Last year, the Fed’s aggressive monetary policy to curb sky-high inflation hampered the software industry’s growth to some extent. However, the industry is poised to remain buoyed in the foreseeable future due to increased investments in cloud-based technology, the digital transformation of companies, and growing digitization.
The global enterprise software market is expected to reach $404 billion by 2028, rising at a market growth of 11.1% CAGR between 2022 and 2028. As per Gartner Inc. (IT), global IT spending is projected to hit $4.60 trillion in 2023, reflecting a 5.1% increase year-over-year. Amid that, software spending is expected to grow 11.3% year-over-year to almost $880 billion.
