A new study covering the global IT software market has predicted significant growth for the software sector over the next five years. The study, which analyzes market size and emerging trends from a variety of industry sources, was carried out by AMA Research, with contributions from some of the biggest names in tech, such as Microsoft, IBM, Accenture, Infosys, and Salesforce. It is intended to be a resource for industry professionals looking to understand market trends.
How Are Market Leaders Expanding?
The report outlines how the major players in the software industry are making moves to expand their business and maintain their edge in an increasingly competitive marketplace. One example highlighted is that of Rockwell Automation, Inc., which acquired Plex Systems in 2021. Rockwell was already the largest global corporation focused on industrial automation and digital transformation. Its acquisition of the leading cloud-enabled ERP manufacturing platform expanded its potential and market dominance considerably and speaks to the growing role of the cloud in the industry.
The study also notes Google’s extensive plans to roll out many new software features in 2022, many of which govern ease of use across multiple devices, including fast switching of Bluetooth connections, and the ability to unlock your Chromebook with your smartwatch.
Market Opportunities and Challenges
Overall, the market is trending toward further automation, with a massive amount of data being stored and processed and custom enterprise software employed to improve business performance. Competition in the e-commerce space is fierce, but it continues to be the driver for new customers.
The major challenge to succeeding in the market is the time and resources spent on custom software development and implementation. However, as the report notes, software companies are growing around the world, including in affordable markets such as Latin America, which can provide the required talent at a lower cost.
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