The increasing use of data-oriented solutions and the increased automation of business processes across almost every industry is driving the software market’s growth. Furthermore, the COVID-19 pandemic and the institutionalization of hybrid working models have fostered growing demand for cloud-based software solutions to enhance flexibility and mobility, thus propelling the industry’s growth.
The industry is expected to benefit as businesses emphasize investing in innovative technologies like blockchain, artificial intelligence, and machine learning to bolster their market competitiveness. The global business software and services market was valued at $429.59 billion in 2021 and is expected to expand at an 11.7% CAGR from 2022 to 2030.
