Business Software And Services Market Size, Share & Trends Report

Business Software And Services Market Size, Share & Trends Analysis Report By Software, By Service, By Deployment (Cloud, On-premise), By End Use, By Enterprise Size, By Region, And Segment Forecasts 2023 - 2030

  • Report ID: GVR-3-68038-149-8
  • Number of Pages: 161
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Research Methodology

A three-pronged approach was followed for deducing the business software and services market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for business software and services market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of business software and services market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Business Software And Services Market Categorization:

The business software and services market was categorized into six segments, namely software (Finance, Sales & Marketing, Human Resource, Supply Chain), service (Consulting, Managed Services, Support & Maintenance), deployment (Cloud, On-premise), enterprise size (Large Enterprises, Small & Medium Enterprises), end-use (Aerospace & Defense, BFSI, Government, Healthcare, IT & Telecom, Manufacturing, Retail, Transportation), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The business software and services market was segmented into software, service, deployment, enterprise size, end-use, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The business software and services market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eight countries, namely, the U.S.; Canada; Germany; the UK; China; India; Japan; Brazil.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Business software and services market companies & financials:

The business software and services market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Acumatica, Inc.-Acumatica, Inc. develops cloud-based business management software solutions for small- and medium-sized businesses. The company’s ERP software is designed to provide a complete real-time view of business operations. The company also provides various integrated business management applications, such as construction edition, manufacturing edition, commerce edition, separate field service edition, CRM, project accounting, and financials, among others. The company’s solutions are based on adaptable mobile and cloud technology and are delivered under a user licensing model.

  • Deltek, Inc. -Deltek, Inc. develops enterprise software solutions for project-based businesses operating in the government contracting and professional services markets. The company offers its Deltek Costpoint enterprise management software, Costpoint HR solution suite, and customer relationship management software to small- and medium-sized enterprises. Deltek, Inc.’s product portfolio includes project ERP solutions, enterprise information management solutions, online proofing solutions, project and portfolio management solutions, HR and talent management solutions, project and resource management solutions, and professional services automation solutions.

  • Epicor Software Corporation - Epicor Software Corporation develops enterprise application software for retailers, distributors, and manufacturing companies. The company also provides integrated shipping solutions. The company’s geographical presence spans North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Epicor Software Corporation operates through three segments, namely retail distribution, retail solutions, and enterprise resource planning (ERP).

  • International Business Machines Corporation - International Business Machines Corporation is one of the prominent providers of cloud platforms and cognitive solutions. The company is more focused on providing software-defined networking solutions to its customers. The incumbents of several industries and industry verticals prefer the IBM cloud because of its flexible software and secure hardware. The company’s business intelligence solutions are powered by augmented intelligence and system-generated analysis, which help in predicting outcomes, envisioning results, and sharing information through dashboards or stories.

  • Infor, Inc. - Infor, Inc. provides enterprise software and services. The company develops industry-specific enterprise software and other enterprise software for both large enterprises and small and medium-sized enterprises. The company offers its software and services to retailers, healthcare companies, and manufacturing companies, among other end users. The company’s software solutions are widely used by the incumbents of various end-use industries and industry verticals to automate and integrate critical business processes to better manage the overall business operations, including the interactions with customers, partners, employees, and suppliers.

  • Microsoft Corporation - Microsoft Corporation is a developer and licensor of computer software and a manufacturer of personal computers (PCs). The company offers operating systems, server applications, cross-device productivity applications, desktop and server management tools, business solution applications, video games, and various software development tools. The company also offers gaming and entertainment consoles, tablets, electronic accessories, and intelligent devices, among other hardware.

  • NetSuite Inc. - NetSuite Inc. provides omnichannel commerce software and cloud-based ERP software suites. The company’s business management applications include a platform for Professional Services Automation (PSA), Customer Relationship Management (CRM), and ERP, which can potentially automate business processes across all the departments of an organization. On the other hand, the company’s NetSuite CRM+ offers customer support, marketing automation, sales force automation, and service management functionality. The company’s NetSuite OpenAir PSA solution is widely used by professional services organizations.

  • Oracle Corporation -Oracle Corporation is a global information technology services and solutions company holding expertise in databases and relational servers, application development, decision support tools, and enterprise business applications. The company is one of the leading providers of business software and has an extensive portfolio of solutions to offer for companies of varying dimensions. The company has developed innovative technologies in every aspect of the cloud, thereby enabling its clients to redesign their businesses, practices, and capabilities.

  • SAP SE -SAP SE is one of the leading providers of enterprise application software, and analytics and business intelligence solutions. The company’s business intelligence (BI) tools are designed to ensure that information is easily accessible to users. The company’s BI tools help in eliminating approximation in data analysis and providing valuable insights into consumer behavior by monitoring key metrics. The company’s SAP BusinessObjects Business Intelligence (BI) suite allows users to access decision-ready intelligence in real time. The scalable, flexible, and user-friendly BI solution also makes it more convenient for users to determine and share perceptions in real time.

  • SYSPRO - SYSPRO develops enterprise resource planning business solutions. The company offers its solutions across various areas, such as bill of materials, activity-based costing, accounts payable, contact management, inventory forecasting, office automation, and sales analysis, among others. The company also provides end-to-end business solutions for real-time data analysis, improved productivity, streamlined business processes, and optimized cost control. The company’s solutions are highly scalable and can be deployed in both on-premise and cloud environments and can be accessed using any mobile device.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Business Software And Services Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Business Software And Services Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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