The surge in the volume of enterprise data, rising automation of business processes, and growing digitization are the major growth drivers for the software industry. Moreover, rising network security and privacy concerns should also support the industry’s growth. The global software market is expected to grow at a CAGR of 8.7% from 2022 to 2028.
On top of it, despite macroeconomic headwinds, global software spending is expected to grow on the back of the widespread deployment of cloud and enterprise applications. Software spending is expected to grow at a 10.3% CAGR from 2021 to 2023, which is more than two times faster than the spending rate in other IT segments.
