New York, June 28, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Software Services Global Market Report 2023” – https://www.reportlinker.com/p06463986/?utm_source=GNW
Unit4, Syspro, TOTVS SA, SAP SE, Cloud Software Group Inc., QlikTech International AB, Tableau Software Inc., and SAS Institute Inc.
The global software services market is expected to grow from $1,520.88 billion in 2022 to $1,652.33 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. 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 services market is expected to reach $1,369.13 billion in 2027 at a CAGR of 9.4%.
The software services market includes revenues earned by entities by providing software training services, software insurance services, legal software services, software security services, and other related services. The market value includes the value of related goods sold by the service provider or included within the service offerings.
The software services market also includes sales of accounts software, database software, asset management software, billing software, and other related products. 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.
Software service refers to a process of services in which a cloud provider uses a software distribution model to host programs and makes them available to end customers via the internet. It is used by businesses to increase client engagement and provide effective customer care.
North America was the largest region in the software services market in 2022. The regions covered in software services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main software involved in software services are finance, sales and marketing, human resources, supply chain, and others. Financial software refers to a type of software that is created with the specific intention of automating, assisting, and storing financial data, whether it be of a personal or professional nature.
The various services involved are consulting, managed services, support and maintenance which are used by large enterprises, and small and medium enterprises. These are developed by opting for a cloud and on-premise medium and are used by aerospace and defense, banking and financial institutions (BFSI), government, healthcare, it and telecom, manufacturing, retail, transportation, and others.
The increasing automation of business processes is expected to boost the growth of the software services market going forward. Automation refers to the technology that uses less human assistance to complete tasks.
The use of automation software is a superior and wiser method of cost containment and reduction where the greatest opportunity is to expand customer (end-user) services while steadily cutting expenses, hence, the use of automation in business processes will increase the demand for the software services market. For instance, in April 2021, according to a report published by Zapier, a US-based company that empowers businesses to automate workflows and move data across apps, in 2021, 63% of SMBs stated enabled them to quickly shift in response to the pandemic.
Furthermore, 66% of employees believe that automation at work allows them to focus on more innovative roles and initiatives. Therefore, the increased automation of business processes is driving the growth of the software services market.
Technological advancement is the key trend of gaining popularity in the software services market. Major companies operating in the software services market are focusing on developing new technologies to strengthen their market position.
For example, in January 2023, Valvoline Inc., a US-based provider of automotive and industrial solutions, launched Vision Service Lane Technology. The unique feature of Vision is its ability to provide a tailored, VIN-specific menu of services, giving the service department a platform to increase income. Vision is one of the most detailed fixed-ops software products available, involving collaborations with partners to understand their pain points and unrealized potential in their current software. Advisors employ vision to help them establish relationships, trust and responsibility with clients in the service drive or at the service desk.
In October 2022, Aptean, a US-based provider of purpose-built, industry-specific software acquired Merlin Business Software Ltd. for an undisclosed amount. The acquisition of Merlin is anticipated to improve Aptean’s capacity to assist UK distributors and wholesalers where the software from Merlin can be installed on-premises or in the cloud as a subscription as a service (SaaS). Merlin Business Software Ltd. is a UK-based provider of bespoke enterprise business software solutions.
The countries covered in the software services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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 services market research report is one of a series of new reports that provide software services market statistics, including software services industry global market size, regional shares, competitors with software services market share, detailed software services market segments, market trends, and opportunities , and any further data you may need to thrive in the software services industry. This software services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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