Market Research Future (MRFR) has published a cooked research report on the “global Independent Software Vendors Market” that contains the information from 2023 to 2032.
The Independent Software Vendors Market is predicted to reach USD 910.7 Billion by 2032, registering a 13.6% CAGR during the forecast period, 2023–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. As per MRFR analysis, the Independent Software Vendors market is expected to grow significantly over the forecast period due to several factors. The global independent software vendors market has strong growth prospects during the forecast period, with several factors contributing significantly toward it. The increased demand for value-added services based on existing technology is one of the factors responsible for propelling market growth. Independent software vendors (ISVs) utilizing cloud technologies such as Amazon Web Services or Microsoft Azure can develop and market efficient software solutions. However, aspects such as a fast-changing technological landscape, coupled with tough competition among market players, are challenges faced by ISVs.
Original equipment manufacturers (OEMs) such as RedHat and Microsoft have, in recent times, considered the number of independent software vendors that provide value-added services based on its technologies. In light of this, several OEMs have developed independent software vendor certification and partner programs which offer partnership benefits to ISVs. These programs aim to bring these ISVs into more comprehensive partnerships with OEMs and provide partner services such as specialized support, timely updates and upgrades, dedicated building and deployment tools, marketplaces, and so on. These services have given ISVs an impetus to deliver better products and after-sales support, thereby driving market growth.
Furthermore, over the years, Internet penetration has made a tremendous impact on the telecom sector. In 2016, it was estimated that over 45% of the global population accessed the Internet. The rapid adoption of the Internet has resulted in the creation of mobile applications which includes e-commerce application—such as Alibaba, Amazon.com, eBay; social networking sites—such as Facebook, Instagram, and Pinterest; and online video streaming platforms —such as Netflix, Amazon Prime Video, and Voot—among others. This growth is attributable to technological enhancements in telecom networks such as LTE, WiMAX, and HSPA, which would eventually increase the web traffic across networks. Due to these factors, ISVs have increased their focus on automated approaches such as AI, machine learning, and data analytics. The automated solutions create opportunities for ISVs to transform their conventional technology by focusing on offering high-performance applications, thereby enhancing the customer experience.
The global Independent Software Vendors market has been segmented on the basis of type, application, and region.
Based on type, the market has been segmented into cloud based and on-premises. The cloud-based segment accounted for the largest market share in 2022. Also, it is expected to register the highest CAGR of during the forecast period
Based on industry, the market has been segmented into E-Commerce, Logistics, Retail, Healthcare, Financial, Educational and Others. E-commerce segment expected to grow rapidly over the forecast period.
Geographically, the global Independent Software Vendors market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Asia pacific is one of the fastest growing region in ISV market. China has one of the leading ISV markets in the Asia-Pacific region. The country is a hub of several ISVs offering software solutions across various industry verticals, including healthcare, manufacturing, BFSI, and retail. Some of the critical ISVs in the country include Beijing Jetsen Technology Co., Ltd., KBQuest, and Tofugear. These ISVs compete with each other based on after-sale services they offer and their distribution network across the country. ISVs operating in the country offer solutions across various verticals, including CRM, accounting and billing, point-of-sale (POS), management and production solutions. Multinational companies such as IBM and Microsoft have launched several programs in the country for ISVs, wherein they are offering various licensing options and other support services.
The Japanese ISV market is expected to grow at a substantial rate during the forecast period. The country comprises several small- and mid-sized enterprises offering software solutions across varied industry verticals. Some of the key industries ISVs cater to in Japan include healthcare, IT & telecommunication, retail, and BFSI. ISVs operating in Japan compete based on the kind of after-sales services they offer, value-added features that they provide in the solution, and price flexibility provided by them. ISVs operating in the country are also focusing on marketing and advertising activity in order to boost their sales and to maintain a competitive edge in the market.
The key players in the global Independent Software Vendors market are Hewlett Packard Enterprise Development LP, IBM Corporation, Oracle Corporation, Cisco Systems, Inc., Salesforce.Com, Inc., Apple Inc, SAP SE, Carbonite, Inc, Micro Focus, Servicenow, Mocana, Google, LLC, Microsoft Corporation, Compuware, Symantec Corporation, and Dell Inc.