Software Consulting Market: Small & Medium Enterprises Segment Is Expected To Register The Fastest CAGR
Software Consulting Industry Overview
The global software consulting market size was valued at USD 218.60 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 12.0% from 2021 to 2028. The growing preference for digitalization of business processes across industries and verticals is driving the market growth, primarily for the efficient implementation of software into the IT set up of an enterprise. However, numerous industries are facing significant ramifications and complications across critical processes owing to the Covid-19 pandemic and global economic slowdown. While the market witnessed significant growth over the last few years owing to digitalization and penetration of technology, the pandemic has pushed several economies to the edge of recession. This, in turn, is leading to numerous consulting clients delaying their projects, reducing project scope to reduce costs, or canceling these projects altogether. The cancellation of multiple client projects has negatively impacted the revenues of vendors and slowed down the market growth in the short term.
Gather more insights about the market drivers, restrains and growth of the Global Software Consulting market
In the wake of the pandemic, vendors are focusing on adopting a digitally centered approach to provide their services at a lower cost while eliminating expenses, such as travel costs of consultants. With virtual consulting platforms, vendor scan delivers high-impact outcomes similar to that of physical training but without the need for consultants to be physically present. Service providers are also focused on attracting new clients that are looking to reduce operational spending via automation while opting for innovative solutions to resolve complex business problems.
The digitization of industries and the evolution of the Enterprise 2.0 concept, which involves the use of a combination of social software and collaborative technologies for business processes, are the main factors driving the market growth. Technological developments in cloud computing and data analytics are increasing the demand for new services and encouraging enterprises to adopt novel and innovative solutions. In addition, the growing demand for software consulting services is expected to drive investments in advanced software technologies. These services aid enterprises in decision-making processes vis-à-vis their investment strategy for software adoption.
Organizations are putting a strong emphasis on improving work quality, enhancing delivery speed, reducing the cost of work, and increasing transparency & accountability via software implementation. Owing to the global pandemic, organizations are finding it difficult to meet the end users’ demands; hence, they are increasingly opting for software consulting solutions and services to accelerate service delivery.
On the other hand, with rapid digitalization, instances of data theft are equally on the rise as hackers are trying to leverage the growing adoption of software and rising penetration rate of cloud computing to gain access to vital organizational data. This is anticipated to hamper the software consulting market growth to a certain extent.
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Software Consulting Market Segmentation
Grand View Research has segmented the global software consulting market on the basis of application, enterprise size, end-use, and region:
Software Consulting Application Outlook (Revenue, USD Billion, 2016 - 2028)
- Enterprise Solutions
- Application Development
- Migration & Maintenance Services
- Design Services
- Application Testing Services
- Software Security Services
- Others
Software Consulting Enterprise Size Outlook (Revenue, USD Billion, 2016 - 2028)
- Large Enterprise
- Small & Medium Enterprises (SMEs)
Software Consulting End-use Outlook (Revenue, USD Billion, 2016 - 2028)
- Automotive
- BFSI
- Education
- Government
- Healthcare
- IT & Telecom
- Manufacturing
- Retail
- Others
Software Consulting Regional Outlook (Revenue, USD Billion, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies profiled:
Some prominent players in the global Software Consulting market include
- Accenture PLC
- Atos SE
- Capgemini
- CGI Group, Inc.
- Clearfind
- Cognizant
- Deloitte Touche Tohmatsu Ltd.
- Ernst & Young LLP
- International Business Machines Corp.
- Oracle Corp.
- PricewaterhouseCoopers B.V.
- Rapport IT
- SAP SE
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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