Office Software Market Size Is Poised To Reach $37.4 Billion By 2028: Grand View Research Inc.

 

The global office software market size is expected to reach USD 37.4 billion by 2028, registering a CAGR of 6.9% during the forecast period, as per a new report by Grand View Research, Inc. The growing demand for business software to manage activities and workflow, coupled with the rapid breakthroughs in the fields of Machine Learning (ML) and Artificial Intelligence (AI), are driving the market expansion. In addition, the increased use of cloud computing in corporate operations, as well as utilization of enterprise mobility, smartphones, and Bring Your Own Device (BYOD) to extend the mobile workforce, will further drive the demand for office software solutions.

Office software and solutions have gained considerable attention in recent years because of their promise to boost productivity, while also lowering expenses. Since the market for these solutions is closely tied to the requirement for process automation in many industries, the greater the global demand for process automation, the greater will be the demand for office software solutions. These considerations enable businesses and providers to concentrate on joining the office software industry since their core expertise contributes to overall business success.

The COVID-19 pandemic impacted the global office software and solutions space in enterprises of all sizes. However, the growing adoption of "work-from-home" policies by many enterprises throughout the world, as well as the need to manage their teams remotely, has increased the necessity for remote work management.

The requirement for digitization has skyrocketed as a result of remote job management. During the spread of COVID-19, small and medium-sized, as well as large enterprises have been implementing new business strategies to increase productivity. Furthermore, work-from-home norms have prompted service providers to guarantee that mission-critical corporate employees have the tools and technology they need to improve the speed, security, quality, and overall efficacy of services supplied, supporting market growth.

North America dominated the global market for office software in 2021. The digital transformation across various end-users in the region leads to the adoption of office software solutions. The early adoption of technological breakthroughs has contributed significantly to the regional market growth. Additionally, modern IT infrastructure and the availability of technical skills have further contributed to the growth of the market.

Due to the growing number of enterprises adopting office software and solutions, Asia Pacific is likely to exhibit the highest CAGR during the forecast period and substantially contribute to the global market for office software. The growing need for enterprises to track and manage business operations more efficiently is projected to drive the adoption of office software in the area.

To Request Sample Copy of this report, click the link:

https://www.grandviewresearch.com/industry-analysis/office-software-market-report/request/rs1

The market will continue to grow in the post-COVID-19 period, as more companies globally intend to implement productivity solutions into their business suit amid growing trends of mobility and BYOD. In 2020, digital resilience, or an organization's capacity to quickly adjust to business disruptions by harnessing digital capabilities to restore company operations and profit from changing conditions, became a major business focus. Office software solutions are crucial to an organization's resiliency and digital-first strategy as they are the basic technological systems that most firms employ for business.

With office software solutions, processes that formerly required human interaction have now become automated, allowing the employees to concentrate on their business-critical functionalities. This has benefitted companies in encouraging minimum resource utilization and balancing the business automation processes. Furthermore, office software offers company employees excellent tools for designing business rules based on the needs of a company project.

Office Software Market Report Highlights

• North America accounted for the largest revenue share of over 45% in 2021, in the global market for office software. The growing demand among SMEs, regional technical sustainability, and the presence of numerous market players are contributing to the growth of the regional market
• The cloud deployment segment dominated the market with the highest revenue share of over 61% in 2021. The current competitive landscape, as well as global economic conditions, have accelerated the adoption of cost-effective business model restructuring processes
• In terms of software type, the spreadsheet software segment captured the largest market share in 2021, of more than 41%. The greater usage of many spreadsheet solutions among organizations to model and manipulate data sets, produce graphical representations, and influence future planning and decision-making have contributed to the growth of the segment
• Asia Pacific is projected to witness a CAGR of 7.7% from 2022 to 2028. Adoption of office software in healthcare, IT & telecom, and BFSI domains is likely to drive substantial industry growth in the region 

The office software market is further predicted to develop due to several benefits such as better labor efficiency, quicker reaction time for important tools, process agility, and effective management of business processes. In addition, SMEs are striving to cut expenditures and decrease complications wherever feasible, since they have a limited budget for specialist communications and IT service providers. This is also expected to help emerging and frontier markets to thrive.

During the COVID-19 pandemic, organizations were forced to use WFH models due to the lockdowns enforced by governments in various countries. Organizations were compelled to reevaluate their work practices as a result of these abrupt changes, and digitization became a top priority for them in order to keep their operations going. Because of the ongoing COVID-19 pandemic, the worldwide office software industry is predicted to have a mixed impact, due to the adoption of Bring Your Own Devices (BYOD) and the developing WFH culture.

During the pandemic, businesses and SMEs in a variety of industries, including IT and telecommunications, healthcare, and BFSI, are becoming more interested in cloud-based business applications and services. The mandate to work from home is providing a once-in-a-lifetime opportunity for solution and service providers to promote office suite as a key factor of business stability and demonstrate the flexibility and business agility it offers, and this trend is expected to drive the market growth.

List of Key Players in the Office Software Market

• Microsoft Corporation
• Google LLC
• Oracle Corporation
• Salesforce.com, Inc.
• VMWARE, INC.
• Symantec Corporation
• Dell EMC
• Hewlett Packard Co. (HP Inc.)
• International Business Machines Corp.
• Citrix Systems Inc.