The global business software and services market is anticipated to grow at a CAGR of 11.5% during the forecast period (2024-2031). The software and services enable the quick access of unstructured data gathered through data analytics to achieve data privacy, transparency, and security objectives. Software such as customer relationship management (CRM) supports avoiding data redundancies, centralize data, create shared dashboards and reports, and support lead-to-cash cycles. The key companies across the globe are highly inclined towards the adoption of different growth strategies including capacity expansion, R&D investment, partnerships and collaborations, mergers and acquisitions, geographical expansion, new product launch, and product innovation to remain competitive in the marketplace.
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For instance, in 2018, Dassault Systems SE accounted for a total expenditure of $337.7 million into R&D, which corresponds to 24.6% of their software revenue. This is anticipated to continue in the future, increasing the likeliness of the development of effective enterprise software products which can store, analyze, and visualize large amounts of data faster and more securely. Moreover, in March 2018, Salesforce introduced Essentials, and 5P Consulting was one of the first companies to adopt the platform, which is divided into Sales Cloud Essentials and Service Cloud Essentials. By centralizing all data and operations on Salesforce, 5P Consulting reduced duplication of data entry efforts and cut down on time spent searching for account information. Thus, the increasing adoption of these solutions to increase operational efficacy and cutting down the cost is expected to boost the market during the forecast period.
Stringent environmental regulation such as minimizing the carbon footprint is encouraging organizations to opt for cloud-based services, which in turn, is propelling the market growth. Further, government initiatives such as digital media campaigns, social media marketing, video marketing, and search engine optimization are boosting the adoption in the small and medium enterprises (SMEs) segment. For instance, in May 2019, Info-Communications Media Development Authority (IMDA) launched a public consultation process to design a policy framework for facilitating 5G.
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Market Coverage
- Segment Covered-
o By Software
o By Service
o By Deployment Model
o By Size
o By End-User
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- SAP SE, Microsoft Corp., and IBM Corp., and among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Business Software and Services Market Report Segment
By Software
- Finance
- Human Resource
- Sales and Marketing
- Supply Chain
By Service
- Consultancy Services
- Maintenance & Operational Services
- Managed Services
By Deployment Model
- On-Premise
- Cloud
By Size
- Small and Medium Enterprises
- Large Enterprises
By End-User
- Aerospace and Defense
- BFSI
- Government
- Healthcare IT and Telecom
- Manufacturing
- Retail
- Others
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