The Global Software Market is expected to register a CAGR of 8.3% during the forecast period.
Software is a collection of data or computer instructions that tell the computer how to work. It includes computer programs, libraries and related non-executable data, such as software documentation or digital media. The majority of software today is written in high-level programming languages which are easier for programmers to use because they are closer to natural languages than machine languages.
The market has matured in developed nations but has high growth opportunities in developing economies. Regional software companies in developed and developing economies are facing stiff competition from tech giants who are constantly trying to enter these markets. Software-related inventions are patentable. The German Parliament adopted a joint motion against the growing trend of patent offices to grant patents on software programs.
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Companies are focusing in acquisitions to sustain in the market due to huge competition. For instance, In March 2019, FIS a global leader in financial services technology, announced USD 35 billion deal to acquire Worldpay.
Market Dynamics: Drivers, Restraints, Opportunities Challenges:
The demand for software industry is increasing by almost all enterprises of all domains can be attributed to the enhancement in operational performance which can be achieved by digitizing the systems and processes.
Increasing usage of Software as a Service (SaaS) via Cloud and rising technological advancements like AI and IoT are the major drivers for the market growth worldwide. Increasing adoption of technological advancements like AI and IoT is the major driver for the market worldwide. The software vendors have developed functionality to take advantage of the software technology including web browser access, web portals for customers and suppliers, mobile technologies with smart phones & tablets, e-commerce capabilities and much more. Furthermore, investments in software industry is rising worldwide. For instance, Tiger Global have invested USD 300 million in India so far in various tech based startups by July, 2019.
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Based on the industry, the market is segmented into telecommunication, banking and finance, health care, manufacturing, automotive and others. The banking and Finance Software market size was worth USD XX billion in 2018 and is forecasted to reach USD XX billion by 2026, at a CAGR of XX% during the forecast period. Banking and finance sector is one of the leading end user for the software industry. Banking software is enterprise software that is used by the banking industry to provide and manage the financial products they provide.
Geographical Landscape :
Global Software market is segmented into five major regions including North America, Europe, Asia Pacific, South America, and the Middle East & Africa region.
The competition in Global Software Industry market is very high due to the presence of large number of companies. Some of the key market players are Microsoft, Oracle, SAP, Symantec, VMware, Adobe Systems, Infosys, Wipro, Google and Amadeus IT Group.
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