Business Software Industry’s Outlook

The global market for business software was estimated at USD 71.11 billion in 2022

Business Software Industry | Forecast 2030

The global market for business software was estimated at USD 71.11 billion in 2022 and is anticipated to increase at a CAGR of 11.3% from 2023 to 2030. Increasing enterprise data volumes and increased use of automation to improve business operations are expected to boost the demand for the business software market. For instance, in March 2022, International Business Machines Corporation partnered with Flexera, an IT management solutions provider, to launch AIOps solutions that help enterprises simplify IT asset management across multi-cloud and hybrid environments. The solutions help lower costs and automate complex tasks. The software continuously monitors and helps improve application performance and governance through dynamically rescheduling applications across hybrid and multi-cloud environments.

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Event Management Software Market Growth & Trends

The global event management software market size is expected to reach USD 17.33 billion by 2030 and grow at a CAGR of 12.5% from 2023 to 2030, according to a recent report from Grand View Research, Inc. To improve event experiences, the market will be increasingly associated with emerging technology. It involves incorporating virtual reality (VR), augmented reality (AR), robotics, and mixed reality (MR) into event venues to create immersive and interactive environments. Integration with IoT devices and wearables provides improved event tracking, customized experiences, and seamless interaction.Event management software focuses on providing customized event experiences and boosting engagement among attendees.

Software solutions are designed to respond to individual attendee preferences via features, such as customized agendas, targeted communications, and AI-powered suggestions, delivering a more personalized and interactive event engagement. Such software automates the process of registering and ticketing operations. It offers online application forms, computerized ticketing, secured payment handling, and attendance database administration. It facilitates attendance registration, reduces paperwork, eliminates errors, and allows organizations to gather and handle attendee data more effectively. It also handles sensitive participant data, such as financial and personal information. However, data privacy and security concerns can be significant roadblocks for enterprises evaluating the adoption of this software.

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ERP Software Market Growth & Trends

The global ERP software market is anticipated to reach at USD 123.41 billion by 2030, expanding at a CAGR of 11.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing application of ERP software in the retail, banking, utility, healthcare, and government sectors is expected to drive market demand. Organizations gain from the software’s increased operations, improved decision-making, and efficiency. As a result, the ERP software industry is expected to experience a significant increase in the forecast period offering a wide range of benefits to the stakeholders.

The cloud deployment of ERP software accounts for maximum revenue in 2022, owing to the COVID-19 pandemic’s increased use of cloud-based ERP software. Additionally, a growing volume of sizable data and an increase in the advantages of cloud technology in terms of data & remote accessibility, cheap maintenance, security, and efficiency are gaining ground in the market. Additionally, this market is anticipated to expand more quickly due to advantages including quicker implementation and ease of installation.

Quality Management Software Market Growth & Trends

The global quality management software market size is projected to reach USD 20.66 billion by 2030, registering a CAGR of 10.6% from 2023 to 2030, according to a new study by Grand View Research Inc.This growth can be attributed to various factors such as controlling business operational risk and compliance, better supplier visibility & control, and effective business decisions across organizations. QMS improves operating margins by evaluating performance effectiveness and improving the quality of finished products. It aids in the promotion of consistent and proper record-keeping by increasing employee awareness and reducing wastage & unnecessary expenses.

The consistent usage of QMS helps in reducing the frequency of quality issues and identifying areas of improvement for organizations. QMS helps remarkably in gaining cost-efficiency, particularly in the areas of rework, scrap, warranty cost reduction, and field service. As these cost reductions have a direct impact on the bottom-line profits without incurring any additional costs, there can be a significant rise in productivity and profitability. Due to the growing numbers of customers across developing countries such as, China and India, various market players are expanding their footprints to these countries to stay competitive in the market.

Competitive Landscape

The market is competitive with the presence of major players such as SAP SE; Microsoft Corporation; Oracle Corporation; Rockwell Automation Inc.; Honeywell International Inc.; Aventri Inc.; Sage Group, plc; NetSuite, Inc.; International Business Machines Corporation; and General Electric Co. Companies are adopting various growth strategies, such as mergers & acquisitions, partnerships, and new product launches to maintain their position in the competitive market. For instance, in June 2022, Epicor, an ERP software provider, acquired Data Interchange, a UK-based Electronic Data Interchange (EDI) provider that manages services and cloud technologies. With the addition of Data Interchange to the company’s B2B integration technologies portfolio, Epicor’s reach in European markets is increased. This allows customers to connect with business and trading partners, improve productivity, and add value to the supply chain