The software industry has been one of the major beneficiaries of the pandemic-led switch to remote working and the digital transformation across industries. According to Statista, software market revenue is projected to reach $626.45 billion in 2022, with the United States generating most of the revenues globally. In addition, software revenues are expected to grow at a 7.1% CAGR to $824.85 billion by 2026.
The demand for enterprise software and services has increased significantly in end-use industries, with companies scaling their businesses to increase their efficiency and to cater to a larger market. Furthermore, the hybrid working model is expected to drive the industry’s growth with the widespread adoption of cloud-based platforms and rising demand for industry-specific software.
