As indicated by Acumen Research and consulting, the global software consulting market size is evaluated to reach around USD 383 billion by 2026 and CAGR to develop around 12% over the estimate time frame. growing technological trends in the direction of cloud computing and data analytics, rising adoption of advanced technologies, increasing consolidation among companies and favourable government regulations have boosted the growth of the global software consulting market. The market in the Asia Pacific is likely to expand at highest CAGR due to growth in the e-commerce, increase in the implementation of new technologies, growing adoption of IoT and rise in strategic initiatives adopted by the government.
Software Security Services Segment is Expected to Contribute Largest Market Share in the Market
On the basis of component, the software consulting market is bifurcated into software security services, application development, enterprise solutions, migration and maintenance services, application testing services, and design services. Software security services is expected to grow at highest CAGR during the forecast period due to the growing use of cloud servers for information storage and rising incidences of cyber attacks. Growing adoption of cloud computing, e-commerce, and social networking is a rising trend across the world. Software security services providers have profited from this trend as the huge measures of information stored on cloud servers require protection. Furthermore, favourable government are taking initiatives in order to minimize the cyber crimes and various technological innovations in the IT field are expected to boost the growth of software security service segment during the forecast period.
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Large Enterprise Segment to Dominate the Market
On the basis of enterprise size, the software consulting market is segmented into large enterprise and small and medium enterprise. The large enterprise is forecasted to dominate the market grow at the highest growth rate throughout the forecast period as large enterprises make heavy investments in highly developed software solutions in order to enhance and maintain their market footprint in a highly competitive background. Large enterprises are increasingly adopting advanced technologies and solutions in order to meet the ever changing industry requirements. This factor is expected to boost the growth of the large enterprises segment. Moreover, increasing number of SMEs across the world is also supplementing the segment growth and anticipated to create immense opportunities in coming years. Large enterprises are rapidly deploying newly developed advanced software solutions in order to improve productivity and efficiency. Also, rising demand for enterprise software solutions including ERP, CRM, EAM, and CMS is projected to fuel the overall segment growth during the forecast period. Additionally, the transformation of manufacturing processes into fully automated processes is further giving the boost to the growth of the large enterprise segment.
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Asia Pacific to Continue to Grow at Maximum Growth Rate during the Forecast Period
Geographically, the global software consulting market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific is anticipated to grow at highest growth rate during the forecast period owing to the growth in the e-commerce, increase in the implementation of new technologies, growing adoption of IoT and rise in strategic initiatives adopted by the government. Growth in the cyber attack incidences and technical frauds, large number of IT companies are opting for software consultations, thereby driving the growth of the regional market. Growing IT infrastructure development and continuous technological advancements are fuelling the growth of the Asia Pacific software consulting market. North America is also anticipated to grow at substantial growth rate over the forecast period due to increase in the early adoption of new technologies adoption of IoT and rise in strategic initiatives adopted by the government. Various IT companies are from the region are implementing digitization of legacy systems and strategic initiatives to develop their IT infrastructure. Early adoption of various innovative technologies and increasing investments in big data, cloud and data analytics are some of the major factors augmenting the regional market growth.
Oracle,, Accenture, Deloitte Touche Tohmatsu Limited, and Capgemini are Likely to Continue to Lead the Global Software Consulting Market
The global software consulting market is characterized by the presence of experienced and established players. Some of the key players include Capgemini, Atos SE, Oracle, Accenture, Deloitte Touche Tohmatsu Limited, IBM Corporation, CGI Group Inc., Cognizant, Ernst & Young Global Limited, SAP SE and PwC. Various prominent players from the market are entering into strategic acquisitions in order to develop transformative digital solutions and offer advanced software consulting services to their clients.
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