Press Release

The US Software Market to Flourish at a Projected CAGR of Around 7.17% During 2024-30

The US Software Market size is projected to grow at a CAGR of about 7.17% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. One of the most active and significant areas of the US economy is the software market, which offers a wide range of software solutions, services, and products that promote economic growth, productivity, and innovation in a variety of industries. With a strong legacy of technological innovation and entrepreneurship, the US has become the world leader in software development, home to a thriving ecosystem of startups, software corporations, academic institutions, and talent hubs.

As businesses use technology to boost creativity, productivity, and competitiveness, the US Software Market is seeing a move toward digital transformation across all industries. To be more flexible, scalable, and responsive to market demands, this involves modernizing legacy systems, procedures, and infrastructure in addition to implementing cutting-edge technologies like artificial intelligence, blockchain, Internet of Things (IoT), and augmented reality/virtual reality (AR/VR). By offering cutting-edge solutions that help businesses leverage the power of data, automate business procedures, and provide individualized experiences to stakeholders and consumers, software vendors play a critical role in assisting digital transformation initiatives. Thus, the rapid pace of digital transformation across all industries is working as a key driver of the US software industry.

Moreover, due to the increasing digitization of industries like healthcare, finance, and manufacturing, which exposes sensitive data and essential infrastructure to online threats, cybercriminals now have a bigger attack surface. Software providers can benefit from this trend by developing cybersecurity solutions that are specific to a given industry and take into account the unique security requirements as well as the regulatory frameworks of different markets. Thus, throughout the projection period, market participants would have a great chance to grab a sizeable market share due to the increasing frequency and sophistication of cyberattacks.

Furthermore, the software industry offers a lot of opportunities for innovation and growth, but to succeed, software companies need to overcome several challenges. The lack of qualified workers is a major issue for the US Software Market, as it affects businesses' capacity to create, innovate, and sustain software-related products and services. The demand for skilled software specialists is outpacing supply due to the technology sector's rapid growth and the expanding need for software solutions across industries. The intense competition from competing companies looking to attract top talent and the quick speed at which technology is developing necessitate ongoing education & skill improvement, further states the research report, “The US Software Market Analysis, 2024.”

Segmentation Analysis

On-premises Segment Leading the Market

Based on deployment, the market is further bifurcated into cloud and on-premises. The "On-Premises" segment dominates the US Software Market, particularly in industries with stringent data security rules, such as healthcare, government/public sector, and some BFSI (banking, financial services and insurance) companies. On-premises software deployment is the process of installing and running software programs on servers and other equipment located on the business's premises, as opposed to cloud-based or off-site hosting. With greater control over data and applications, this deployment model allows businesses to customize IT systems to meet specific needs and security regulations. Moreover, sensitive data processing and storage on the organization's premises is frequently mandated by data sovereignty requirements in industries such as government and healthcare.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Microsoft Corporation, Alphabet Inc., Oracle Corporation, McAfee Corporation, Nortonlifelock Inc., Adobe Inc., Vmware Inc., Cisco Systems. Inc., Splunk, Inc., NVIDIA Corporation, and others (International Business Machine Corporation (IBM), Intuit, Inc., etc.), are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping up across the country?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?