Software Market Trends to Watch in 2019
Global Software Market Overview The global software market size has witnessed staggering growth in recent decades and is expected to continue its acceleration…
Global Software Market Overview The global software market size has witnessed staggering growth in recent decades and is expected to continue its acceleration…
Global Software Market Overview
The global software market size has witnessed
staggering growth in recent decades and is expected to continue its
acceleration in the coming years. Software has become essential for enterprises
as modern-day equipment such as computers, smartphones, wearable devices, and
automated machinery help businesses around the world to conduct business more
efficiently. As businesses continue to rely further on various types of
software, the global software market will continue to thrive. This
blog explores some of the top software market trends to watch in 2019.
Technological developments and advancements of newly
emerged software and the growing demand in the enterprise software market are
continuously the primary factors driving global software market growth. In
2019, more and more businesses across different industries will begin to
witness the increasing impact from these emerging software market trends –
including artificial intelligence, blockchain, and cloud services.
Global Software Market Analysis
The global software market size is already worth
hundreds of billions of dollars and is expected to grow at a CAGR of more than
7% by the end of 2022. The software market has numerous major end-user
industries including retail, manufacturing, banking, financial services and
insurance, enterprises, academia and government, healthcare, and
telecommunication. By product type, some of the major segments include customer
relationship management (CRM) software, supply chain management software,
business intelligence software, enterprise resource planning software, and
business process management.
Geographically, North America is currently the largest
software market in the world, representing over 40% of the global software
market share. The US is the top regional market in terms of software market
revenues, as it is the home of many world’s largest software companies,
including Oracle, Microsoft, and IBM. However, the fast-growing software demand
in Asia Pacific, particularly led by China and India are expected to play a pivotal
role in the global software market growth over the next few years.
1. Artificial Intelligence (AI) and Blockchain
Technology will go Hand in Hand
Artificial intelligence in the software and IT industry
is one of the keys to increasing efficiency and productivity. AI applications
have combined machine and deep learning algorithms with automated processes to
make business simpler and easier. Today, many large software companies are
already integrating AI capabilities into cloud-based enterprise software and an
increasing number of small and medium sized businesses are also adopting AI
applications into their everyday business. We forecast the size of the global
Artificial Intelligence-as-a-service (AIaaS) market will increase over USD
9.4 billion during 2019-2023.
Blockchain is also expected positively impact the
global software market in 2019. As the whole world is increasingly connected,
digital security and privacy protection have become a top priority. Blockchain
offers a robust way to secure and manage user identities. Therefore, it is
vital for businesses to implement these technologies to make their offerings
more secure. Our latest analysis forecasts the global blockchain
technology market size to grow steadily at a CAGR of around 56% by 2021.
2. Cloud Services is more important than Ever
Cloud services are giving businesses a great
opportunity to considerably reduce their technology management costs in the
most effective way. Due to these benefits, the global enterprise cloud
services market will grow at a significant CAGR of close to 24% from 2018
to 2022. An increasing number of enterprises of all sizes are expected to
rapidly adopt cloud computing by moving their IT systems and software
applications to cloud based platforms in 2019 as a part of their digital
transformation initiatives. The widespread availability and increased adoption
of different cloud-based services by companies will also facilitate the
enterprise cloud services market and become one of the top software market
trends over the next few years.
3. CRM Software is Used Beyond the Conventional
Sales Department
Customer relationship management ( CRM) software has become an
essential tool in today’s interconnected business world. It is also one of the
fastest growing segments in the global software market. CRM software is not
only used for conventional sales department as now businesses of all sizes are
increasingly understanding the importance and value of data management and
analytics. A large number of companies now rely on analytics services to
transform unstructured information into the structured information that is
collected from various channels. They are increasingly using advanced
analytical CRM software and tools to understand the pattern related to consumer
behaviours. Today’s CRM software solutions offered by many world’s top CRM
software companies can address enterprise’s requirements in different
business processes as well as allow for flexibility and customizations.
Therefore, the adoption of CRM software is projected to be much wider, making
it one of the top trends to watch in the global software market for 2019.