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  • Software Market Size, Share and Forecast 2026

    (I-SoftwareNews.Com, September 05, 2019 ) Market Overview
    • Software is a collection of data or computer instructions that tell the computer how to work. It includes computer programs, libraries and related non-executable data, such as software documentation or digital media. The majority of software today is written in high-level programming languages which are easier for programmers to use because they are closer to natural languages than machine languages.
    • Companies are focusing in acquisitions to sustain in the market due to huge competition. For instance, In March 2019, FIS a global leader in financial services technology, announced USD 35 billion deal to acquire Worldpay.

    Market Dynamics
    • The demand for software industry is increasing by almost all enterprises of all domains can be attributed to the enhancement in operational performance which can be achieved by digitizing the systems and processes.
    • Increasing usage of Software as a Service (SaaS) via Cloud and rising technological advancements like AI and IoT are the major drivers for the market growth worldwide. Increasing adoption of technological advancements like AI and IoT is the major driver for the market worldwide. The software vendors have developed functionality to take advantage of the software technology including web browser access, web portals for customers and suppliers, mobile technologies with smart phones & tablets, e-commerce capabilities and much more. Furthermore, investments in software industry is rising worldwide. For instance, Tiger Global have invested USD 300 million in India so far in various tech based startups by July, 2019.

    Market Segmentation
    • Based on the industry, the market is segmented into telecommunication, banking and finance, health care, manufacturing, automotive and others. The banking and Finance Software market size was worth USD XX billion in 2018 and is forecasted to reach USD XX billion by 2026, at a CAGR of XX% during the forecast period. Banking and finance sector is one of the leading end user for the software industry. Banking software is enterprise software that is used by the banking industry to provide and manage the financial products they provide.
    • Technological advancements and digital innovations are the major drivers for the growth of the software in banking and financial sector. ATMs, Internet Banking, payment networks and SMS based banking are the different channels using software in banking sector. Companies are focusing to launch different software technologies due to high demand from the banking sector. FIS Global, Fiserv, SAP are the few companies provides software to banking sector. For instance, In May 2019, FIS™ a global leader in financial services technology, has announced the launch of an innovative digital onboarding solution for use by trust companies and bank trust departments in creating and opening new investor accounts online.
    • Application software segment is expected to grow with high CAGR in the forecast period. Usage of the computer system to perform special functions which are beyond the basic operation of the computer itself is called application software. Increasing digitization in all business functions from managing customer relations to inventory management to accounting is the major driver for the growth of the market. Adobe, Kabbage, Microsoft and DoorDash are the few companies providing application software globally. As per WIRED, the three most popular application software programming services are enterprise resource planning (ERP) software, supply chain management (SCM) software and customer relationship management (CRM) software services worldwide in 2019.
    • Based on the form of commercial transaction, the market is segmented into B2B and B2C.
    Geographical Analysis
    • Global Software market is segmented into five major regions including
    • North America,
    • Europe,
    • Asia Pacific,
    • South America,
    • Middle East
    • Africa region.

    Company profiles
    Some of the key market players are
    • Microsoft, Oracle,
    • SAP, Symantec,
    • VMware,
    • Others

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