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Software Market: A Comprehensive Overview
The software market was estimated to be worth USD 576.9 billion in 2022. The software market is expected to grow from USD 645.6 billion in 2023 to USD 1,586.97 billion by 2032, at a compound annual growth rate (CAGR) of 11.90% forecast period (2023-2032). Automation of business processes, digitization and increase in enterprise data are the major factors driving the growth of the market.
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Key Companies in The Software Market Include
In addition, growing concerns about privacy and network security are prompting the company to increase its size. The COVID-19 pandemic has had a positive impact on the global economy. During COVID-19, companies were advised to develop software solutions and malware protection, detection and mitigation techniques that supported market growth. This was due to the growing concern about cyber threats. In addition, telecommuting became the new norm and increased productivity, and government funding to create a technology-based society encourages market growth. The main objectives of the software are to protect and secure individual computer devices, information systems, online chat rooms, events, and networks.
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Security software performs a variety of tasks, including access control, data and network protection, and protection against viruses, intrusions, and other system-level security risks. The demands of remote work have increased the consumption of cyber security software. Programmers come up with extremely sophisticated attack plans and methods. For example, Dell Inc. in May 2023 changed the security software of its PowerStore3 storage portfolio to help businesses adopt Zero Trust faster. This security architecture only authorizes known entity and model operations. With security updates, organizations can prevent unauthorized modification or deletion of snapshots before their expiration date. It also allows storage administrators to control access directly from Power Store to quickly address security issues.
Software Market Segmentation
Software market segmentation by type includes application software, system infrastructure software, development and deployment software, and productivity software. In 2022, the application software segment dominated the global market.
Software Deployment market segmentation for deployment includes on-premises and cloud services. In 2022, the on-premises segment dominated the software market.
Software Company Size Information Segmentation of the software market based on company size includes small and medium-sized enterprises and large enterprises. In 2022, the software market was dominated by the enterprise segment.
Segmentation of the software market based on vertical segment includes IT & Telecom, BFSI, Retail, Government/Public Sector, Energy & Utilities, Healthcare and Others. In 2022, the others segment dominated the global market.
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Regional Analysis
Software Regional Views The study provides regional market data for North America, Europe, Asia Pacific, and Rest of the World. In 2022, this market was dominated by the North American software market (45.80%). Its expansion is fueled by the widespread use of various software and the region’s highest revenue generation. The US is a major player on the global stage and has largely supported the software sector. Large companies and SMEs in the region expanded their investments in software solutions, which contributed to a significant turnover. Therefore, the tightening of regulations related to information security and privacy is what is driving the growth of the regional market. In the coming years, the Asia-Pacific region is expected to offer significant market potential. In addition, the US software market had the largest market share, and the Canadian software market was the fastest growing market in the North American region.
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