SMB Software Market to grow by USD 57.76 billion from 2022 to 2027, Growth driven by the rapid adoption of cloud-based applications by different businesses - Technavio
NEW YORK, Nov. 3, 2023 /PRNewswire/ -- The "SMB software market by deployment (on-premise and cloud), application (media, telecommunication, consultants, and law firms), and geography (North America, Europe, APAC, South America, and Middle East and Africa) - Forecast and Analysis 2023-2027" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the SMB software market from 2022 to 2027 is USD 57.76 billion. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
The rapid adoption of cloud-based applications by different businesses is a key factor driving market growth. A significant reduction of upfront costs and shorter implementation time is a major reason for the growth in demand for cloud-based Enterprise Resource Planning software such as ERP. There are numerous other business advantages to be derived from cloud-based ERP, for example, the integrity and consistency of processes across an organization as well as user access to applications, employees, and customers.
Lack of awareness of SMB software in various developing countries is a significant challenge restricting market growth. Most small and medium-sized businesses experience ineffective collection software management. It may also help to understand the risks of money loss and cash recovery faced by your enterprise if you know that SMB software is available. It shall also help organizations to put in place cost-effective security measures. Furthermore, the adoption of open-source MB software also poses a threat to the market. The large number of open-source SMB software companies is a major obstacle to the global market for small and medium-sized business software. Hence, these factors are expected to restrict market growth during the forecast period.
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The SMB software market has been segmented by deployment (on-premise and cloud), application (media, telecommunication, consultants, and law firms), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The market share growth by the on-premise segment will be significant during the forecast period. For good system security, preference is given to on-premise SMB software such as business management software, enterprise resource planning software, customer relationship management software, logistics software, debt collection software, and cloud solutions. A high level of IT infrastructure is needed to use these software solutions.
View the Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
Key Companies in the SMB software market:
Accenture Plc, Acumatica Inc., Alfresco Software Ltd., Cisco Systems Inc., Epicor Software Corp., IFS World Operations AB, Infor Inc., International Business Machines Corp., Microsoft Corp., Newgen Software Technologies Ltd., Open Text Corp., Roper Technologies Inc., Sage Group Plc, SAP SE, SYSPRO Pty. Ltd., TOTVS SA, Unit4 Group Holding B.V., Workday Inc., Xero Ltd., and Oracle Corp.
The Urban Planning Software Market size is estimated to grow at a CAGR of 7.19% between 2022 and 2027. The market size is forecast to increase by USD 3,459.42 million.
The online survey software market size is estimated to grow at a CAGR of 11.89% between 2022 and 2027. The market size is forecast to increase by USD 4,386.77 million.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Deployment
Market Segmentation by Action
Market Segmentation by Geography
Drivers, Challenges, & Trends
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