Big Data To Drive Software Market Growth
The global software market is expected to grow 5.9% year over year, driven largely by Big data and analytics and enterprise applications. According to IDC. Structured data management software, collaborative applications and data access, analysis and delivery solutions are expected to show the strongest growth in the next 5 years, growing at a CAGR near 9% from 2013-2018, says the research firm.
“Leveraging the social dimension of the Internet keeps fueling the collaboration growth, much of which is in the form of software as a service. This is complementary to the increased attention to Big Data and analytics solutions, which help enterprises understand and act on anticipated customer behavior and new insights into product reliability and maintenance”, said Henry Morris, senior vice president for worldwide software, services and executive advisory research.
In the enterprise applications category, customer relationship management, enterprise resource management, supply chain management, and operations and manufacturing applications will continue to show CAGR rates around 6%.
Enterprises are starting to adopt applications that either didn’t exist or weren’t needed in the past, such as commerce applications in all industries, not just retail, but also manufacturing, hospitality, food and beverage, and even the public sector. IDC is also seeing applications in categories that didn’t exist in the past (for example, subscription billing, spend optimization, and revenue management) for requirements that may have been met using custom applications or manual processes.
On a regional basis, the emerging economies will continue to see stronger growth than the mature economies. The average 2013-2018 CAGR for Asia-Pacific (excluding Japan), Latin America, and Central Eastern, Middle East, and Africa (CEMA) is 8.5% while the average CAGR for the mature regions – North America, Western Europe, and Japan will be nearly 6% says the report.
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