Enjoy complimentary customisation on priority with our Enterprise License!
Report on How AI is Driving Market Transformation 
The IT software market size is forecast to increase by USD 320.5 billion, at a CAGR of 7.28% between 2023 and 2028. The market is experiencing significant growth, driven by the expansion of IT infrastructure in various industries and the increasing focus of companies on the development of new software solutions. This trend is fueled by the growing recognition of technology's role in business efficiency and innovation. However, the market also faces challenges related to cybersecurity concerns, as the increasing digitalization of businesses and the proliferation of remote work arrangements make them more vulnerable to cyber-attacks prevented by cyber security. Companies must prioritize security features in their software offerings to address this challenge and maintain customer trust. Additionally, the market is witnessing a shift towards cloud-based solutions and artificial intelligence integration, further shaping the competitive landscape.
Request Free IT Software Market Sample
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The application software segment is estimated to witness significant growth during the forecast period. The market encompasses various categories of software solutions, including cybersecurity tools, application software, system infrastructure software, and productivity software. Cybersecurity tools are essential for safeguarding digital assets against data breaches, endpoint attacks, and other cyber threats. Stacklock, for instance, offers advanced security solutions for cloud-based and on-premise deployments.
Get a glance at the market share of various regions Download the PDF Sample
The application software segment was the largest and was valued at USD 343.00 billion in 2018. Large enterprises software in sectors such as energy and utilities, healthcare, and finance heavily rely on these software solutions to secure their system infrastructure and ensure data security. Strategic alliances between software providers and industry leaders are driving innovation in the market, particularly in cloud-based solutions. Productivity software, too, plays a crucial role in enhancing workflow efficiency and streamlining business processes. The software supply chain is another critical aspect of the market, with a focus on ensuring secure and reliable software delivery.
For more insights on the market share of various regions Request Free Sample
North America is estimated to contribute 48% 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. The market encompasses various categories, including Cybersecurity tools, Application software, System infrastructure software, and Productivity software. Cybersecurity tools are crucial for securing digital assets against data breaches, endpoint attacks, and other cyber threats. Stacklock, for instance, offers advanced cybersecurity solutions. Large enterprises in sectors like Energy and utilities and Healthcare prioritize data security. Cloud deployment is a significant trend in the market, with Cloud-based solutions offering scalability and flexibility. Software vendors are forming Strategic alliances to expand their offerings and better serve customer needs. Application software and System infrastructure software are essential for maintaining and optimizing system functionality, while Productivity software enhances workflow efficiency. The Software Market caters to both Cloud-based and On-premise requirements.
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.
Alphabet Inc. - The company offers IT software such as Google Compute Engine for virtual machines, Google Kubernetes Engine for container orchestration, Google Cloud Storage for scalable storage, BigQuery for data warehousing, Google Workspace for productivity tools and others.
Technavio provides ranking index for the top 20 companies along with insights on market positioning of:
Explore our company rankings and market positioning Request Free Sample
|
Market structure |
Fragmented |
|
YoY growth 2023-2024 |
7.08 |
The market encompasses a wide range of software solutions designed for various Information Systems and Computing Devices. With the increasing trend of Remote working, the demand for security software has surged. Internet communication, transactions, and access management are key areas where Security software plays a crucial role. Networks, Data protection, and Network protection are other significant sectors. Business Process Automation and Productivity are also driving the market growth. Cybersecurity software, including Network security, malware protection, and access control, is a critical component of the market. With the rise of cyber threats, the need for robust solutions to mitigate System-level security risks is emphasized. Cloud-based and On-premise solutions are available, catering to diverse business needs. Software developers are continuously innovating to provide advanced solutions for Virus defense and Data protection. The market is expected to grow significantly due to the increasing reliance on IT infrastructure and the continuous evolution of Cybersecurity threats. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Expansion of IT infrastructure is notably driving market growth. The market has experienced significant growth due to the increasing adoption of remote working and the expansion of computing devices and information systems. With the rise of internet communication and e-commerce, transactions have become increasingly digital, leading to an increased need for security software to protect networks, access management, data protection, and network protection against cybersecurity threats. The Internet of Things (IoT) and Artificial Intelligence (AI) have further complicated security concerns, making cybersecurity software essential for businesses. ERP , Customer Relationship Management (CRM), and Supply Chain Management (SCM) systems have become critical components of business operations, requiring cloud-based solutions for seamless access and productivity.
Further, IT and telecom industries, in particular, have been at the forefront of these technological advancements, necessitating stringent security standards and business process automation. Network security and malware protection have become essential to mitigate system-level security risks and cyber threats. As businesses continue to digitize their operations, the importance of cybersecurity software in protecting against cybercrimes cannot be overstated. Software developers are continuously working on innovative solutions to address the evolving cybersecurity landscape, including PowerStore for data protection and system-level security risks. Overall, the market is poised for continued growth as businesses seek to optimize their operations and mitigate risks in the digital age. Thus, such factors are driving the growth of the market during the forecast period.
