Office Software Market Size Worth $37.4 Billion By 2028

May 2022 | Report Format: Electronic (PDF)

Office Software Market Growth & Trends

The global office software market size is expected to reach USD 37.4 billion by 2028, registering a CAGR of 6.9% during the forecast period, as per a new report by Grand View Research, Inc. The growing demand for business software to manage activities and workflow, coupled with the rapid breakthroughs in the fields of Machine Learning (ML) and Artificial Intelligence (AI), are driving the market expansion. In addition, the increased use of cloud computing in corporate operations, as well as utilization of enterprise mobility, smartphones, and Bring Your Own Device (BYOD) to extend the mobile workforce, will further drive the demand for office software solutions.

Office software and solutions have gained considerable attention in recent years because of their promise to boost productivity, while also lowering expenses. Since the market for these solutions is closely tied to the requirement for process automation in many industries, the greater the global demand for process automation, the greater will be the demand for office software solutions. These considerations enable businesses and providers to concentrate on joining the office software industry since their core expertise contributes to overall business success.

The COVID-19 pandemic impacted the global office software and solutions space in enterprises of all sizes. However, the growing adoption of "work-from-home" policies by many enterprises throughout the world, as well as the need to manage their teams remotely, has increased the necessity for remote work management.

The requirement for digitization has skyrocketed as a result of remote job management. During the spread of COVID-19, small and medium-sized, as well as large enterprises have been implementing new business strategies to increase productivity. Furthermore, work-from-home norms have prompted service providers to guarantee that mission-critical corporate employees have the tools and technology they need to improve the speed, security, quality, and overall efficacy of services supplied, supporting market growth.

North America dominated the global market for office software in 2021. The digital transformation across various end-users in the region leads to the adoption of office software solutions. The early adoption of technological breakthroughs has contributed significantly to the regional market growth. Additionally, modern IT infrastructure and the availability of technical skills have further contributed to the growth of the market.

Due to the growing number of enterprises adopting office software and solutions, Asia Pacific is likely to exhibit the highest CAGR during the forecast period and substantially contribute to the global market for office software. The growing need for enterprises to track and manage business operations more efficiently is projected to drive the adoption of office software in the area.

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Office Software Market Report Highlights

North America accounted for the largest revenue share of over 45% in 2021, in the global market for office software. The growing demand among SMEs, regional technical sustainability, and the presence of numerous market players are contributing to the growth of the regional market
The cloud deployment segment dominated the market with the highest revenue share of over 61% in 2021. The current competitive landscape, as well as global economic conditions, have accelerated the adoption of cost-effective business model restructuring processes
In terms of software type, the spreadsheet software segment captured the largest market share in 2021, of more than 41%. The greater usage of many spreadsheet solutions among organizations to model and manipulate data sets, produce graphical representations, and influence future planning and decision-making have contributed to the growth of the segment
Asia Pacific is projected to witness a CAGR of 7.7% from 2022 to 2028. Adoption of office software in healthcare, IT & telecom, and BFSI domains is likely to drive substantial industry growth in the region