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According to a new report, published by KBV research, The Global Business Software And Services Market size is expected to reach $1194.32 billion by 2031, rising at a market growth of 11.6% CAGR during the forecast period.
The Cloud segment is poised to grow at a CAGR of 11.1 % during the forecast period. The widespread adoption of cloud computing drives the segment, SaaS (Software-as-a-Service) solutions, and remote work infrastructure. Businesses across various industries increasingly opted for cloud-based software due to its scalability, cost-efficiency, and remote accessibility. The ability to integrate AI, big data analytics, and automation into cloud platforms further accelerated adoption.
The Large Enterprises segment captured the maximum revenue in the Global Business Software And Services Market by Enterprise Size in 2023, thereby, achieving a market value of $690.8 billion by 2031. Large corporations invest heavily in ERP (Enterprise Resource Planning), CRM (Customer Relationship Management), AI-powered analytics, and cybersecurity solutions to enhance productivity and maintain a competitive edge. The increasing adoption of cloud computing, hybrid IT infrastructure, and machine learning applications has further accelerated software spending among large enterprises.
The Support & Maintenance segment is experiencing a CAGR of 11 % during the forecast period. The support and maintenance sector is propelled by an increasing dependence on essential software solutions for business operations, necessitating ongoing monitoring, security updates, and technical assistance to guarantee seamless functionality. With enterprises increasingly adopting cloud-based, AI-driven, and SaaS solutions, the demand for regular software upgrades, bug fixes, and troubleshooting assistance has surged.
The Finance segment led the maximum revenue in the Global Business Software And Services Market by Software in 2023, thereby, achieving a market value of $289.2 billion by 2031. Businesses invest heavily in ERP systems, accounting software, and AI-driven financial analytics to streamline operations and improve decision-making. The rise of digital payments, fintech integration, and automated tax compliance solutions has further accelerated the adoption of finance software.
The BFSI segment is growing at a CAGR of 9.1 % during the forecast period. The rapid growth of fintech solutions, digital banking, mobile payments, and AI-powered fraud detection systems accelerated the demand for specialized banking software. Financial institutions adopted AI-driven predictive analytics, blockchain-based security solutions, and automated loan processing systems to enhance operational efficiency and customer engagement.
Full Report: https://www.kbvresearch.com/business-software-and-services-market/
The North America region dominated the Global Business Software And Services Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $391.3 billion by 2031. The Europe region is anticipated to grow at a CAGR of 11.4% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 12.2% during (2024 - 2031).
By Deployment
By Enterprise Size
By Service
By Software
By End-use
By Geography
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