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Independent software vendors provide customized and scalable business software solutions to businesses globally. Their user-friendly tools help optimize various business processes. Independent software products like CRM, ERP, business analytics, etc. facilitate improved customer interactions, streamline operations, and enable data-driven decision making.
The global Independent Software Vendors (ISVs) Market is estimated to be valued at US$ 302.25 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for customized business solutions is one of the key trends accelerating the growth of the independent software vendors market. Organizations are increasingly demanding scalable and tailored software products to address their industry-specific workflows and business challenges. ISVs are developing highly configurable solutions that can be easily customized as per the evolving needs of customers without major changes in code. This allows businesses choose from a variety of configurations and add-ons as their requirements change over time. Moreover, ISVs are offering personalized implementation, integration, and support services to ensure a seamless deployment of their products. This rising need for flexibility and customization in business solutions is expected to boost the demand for ISV products over the forecast period.
Key players: Key players operating in the independent software vendors (ISVs) market are Microsoft Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., Adobe Inc., IBM Corporation, Autodesk Inc., Intuit Inc., VMware Inc., Red Hat Inc. (part of IBM), ServiceNow Inc., Symantec Corporation (part of Broadcom Inc.), Splunk Inc., Tableau Software (part of Salesforce.com Inc.), Atlassian Corporation Plc. Microsoft Corporation is currently dominating the market due to its wide product portfolio and global presence. However, Salesforce.com Inc. is expected to gain major market share over the forecast period owing to continuous innovations in cloud-based solutions.
Segment Analysis
The global independent software vendors (ISVs) market is segmented based on deployment, organization size, vertical, and geography. Based on deployment, the market is divided into on-premises and cloud. Among these, the cloud segment is expected to hold a larger share of the market and witness higher growth during the forecast period. This is attributed to the various advantages offered by cloud such as scalability, flexibility, and low upfront costs.
Based on organization size, the market is categorized into large enterprises and SMEs. Of these, the large enterprises segment holds a larger share due to high investments in advanced technologies by large organizations to streamline their business processes. However, the SMEs segment is expected to witness higher growth during the forecast period. This is owing to growing adoption of independent software among SMEs to manage business operations effectively with limited budgets.
Key Takeaways
The global Independent Software Vendors (ISVs) Market is expected to witness high growth over the forecast period owing to increasing demand for digital transformation across various industry verticals globally. The global Independent Software Vendors (ISVs) Market is estimated to be valued at US$ 302.25 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
Regional analysis: North America holds the major share of the independent software vendors market and is expected to maintain its dominance over the forecast period. This is attributed to early adoption of advanced technologies and presence of major ISVs in the region. However, Asia Pacific is projected to witness the highest growth in the market. Rapid digitalization of businesses and growing IT infrastructure in emerging economies such as China and India are fueling the growth of the ISVs market in Asia Pacific.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
