Independent Software Vendors (ISV) market size to increase by USD 1,738.53 billion from 2022 to 2027; Increasing cloud computing to be the primary trend in the market - Technavio
NEW YORK, June 27, 2023 /PRNewswire/ -- The independent software vendors market is estimated to grow by USD 1,738.53 billion from 2022 to 2027. The growth momentum will progress at a CAGR of 14.01% during the forecast period. This report extensively covers market segmentation by deployment (on-premise and cloud), component (software and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The market share growth by the on-premise segment will be significant during the forecast period. This software is locally hosted software inside the organization's premises and it uses the organization's computer systems, along with the organization pays a one-time license fee. The on-premises software delivers data security, and local ownership, with the characteristic of additional integrations. High hardware costs and frequent maintenance needed for on-premises software prevent enterprises from deploying on-premises software. Furthermore, local software cannot be updated often as computer systems change. This further decreased the demand for on-premises software. On-premises ISVs include SAP, Oracle, Microsoft, and IBM. Thus, businesses may favour on-premises owing to security concerns, which is likely to drive the growth of the global independent software vendor market during the forecast period. Download a Sample Report Now!
Information Services Market Insights -
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Independent software vendors market - Vendor Insights
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors including Alphabet Inc., American Software Inc., Apple Inc., Autodesk Inc., BMC Software Inc., Cisco Systems Inc., Gamma Technologies LLC, H and W Computer Systems Inc., HP Inc., International Business Machines Corp., Microsoft Corp., Mocana Corp., Nutanix Inc., Odyssey Computing Inc., Open Text Corp., Oracle Corp., RSA Security LLC, SAP SE, ServiceNow Inc., and Vision ID Ltd.
Independent Software Vendors Market – Market Dynamics
Major Trends -
Rising cloud computing is the emerging trend shaping the global independent software vendors market. Different agencies such as governments and businesses use cloud-based software for a variety of applications such as authentication processes, video management, biometric information storage, and big data computing. Due to its flexibility and scalability, cloud-based solutions help organizations and government agencies meet their various needs. The growing use of IoT-connected devices all across the world has generated enormous amounts of data. Similarly, the rise in the adoption of connected cars, connected homes, connected health, and smart cities has expanded the data generated by these devices. However, Numerous industries, such as manufacturing, utilities, retail, automotive, and social media, use IoT for augmented data transfer. IoT-enabled devices increased data centre traffic by around 40 times in 2020. This increasing number of IoT-enabled devices initiated the need for cloud-based solutions. Furthermore, the commercial deployment of 5G will drive the growth of the market by the end of the forecast period.
KEY challenges -
The major challenge impeding the growth of the global independent software vendors market is data security concerns. Currently, data breaches are a reason for great concern across the nation. Such breaches are a significant threat to small businesses and large businesses. Local software programs have security and privacy issues. Moreover, cloud solutions also come with security concerns. Numerous businesses around the globe, including small businesses and large enterprises, use cloud-based software solutions that are cost-effective, scalable, and accessible. Most SMEs outsource certain tasks, such as IT. When they outsource IT, they do not have authority over the operation of the service provider. Therefore, they are exposed to several threats. Services providers are usually confidential and ensure their clients that they are better at keeping the data safe and secure. Despite such guarantees, the data centre used by software can be compromised by malware attacks or hacking. Therefore, the increased concern for data security may hinder the growth of the global market focus during the forecast period.
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The independent software vendors market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.
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Table of content
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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