San Francisco, 09 January 2030: The Report Software Market Size, Share & Trends Analysis Report By Enterprise Size, By Vertical (BFSI, Retail), By Deployment (On-premises, Cloud), By Type (Productivity Software, Application Software), By Region, And Segment Forecasts, 2023 - 2030
The global software market size is expected to reach USD 1,397.31 billion by 2030, according to a new report by Grand View Research, Inc. The industry is anticipated to grow at a lucrative CAGR of 11.5% from 2023 to 2030. An increase in the volume of enterprise information, growing automation of business processes, and rising digitization are the major factors driving market growth. In addition, rising network security and privacy concerns drive the market. However, high licensing and support costs are the major restraining factor for the industry. Most of the key players implement different strategies, such as collaboration and acquisition, to grab the maximum share in the global industry.
For instance, McAfee has collaborated with Atlassian for innovative information security and risk protection for clients seeing to accelerate their move to the cloud. The COVID-19 pandemic has positively impacted the market. Palo Alto Networks, a cybersecurity company, stated that by the end of March 2020, about 40,261 doubtful registered domain names were recognized. In addition, using similar business email addresses has also become a popular choice for cybercriminals to conduct attacks. The shift toward a remote working model has also increased the threat of cyber-attack across enterprises. The mounting concern of cyber threats has encouraged various enterprises to adopt software solutions and configure malware protection, detection, and mitigation strategies, fueling market growth.
On-premises software accounted for the largest share as on-premises solutions permit hands-on ownership and control of security monitoring, which provides flexible and adaptive security. The North America regional market accounted for the largest revenue share in 2022. The U.S. was the major country in the world that contributed mainly to revenue generation for the software industry. Increased spending on software solutions by SMEs and large enterprises in the region contributed to the high revenue generation. Moreover, the increasing stringency of data privacy & security standards and policies are the factors that contribute further to revenue generation in North America.
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A surge in the volume of enterprise data, rising automation of business processes, and growing digitization are the major drivers of the market. Moreover, rising network security and privacy concerns support the industry's growth. The COVID-19 outbreak positively impacted the global market. The increasing concern about cyber threats during COVID-19 stimulated companies to implement software solutions and configure malware protection, recognition, and mitigation strategies, thus fueling the growth of the market.
Software Market Report Highlights
• The application software segment dominated the market in 2022 and accounted for a revenue share of over 43%. They are designed to automate & streamline tasks, allowing users to perform their work more efficiently. It provides tools and features that help users perform tasks quickly and accurately, leading to increased productivity • The on-premises segment led the market in 2022 with a revenue share of over 58% owing to its capabilities to provide more flexibility for customization and integration with existing systems. Organizations can tailor their software and integrate it with other on-premise applications to meet their needs • The large enterprise segment led the market in 2022 and held the largest revenue share of over 72% owing to the high investments by large-scale businesses in deploying next-gen technologies and software solutions • The IT & telecom segment is predicted to have significant growth over the forecast years owing to the increasing adoption of various software solutions to automate processes, enable real-time data analysis, enhance communication & collaboration, and streamline operations • North America dominated the market in 2022 with a share of over 43%. North America has been at the forefront of cloud adoption, with significant cloud providers based in the region. The popularity of cloud-based software, including SaaS, PaaS, and IaaS, contributes significantly to the market growth
In addition, remote working became a new norm and helped increase productivity, and the support from the government to form a tech-led world is driving the market’s growth. The software mainly aims to protect and secure individual computing devices, information systems, internet communication, transactions, and networks. Security software performs tasks, such as access management, data & network protection, as well as security against viruses, intrusions, and any other system-level security risks. The demands of remote working have increased expenditure on cybersecurity software.
With highly sophisticated methods and means of attack development, software innovators are firing back. For instance, in May 2023, Dell Inc., a technology company, enhanced the security software of its storage portfolio PowerStore3 to assist organizations in accelerating the adoption of Zero Trust. This security architecture ensures the authorization of only known entities and model actions. With the security upgrades, organizations can prevent unauthorized modifying or deleting of snapshots before their expiration date. It also permits storage administrators to handle access directly from PowerStore to respond quickly to security threats.
