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The Business Management Software (BMS) Market size is estimated to grow at a CAGR of 10.48% between 2023 and 2028. The market size is forecast to increase by USD 222.08 billion. The growth of the market depends on several factors, including the introduction of cloud-based deployment solutions, the increased popularity of enterprise resource planning (ERP) software, and the growing need to enhance business efficiency. Business management software encompasses a wide range of applications and tools designed to help businesses streamline their operations, improve efficiency, make data-driven decisions, and enhance overall productivity. These software solutions cover various aspects of business management, including finance, human resources, customer relationship management, project management, and more.
This business management software market report extensively covers market segmentation by application (large enterprises and SMEs), deployment (on-premise and cloud), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 to 2022.
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One of the key factors driving the business management software market growth is the introduction of cloud-based deployment solutions. Cloud-based services can be referred to as applications or software available remotely and hosted on the company's server on behalf of the customer. In addition, these services are essentially IT resources that are provided over the Internet. Furthermore, such services can come via public clouds, private clouds, and hybrid clouds, which are a combination of public and private clouds.
Moreover, this feature of cloud-based services helps overcome the complexities of hardware, license management, and software. In addition, there has been a growing demand for cloud-based solutions, and thus, vendors are significantly launching cloud-based business management software. Hence, such factors are positively impacting the business management software (BMS) market. Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the business management software market growth is the robust growth of e-commerce. E-commerce businesses, irrespective of large or small, depend on a range of software solutions to effectively manage their operations, provide a seamless customer experience, and ensure scalability. In addition, e-commerce platforms offer efficient order management systems to handle customer orders, inventory tracking, order processing, and shipping.
Moreover, business management software helps streamline these processes, reducing errors and improving order fulfillment. In addition, efficient supply chain management and logistics software are essential for ensuring timely product delivery and minimizing shipping costs. Therefore, as e-commerce businesses grow, they require scalable business management software that can adapt to increased demand and evolving needs. Hence, such factors are positively impacting the business management software market. Therefore, it is expected to drive the market growth during the forecast period.
The lack of skilled professionals is one of the key challenges hindering the business management software market growth. The shortage of adequate technological skill sets among end-users to effectively use business management software impacts the growth of the global business management software market. In addition, several companies operating in the market offer user-friendly products and train users to use them.
Moreover, the end-users find it challenging to adapt the workspace solutions, especially customized business management solutions and business management analytics, provided by some market players. Furthermore, inadequate knowledge of analytical tools and their use and interpretation could cause the misinterpretation of data and result in the improper utilization of business management software. Hence, such factors are hindering the market growth during the forecast period.
The large enterprises segment is estimated to witness significant growth during the forecast period. There has been a high demand in this segment due to various factors that contribute to the need for efficient, scalable, and data-driven operations. In addition, large enterprises often have complex and diverse business operations. Thus, the implementation of business development software helps streamline and manage these operations efficiently, enabling better coordination and control across various departments and business units.
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The large enterprises segment was the largest segment and was valued at USD 103.55 billion in 2018. Moreover, as large enterprises expand their operations or enter new markets, they require software solutions that can scale with them. In addition, business development software can adapt to the changing needs of large organizations, whether it's handling increased customer data, managing larger inventories, or accommodating more users. Furthermore, large enterprises often have extensive customer bases and complex sales processes. Therefore, business management software helps them manage customer interactions, track sales leads, and provide personalized customer experiences at scale. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
The security offered by the on-premise segment will drive the market growth during the forecast period. This segment holds the highest share as it is the traditional and preferred method of installation of business management software. In addition, on-premises deployments enable the real-time monitoring of business management software. Therefore, such deployments also ensure the complete security of enterprise data, including source codes, version enhancements, and source code change histories, as they only require licensed or purchased copies of software solutions from independent software market players. Furthermore, on-premises deployments provide a secure environment during regular software updates. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the key regions for the business management software market is North America as the region is an early adopter of technology. In addition, the region is technologically mature, and the industrial sector across the region is highly developed.
As a result, it leads to the high adoption of business management software, which increases the efficiency and productivity of businesses. Furthermore, the increasing adoption of advanced technologies, such as AI, machine learning (ML), virtualization, and cloud computing, is leading to an abundance of use cases for the business management software market in North America. Hence, such factors are driving the market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global business management software market witnessed a significant slowdown due to the closure of several end-user sectors, such as small and medium-sized enterprises (SMEs) and large enterprises in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in end-user industries. Such factors are expected to drive the market during the forecast period.
The business management software market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Business Management Software Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Fortive Corp: The company offers intelligent operating solution which give strategic approach to advance the operating model thus transformed the business through technology, processes and people
International Business Machines Corp: The company offers business management software which help to optimize and automate business processes, thus improve efficiency and reduce cost.
Infor Inc: The company offers financial and supply management services which is design to delivers comprehensive enterprise financial and accounting capabilities related to industry specific, thus help in running the business process smooth.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The business management software market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Business Management Software Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.48% |
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Market growth 2024-2028 |
USD 222.08 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
9.64 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 34% |
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Key countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Accenture Plc, Comarch SA, Fortive Corp., International Business Machines Corp., Infor Inc., Microsoft Corp., Oracle Corp., OverIT Spa, Salesforce Inc., SAP SE, ServiceMax Inc., Trimble Inc., Yardi Systems Inc., AgilQuest Corp., Asure Software Inc., Condeco Group Ltd., FM Systems Group LLC, iOFFICE LP, ONESOFT GLOBAL PTE. Ltd., and Planon Shared Services BV |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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