (ITIL) and International Organization for Standardization (ISO) 9001 to align IT services with business requirements. ITIL describes processes, procedures and tasks that can be applied by an organization to deliver software products and services that meet predefined quality metrics. Similarly, ISO 9001 is a standard for quality products and services that meet desired quality standards and are reliable. For instance, about 1.1 million ISO 9001 certificates have been issued till date to companies, including software services, medical devices, oil and gas, automotive companies and government organizations. In September 2021, Sitel Group, a US-based customer service company offering BPO services, completed the acquisition of Sykes Enterprises, Inc., for approximately $2.2 billion. Under this deal, Sitel has acquired all outstanding shares of SYKES common stock and aims to reach and diversify product and service offerings to benefit customers. Sykes Enterprises is a business process outsourcing company. Asia-Pacific was the largest region in software and bpo services market in 2022. North America was the second largest region in software and bpo services industry. The regions covered in the software and bpo services market analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the software and bpo services market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The software and bpo services market includes revenues earned by entities by providing software and bpo services including application software programming services, computer program (software) development, computer software support services and web design services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The software and bpo services market research report is one of a series of new reports from The Business Research Company that provides software and bpo services market statistics, including software and bpo services industry global market size, regional shares, competitors with a software and bpo services market share, detailed software and bpo services market segments, market trends and opportunities, and any further data you may need to thrive in the software and bpo services industry. This software and bpo services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.