Market Highlights:
The Independent Software Vendors market industry is projected to grow from USD 289.8 Billion in 2023 to USD 910.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.6% during the forecast period (2023 – 2032). Advances in digital infrastructure and rapidly changing consumer behavior are some of the areas on which businesses are likely to focus on improving customer experience. The government and commercial sectors covering retail, banking, financial services, and insurance (BFSI), IT & telecom, healthcare, and automotive need web applications to be actively accessible by users. Hence, independent software vendors (ISVs) play a vital role in offering a better quality of services (QoS) to the end users, which helps them in retaining existing customers, further increasing their customer bases, and improving the overall customer experiences. Additionally, some trends allow ISVs to sustain in the competitive environment.
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Key Players:
Key Companies in the Independent Software Vendors market include,
- Hewlett Packard Enterprise Development LP
- IBM Corporation
- Oracle Corporation
- Cisco Systems, Inc.
- Salesforce.Com, Inc.
- Apple Inc
The MRFR analysis offers a comprehensive understanding of the market dynamics. The global Independent Software Vendors (Isvs) Market has been analyzed across key geographies, namely, North America, Southeast Asia, India, Europe, China, Japan, and Central and South America.
North America is the leading economy in the independent software vendors (ISVs) market, followed by Europe. North America is one of the major regions for the ISV market. The North American market consists of the US, Canada, and Mexico. These countries have a large number of ISV providers. For instance, in the US, some of the key ISVs are Ipswitch, Salesforce.com, Intuit Inc., Alpha Software. In Canada, some of the key ISVs include Endeavour, CRG Solutions, and MediaValet Inc. All these ISVs compete with each other based on value-added features and services that they offer.
However, India is the fastest-growing economy in the global market. Increasing digitalization and consumer awareness in the country are some of the factors responsible for the growth of the market. Moreover, businesses in the country are planning to adopt the latest technologies to harness maximum profits, which would enable them to sustain in the competitive environment. Furthermore, the increasing demand for cloud computing technology both by large enterprises and small- and medium-sized enterprises, is another factor responsible for the growth of the market.
Global independent software vendors (ISVs) Market Segmentation
The global independent software vendors (ISVs) market has been segmented based on type, application, and region.
Based on type, the market has been segmented into cloud and on-premise. The cloud segment accounted for the larger market share in 2019, and it is projected to register the higher CAGR over the forecast period.
By application, the market has been segmented as e-commerce, logistics, retail, healthcare, financial, education, and others. The retail segment had the highest market share in 2019, and the e-commerce segment is expected to record the highest CAGR over the forecasted timeframe.
The MRFR study identifies some of the prominent key players in the independent software vendors (ISVs) market, as Microsoft Corporation (US), Cisco Systems, Inc. (US), IBM Corporation (US), HP Development Company, LP (US), Micro Focus (US), Google, Inc. (US), Oracle Corporation (US), Apple Inc. (US), SAP SE (Germany), Salesforce.com, Inc. (US), Nutanix (US), ServiceNow (US), Yahoo! (US), Double-Take Software (US), RSA Security LLC (US), Mocana (US), Odyssey Software (US), and Compuware Corporation (US).
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Independent Software Vendors (ISVs) Industry Developments:
The rise of cloud-based software. Cloud-based software is becoming increasingly popular, as it offers businesses a number of advantages, such as scalability, flexibility, and cost-effectiveness. As a result, ISVs are increasingly developing their software for the cloud.
The growth of mobile app development. Mobile app development is another rapidly growing area of the ISV industry. The increasing popularity of smartphones and tablets is driving demand for mobile apps, and ISVs are responding by developing a wide range of apps for different industries and purposes.
The increasing importance of data science. Data science is becoming increasingly important for ISVs, as it can be used to improve the quality of their products and services. ISVs are increasingly using data science to analyze customer data, identify trends, and develop new features.
The growing importance of security. Security is another important trend for ISVs. As businesses become more reliant on software, the need for secure software is growing. ISVs are responding by developing more secure software and by offering security services to their customers.
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