The increasing focus of companies on developments of new software solutions is the key trend in the market. The market is witnessing significant growth due to the increasing demand for advanced solutions that cater to the evolving needs of businesses. Vendors are investing heavily in research and development to introduce innovative software solutions, including those for remote working, security, e-commerce, and business process automation. For example, SolarWinds recently launched its new AI engine, SolarWinds AI, under its AI by Design framework. This engine, which first appeared in SolarWinds Service Desk, enhances agent workflows and expedites ticket resolution, red supply chain management (SCM) ucing the time required from hours or days to minutes. Security software continues to be a key focus area, with the increasing use of computing devices and internet communication for transactions and access to information systems. Network security and data protection are critical concerns, with cybersecurity threats on the rise.
Moreover, cybercrimes targeting enterprise resource planning (ERP), customer relationship management (CRM), andsystems have become increasingly common. Cloud-based solutions and on-premises software are both popular, with security standards being a major consideration for both. The Internet of Things (IoT) and Artificial Intelligence (AI) are also driving growth in the market. Network protection and malware protection are essential components of cybersecurity software, as are access control and virus defense. System-level security risks are a major concern, and cybersecurity software solutions are being developed to address these challenges. Software developers are continuously working on new solutions to improve productivity and efficiency, while also ensuring the highest level of security. Thus, such trends will shape the growth of the market during the forecast period.
Growing concerns related to cyber security is the major challenge that affects the growth of the market. The market faces a formidable challenge from cybersecurity threats, which pose risks for both software providers and users. With increasing reliance on software systems for business operations and personal activities, the potential targets for malicious attacks expand. Cyber threats encompass various forms such as ransomware, phishing, advanced persistent threats (APTs), and distributed denial-of-service (DDoS) attacks, all aimed at exploiting vulnerabilities, stealing sensitive data, or disrupting services. The sophistication of these threats necessitates stringent security measures, including encryption, multi-factor authentication, and regular software updates.
Moreover, the proliferation of the Internet of Things (IoT) and cloud computing introduces new vulnerabilities as interconnected devices and remote servers broaden the attack surface. Cybersecurity software solutions, such as network security, malware protection, access management, data protection, and system-level security risks, are essential to mitigate these threats and ensure productivity, customer relationship management, enterprise resource planning, supply chain management, and business process automation remain uninterrupted. Software developers and IT and telecom industries must adhere to stringent security standards to safeguard against cybercrimes, cyberthreats, and virus defense. Cloud-based solutions and on-premises software offer different security advantages, necessitating a comprehensive approach to cybersecurity. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting 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 market growth analysis strategies.
Customer Landscape
The market is experiencing a significant shift with the increasing adoption of remote working, computing devices, and information systems. Internet communication plays a crucial role in enabling seamless transactions and access management, while networks ensure secure data protection and network protection against cybercrimes. Security software, including cybersecurity solutions, AI, and machine learning-based malware protection, is a priority for businesses dealing with cyberthreats and system-level security risks. E-commerce, ERP, CRM, and SCM are key industries driving the demand for software solutions. The Internet of Things (IoT) and Artificial Intelligence (AI) are transforming the IT landscape, offering opportunities for software developers in various sectors.
In addition, cloud-based solutions and on-premises software cater to diverse business needs, while IT and telecom industries set the security standards. Business process automation, network security, and productivity tools are essential components of modern IT infrastructure. Access control and virus defense are critical elements of cybersecurity software, addressing the growing concerns of enterprise resource planning, customer relationship management, and supply chain management. PowerStore is a leading player in the market, providing innovative solutions for businesses to navigate the digital transformation journey. Stay tuned for more insights on the latest trends and developments in the IT software industry.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
216 |
|
Base year |
2023 |
|
Historic period |
2018 - 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 7.28% |
|
Market growth 2024-2028 |
USD 320.5 billion |
|
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
|
Performing market contribution |
North America at 48% |
|
Key countries |
US, China, UK, Germany, Japan, France, Canada, Australia, South Korea, and India |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Alphabet Inc., Amazon.com Inc., Atlassian Corp. Plc, Broadcom Inc., Cisco Systems Inc., Freshworks Inc., International Business Machines Corp., ITarian LLC, Kaseya Ltd., Microsoft Corp., NinjaOne, Nutanix Inc., Open Text Corp., Oracle Corp., Red Hat Inc., Salesforce Inc., SAP SE, SAS Institute Inc., ServiceNow Inc., SolarWinds Corp., SysAid Technologies Ltd, and Zoho Corp. Pvt. Ltd. |
|
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, Market condition analysis for forecast period |
|
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. |
1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Type
9 Market Segmentation by End-user
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
With the growing adoption of AI across industries, Technavio has analyzed its impact on IT software market driven by the integration of Artificial Intelligence (AI). AI is revolutionizing the sector by enhancing software capabilities, automating tasks, improving user experiences, and enabling predictive analytics.These insights, available exclusively through Technavio, provide an unparalleled significant impact of AI on the IT software market, backed by real-world examples and data.
The report provides details of AI's impact on various segment
Learn more about how AI is transforming IT Software Market - Buy Full Report Now
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.