Companies adopting IoT technology positively impact software product market demand

Global Software Products Market Report 2022 – Global Market Size, Trends and Forecast 2022-2026

Global Business Research Company Software Products Market Report 2022 – Global Market Size, Trends and Forecast 2022-2026

LONDON, GREATER LONDON, UK, March 7, 2022 /EINPresswire.com/ — The adoption of IoT technology by manufacturing and transportation service companies is expected to drive the global software products market in the forecast period. IoT is a network of physical objects such as devices, vehicles, buildings, and other items that are integrated with electronics, software, sensors, and network connectivity that allow these objects to collect and to exchange data. For example, Microsoft and Rolls-Royce announced a partnership centered on Rolls-Royce’s future smart engines, which will integrate Microsoft Suite into its service solutions to extend its digital capabilities. According to International Data Corporation (IDC), global IoT spending was around $1.4 trillion in 2021; this includes hardware, software and services for IoT technologies. Thus, the adoption of IoT technology is expected to increase the demand for software products.

Major software vendors such as Oracle and SAP have attempted to enter the middle market, expand their customer base and increase their overall revenue. These companies have started offering scaled-down, preconfigured versions of their apps. They are looking for new distribution channels to sell and distribute their software products and also acquire mid-sized software companies to increase their market share and revenue. For example, SAP acquired Business One software to enter the middle market.

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The global software products market size is expected to grow from $1.14 trillion in 2021 to $1.31 trillion in 2022 at a compound annual growth rate (CAGR) of 14.6%. The growth of the market is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote working and closure of business activities which resulted in operational challenges. The global software products market share is expected to reach $2.16 trillion by 2026 with a CAGR of 13.3%.

The major players covered in the global software industry are Microsoft, Oracle Corp, Google, salesforce.com, Tencent Holdings Co Ltd, International Business Machines Corporation, Adobe Systems Incorporated, Nintendo Co ltd, Fiserv, Inc. and Sony Corp.

The global TBRC Software Products market research report is segmented by Type into Operating Systems and Productivity Software Publishing, Database, Storage and Backup Software Publishing, Business Analytics Software and Enterprise, Video Game Software, Design, Publishing and Rendering Software, by Application in Large Enterprise, Small and Medium Business, by Industry End-User in BFSI, Media and Entertainment, IT and Telecommunications, Energy and Utilities public, government and public sector, retail and consumer goods, manufacturing, other.

Global Software Products Market Report 2022 – By type (operating systems and productivity software publishing, database, storage and backup software publishing, business and enterprise analysis software, video game software, design software, editing and rendering), by application (large business, small and medium business), by end-user industry (BFSI, media and entertainment, IT and telecommunications, energy and utilities, government and public sector, retail and goods (Consumer, Manufacturing) – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports from The Business Research Company that provide software product market overview, forecast software market size and growth Software Products for Overall Market, Software Products Market Segments, Geographies, Software Products Market Trends, Drivers Software Products Market Analysis, Constraints, Key Competitor Revenues, Profiles and Market Shares.

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