The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increased automation of business operations is likely to boost innovation in software services manufacturing, propelling the market over the forecast period.

The global software services market is expected to grow from $1,520.88 billion in 2022 to $1,652.33 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The global software services market size is expected to reach $1,369.13 billion in 2027 at a CAGR of 9.4%.

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Global Software Services Market Segments Include:

• By Software: Finance, Sales And Marketing, Human Resource, Supply Chain, Other Software Types
• By Service: Consulting, Managed Services, Support And Maintenance
• By Enterprise Size: Large Enterprises, Small And Medium Enterprises
• By Deployment: Cloud, On-Premise
• By End-Use: Aerospace And Defense, Banking And Financial Institutions (BFSI), Government, Healthcare, IT And Telecom, Manufacturing, Retail, Transportation, Other End-Uses
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global software services market in 2021.

Major Market Players in the software services market include Microsoft Corporation, Oracle Corporation, Epicor Software Corporation, International Business Machines Corporation, Infor Inc., Deltek Inc., Acumatica Inc., Unit4, Syspro, TOTVS S.A.

The primary trend gaining traction in the software services market is technological advancement. To boost their market position, major software services businesses are focusing on inventing new technologies. Valvoline Inc., a US-based provider of automotive and industrial solutions, for example, released Vision Service Lane Technology in January 2023. The capacity of Vision to give a personalised, VIN-specific menu of services provides a platform for the service department to increase income. Vision is one of the most sophisticated fixed-ops software products on the market, relying on collaborations with partners to identify their pain areas and untapped possibilities in their present software. In the service drive or at the service desk, advisors use vision to assist them develop relationships, trust, and accountability with clients.

The Software Services Global Market Report 2023 provides a software services market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The software services market forecast analyzes software services market size, software services market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

A software service is a service process in which a cloud provider hosts programmes and makes them available to end users via the internet using a software distribution model. Businesses utilise it to boost client engagement and provide better customer service.

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