Software Market Report Scope
Report Attribute Details Market size value in 2023 USD 652.61 billion Revenue forecast in 2030 USD 1,397.31 billion Growth rate CAGR of 11.5% from 2023 to 2030 Base year for estimation 2022 Historical data 2017 - 2021 Forecast period 2023 - 2030
Recent years have observed a considerable adoption of software solutions, driven by the increase of e-commerce, technology developments, such as AI and IoT, and the growing number of connected devices. The rising sophistication of malware and methods of attack as well as its growing accessibility have led to the development of advanced cybersecurity software, including innovative and varied cybersecurity tools and solutions. For instance, in May 2023, Stacklock, a Seattle-based company, raised USD 17.5 billion to protect its software from cybersecurity threats. The company’s investment to protect its software would help gain end-to-end provenance in its software supply chain, enabling them to protect against attacks, mitigate risks, and ensure the integrity of its digital assets.
The COVID-19 pandemic has positively affected the market. During the COVID-19 pandemic, various incidences and cases of cybercrimes were detected across several sectors. The shift toward a remote working model has also augmented the danger of cyber threats across companies. The increasing concerns about cyber threats have stimulated enterprises to implement software solutions and organize malware protection, detection, and mitigation strategies, thereby driving the growth of the overall market. In addition, there is an increase in demand for various social media platforms and software, such as Zoom, Microsoft Teams, Google Hangouts, and WhatsApp video calls, as it helped in working remotely during the pandemic.
The global Biosensors Market is anticipated to reach 21.2 billion by 2020 owing to the rise in technological developments in all the sectors of the biosensors industry.
The biosensors include three components namely the bio elements, biological recognition unit and the transducers.
The biological recognition unit deals with the given biological responses, bio-elements that establishes enzymes, antibiotics, living tissues and transducers.
The biosensors are indispensable devices that features quick detention ability, easy usage, low cost and have portable solutions.
The rising prevalence of lifestyle-induced and chronic diseases are demanding the point-of-care testing (POCT), rise in the geriatric population and biosensors for nanotechnology is expected to fuel up the growth of biosensors industry.The increasing popularity of medical equipment, personalized medications and wider acceptability of user-friendly Biosensors are expected to grow the biosensors market.
Additionally, the adoption speed of these regulatory requirements to advanced technologies is slower due to which the global market is expecting hindrances.Request Sample Copy of This Market Research @ https://www.millioninsights.com/industry-reports/biosensors-market/request-sample Furthermore, the present lifestyle disorders and the prevalent chronic diseases are stimulating the consumers to adopt the biosensors for early detection of unhealthy viruses in the body.
A satellite modem (also known as a sat modem) is used to establish data transfers with the use of communications satellite as a relay device.
A satellite modem is primarily used to transform an input bitstream to a radio signal and vice versa.In terms of end users, the market for military & defense is expected to grow at the highest rate during the forecast period.
In the military & defense industry, reliable, secure, and uninterrupted communication is crucial irrespective of the location and weather condition.
For this, satellite connectivity with the help of modems is the ideal solution.
Furthermore, satellite modems also help in providing secure communication by following the encryption technology, which would make modem perfectly suitable for military & defense purposes.Get Sample Copy of this Report @ https://dataintelo.com/request-sample/?reportId=7066The US is at the forefront of adopting and installing the satellite communication network for all these industries.
The satellite modem market in APAC is likely to grow at a high rate between 2018 and 2023.
Global Enterprise Key Management Market is expected to reach USD 3.61 billion by 2025. Numerous encryption key management standards include Organization for the Advancement of Structured Information Standards (OASIS) and Key Management Interoperability Protocol (KMIP).
The Enterprise Key Management Market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
Rising need to exploit operational efficiency and security, and growing data security anxiety are documented as major factors of Enterprise Key Management Market that are estimated to enhance the growth in the years to come.
However, lack of awareness regarding enterprise key management among organizations mainly in SMEs is a factor that may restrain overall market growth in coming years.
Services and solutions are the components that could be explored in Enterprise Key Management in the forecast period.
