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Capturing Software Deals worth USD 1.3 Tn:
The global Software market is projected to reach USD 824 Bn in 2026 growing at 7.35%, from USD 578 Bn in 2021.
- Software Market focuses on digitization and process automation as well as data analytics to transform business intelligence and improve efficiency.
- Digital themes in the industry include customer experience, digital payments, customer intelligence, and mobile solutions.
- Companies are seeking AI/ML, Cloud, and IoT services to build robust software solutions suitable for the dynamic market of 2023.
- Real-time data management, Cloud-based data analytics, and Virtual Customer Experiences are some of the key focus areas for service providers.
Micro-target USD 1.3 Tn in Software deals and explore trends, challenges, and focus areas for 2023. Download full report.
“The global Software market is projected to reach USD 824 Bn in 2026 growing at 7.35%, from USD 578 Bn in 2021”.
The sudden impact of the pandemic catapulted many organizations into the future, rapidly accelerating digital transformation. Work environments, organizational priorities and operational tactics changed overnight as the market evolved faster than imagined.
One industry that instantly took the initiative of driving every organization into the new-age digital era was the Software & Internet industry. The industry had to focus on rapid digitalization and process automation backed by data analytics to gain business insights and drive efficiency across the globe.
Today, the industry is moving towards cloud computing, mobile applications for enterprises, data-driven decision-making platforms, and multiple innovations already in the pipeline.
In this whitepaper, we analyze the Software & Internet market and what can be its potential impact on the future of global businesses.
Driving Factors Powering the Growth of the Industry
For the decade to come, the Software and Internet industry has to shift its focus from traditional tech use cases to modern tech innovations across industries. This means the industry must keep anticipating the needs of tomorrow and innovating on it to support rapidly growing enterprises.
Some of the significant driving factors behind the growth of this industry are:
- As a Service: This business model will increase the flexibility and independency of work across the globe. Since this model doesn’t require a hefty investment in infrastructure, this will lead to the rise of PaaS, SaaS, and IaaS as some of the foundations of organizational technology.
- IoT Products: There is an increasing demand for personalized and connected products/solutions from organizations of all sizes. The idea is to communicate real-time data from networks of devices and sensors to enhance various aspects of business development.
- Cloud and Mobile Applications: Infrastructure is expensive to develop, manage and repair. To reduce their IT infrastructure, enterprises are increasingly moving to cloud-powered infrastructure. Usage of public cloud and mobile-enabled enterprise applications seem to the near future.
- Rise of IT Consumerization: Enterprises are transforming the IT infrastructure to customized workplaces allowing customers to optimize workflows. This is resulting in the traction for new enterprise applications that can power modern user experiences with ease.
- Data-driven decision making: As a result of companies moving cloud, data connection and integration are at the forefront of decision-making today. Setting up data lakes for data sharing is becoming the new normal for the enterprise software industry.
- Rise of ERP: Increasing data transparency is a major concern in the software market. Rise in need of operational efficiency and transparency in business processes is increasing the use of ERP in the market.
The next five years for the Software and Internet industry would be a test of what can be developed, in how little time and how fast can these technologies be deployed.
Digital Intentions of 2023:
With new trends emerge new use cases and every enterprise is participating in the digital transformation drive of 2023. From customer experience to digital payments and channel management, emerging technologies are developing a variety of use cases. The figure below indicates some of the top use cases across digital themes in tech.
Key Opportunities for Service Providers
The Software & Internet industry is poised to be one of the top performers in the years to come. This essentially means opportunities for service providers would turn endless and grow as the industry accelerates. However, catching on early to these trends is imperative considering the number of service providers in this industry are comparatively more than other industries.
Let us explore some opportunities for service providers in the Software & Internet industry:
Short-term opportunities:
- Real-time data management would include data storage, data processing and data delivery and would soon be adopted as an effective way of managing large chunks of data.
- Digital Documentation would support areas such as insurance and healthcare for digital insurance and prescriptions.
Medium-term:
- Cloud-based Analytics including scalable cloud with powerful analytics to identify patterns in data and to extract new insights with the help of Cloud Optimization.
- Robotic Process Automation (RPA) is expected to be deployed in Robotic Grocery Delivery to redefine customer experience at the time of delivery.
Long-term:
- AI-powered web-based and mobile-based applications would soon represent enterprises in the coming years.
- Virtual Customer Experience will redefine traditional retail and development of AR/VR technologies in this space would power the next-generation retail market.
To seize these opportunities at the right time and to pitch relevant solutions, you need an intelligent sales enablement solution like Draup for sales. Fed with real-time insights from a variety of channels, Draup delivers timely, actionable insights for modern sales professionals.
