The Global Office Software Market size is expected to reach $35.5 billion by 2028, rising at a market growth of 6.5% CAGR during the forecast period
NEW YORK, Nov. 25, 2022 /PRNewswire/ --
The Global Office Software Market size is expected to reach $35.5 billion by 2028, rising at a market growth of 6.5% CAGR during the forecast period.
By Type, the Office Software Market is categorized into Spreadsheet Software, Word Processing Software, Visualization Software, Presentation Software, and Others. In 2021, the visualization software segment procured a substantial revenue share of the office software market. Due to the rising use of new technologies in product design and development, the industry is anticipated to expand. In addition, the adoption of user-friendly software interfaces as well as the intensification of competition is projected to enhance demand for these software solutions.
On the basis of Deployment, the Office Software Market is bifurcated into Cloud and On-premises. In 2021, the on-premises segment garnered a substantial revenue share of the office software market. On-premise deployment is gaining popularity due to its capacity to provide enterprises with comprehensive service and software management. Once the license copy of the product is provided by the vendor at the time of deployment, the organization has total access to and control over its data and maintenance.
Region-Wise, the Office Software Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, North America accounted for the largest revenue share of the office software market. The office software solution is anticipated to grow faster in North America due to reasons, such as the regionâ€™s rising adoption of enterprise office software along with cloud computing technologies as well as solutions. In addition, the growth of small businesses and rising SME expenditures in the SaaS and cloud industry are anticipated to drive market growth.
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Google LLC and Microsoft Corporation are the forerunners in the Office Software Market. Companies such as IBM Corporation, Oracle Corporation and Salesforce.com, Inc. are some of the key innovators in Office Software Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Google LLC, IBM Corporation, Oracle Corporation, Salesforce.com, Inc., Broadcom, Inc. (Symantec Corporation), Dell Technologies, Inc., HP, Inc., and Citrix Systems, Inc.
Recent Strategies Deployed in Office Software Market
Partnership, Collaboration and Agreement:
Jul-2022: Oracle came into a partnership with Microsoft, an American multinational technology corporation. Under this partnership, the companies aimed to launch the dubbed Oracle Database Service for Azure, a service, which enables Azure customers to directly access Oracle databases over Oracle Cloud Infrastructure.
Jun-2020: Microsoft partnered with SAS, a leader in analytics. Under this partnership, the companies would enable customers to operate their SAS workloads on Microsoft Azure intending to help customers in expediting growth along with discovering novel approaches to accelerate innovation.
May-2022: Oracle entered into a partnership with Informatica, a leader in enterprise cloud data management. Through this partnership, the companies aimed to allow customers to leverage Informaticaâ€™s best-in-class data integration and governance tools over the Oracle Cloud Infrastructure.
Acquisition and Merger:
Aug-2022: HP took over Poly, a leader in providing workplace collaboration solutions. Following this acquisition, the company aimed to further accelerate HPâ€™s vision to develop a more growth-centered portfolio in order to strengthen its industry potential within the hybrid work solutions market.
Mar-2022: Microsoft acquired Nuance Communications, ambient intelligence, and conversational AI leader. Through this acquisition, the company aimed to integrate Nuanceâ€™s leading ambient intelligence and conversational AI capabilities into its portfolio of reliable and secure cloud to aid vendors in offering more effective, accessible, and affordable healthcare services and devices.
Feb-2022: IBM acquired Neudesic, a cloud services consultancy. Following this acquisition, the company aimed to leverage Neudesicâ€™s capabilities into its offerings in order to expand its hybrid multi-cloud services portfolio.
Dec-2021: Oracle acquired Cerner, a health information technology services provider. Through this acquisition, Oracle aimed to offer advanced and simple digital tools to medical professionals to enable access to information to secure cloud applications through a hands-free voice interface. In addition, it would allow the company to address the challenges of overworked medical professionals.
Jul-2021: Salesforce took over Slack Technologies, a Canadian international software company. With this acquisition, the company aimed to redefine the future of enterprise software to develop a digital HQ that allows companies to offer remote success to employees and customers.
Dec-2020: IBM took over Instana, a leader in application performance monitoring and observability. With this acquisition, the company aimed to strengthen its Watson AIOps portfolio through a constant flow of information to deliver higher-quality recommendations via its AI models.
Jan-2020: Google took over AppSheet, a no-code mobile application-building platform. Through this acquisition, the company aimed to streamline the process of developing applications without the requirement for any coding capabilities. In addition, this acquisition would aid businesses in empowering a number of developers to conveniently create as well as extend applications without the requirement for professional coding skills.
Scope of the Study
Market Segments covered in the Report:
â€¢ Spreadsheet Software
â€¢ Word Processing Software
â€¢ Presentation Software
â€¢ Visualization Software
â€¢ North America
o Rest of North America
o Rest of Europe
â€¢ Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
â€¢ Microsoft Corporation
â€¢ Google LLC
â€¢ IBM Corporation
â€¢ Oracle Corporation
â€¢ Salesforce.com, Inc.
â€¢ Broadcom, Inc. (Symantec Corporation)
â€¢ Dell Technologies, Inc.
â€¢ HP, Inc.
â€¢ Citrix Systems, Inc.
â€¢ Exhaustive coverage
â€¢ Highest number of market tables and figures
â€¢ Subscription based model available
â€¢ Guaranteed best price
â€¢ Assured post sales research support with 10% customization free
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