ID: MRFR/ICT/8827-CR | September 2020 | Region: Global | 103 pages
Global Independent Software Vendors (ISVs) Market is anticipated to reach a value of USD 408.15 Million by 2026. It stood at USD 202.85 Million in 2019. The market is expected to accrue high earnings over the forecast period (2020-2026). It can register massive growth due to support from original equipment manufacturers (OEMs) and demand for value-added services. However, ISVs are facing a challenge from the rapid pace in technology and changing customer expectations.
The COVID-19 pandemic has brought all field services to a standstill with production lines and supply chain affected as a result. Independent software vendors need to combat against large conglomerates that have a steady supply of orders and large capital to stay afloat in the market. Initiatives taken by ISVs in the form of webinars and a forum for addressing COVID-19 grievances that can affect clients is a first step and can boost the market demand. Sage Corporation is one of the companies following the strategy and plans to provide support to their customers.
ISVs are planning to enter new markets by setting booths at exhibitions and trade fairs for setting up units or branches. Remote communication and virtual meetings were central to these companies in ramping up their sales during the period and will continue to play a major role in the coming years. ISVs and other similar providers can assist firms in keeping their foothold and delivering products to homes. The aggregation of data will be elemental in ISVs for accelerating time to market and providing a seamless customer experience.
Increased Demand for Value-added Services
The demand for value-added services (VAS) by customers for a fulfilling experience is expected to drive the demand for ISVs. Support for solutions and management of services can drive the market demand. The outbreak of the COVID-19 virus has led to changes in design and development of services to be contactless. The use of the data gathered from VAS can lead to scalable and robust software and applications.
OEM Support for ISV Solutions
Customized solutions for client require the support of OEMs which can navigate the success of ISVs in the coming years. The support culminates in reduced ownership of costs and capital costs while keeping efficiency high. The changing telecommunication landscape and ability to be attuned to changing customer demands can drive the market demand over the forecast period. For instance, OpenLegacy opened its doors for ISVS for integrating and upgrading enterprise legacy data sources.
Adoption of Cloud Computing
Cloud computing services can lower the infrastructural costs indefinitely and allows ISVs to spread their wings. Small and mid size entrepreneurs can rely on the cloud to expand their data centers and the trend of virtualization can facilitate the trend in the global independent software vendor market. Deployment of secure accounts for clients to access, store, and manage their data can be a plus for vendors. For instance, patches or software upgrades can lead to acceleration of better products and satisfy demands of customers. It can attract new clients and provide new revenue streams for companies relying on cloud.
Fast-changing Technological Landscape
The dynamic technology landscape and its infinite changes to suit the needs of customers can be a challenge for the market. Evolution of certain streams and the time needed to digitize data can deter market the global independent software vendors market.
Cumulative Growth Analysis
The global independent software vendors (ISV) market is set to accrue growth at a modest pace owing to the scope for small and medium enterprises and entry of new players for lowering prices of products and services.
Cloud to be Dominant in Global ISV Market
The cloud technology is expected to rule in the global market owing to the benefits of cloud. In addition, the need for companies to scale their services without being pulled back by restraints and hurdles can drive the segment demand in the market.
E-commerce to Generate Maximum Revenue in Global ISV Market
The e-commerce application is likely to benefit the most from independent software vendors as online shopping surges. Changing customer habits and convenience of home delivery is likely to drive the demand for ISVs to provide storage options and seamless customer experience for mobile application users.
North America to Lead in Global ISV Market
North America is expected to take the lead in the global independent software vendors market owing to the abundance of ISVs and ease of business index in countries of the U.S. and Canada. The route to digital payments and virtualization of infrastructure are expected to be opportunities for the market to expand in the region. Moreover, investments by large players for leveraging on latest technologies such as artificial intelligence, big data, and machine learning can spur the regional market demand.
APAC Touted to be Fastest-growing Market
APAC is touted to exhibit the fastest growing market owing to the rapid strides by economies of India and China. The move to electric mobility and adoption of latest communication networking technologies would require software licenses at nominal rates that could be lucrative for ISVs. Rising consumer awareness and adoption of cloud computing can be a plus for ISVs. Moreover, the goal of governments for launching digital currencies and connect all remote regions through blazing internet speeds can invoke the need for independent software vendors. The increasing number of large and SMEs can also be a catalyst for growth of the market.
The global ISV market is expected to expand on the base of digitization and need for scaling by enterprises of all sizes. Partnerships and efforts to retain their clientele are major strategies of players to retain their foothold in the market.
Global Independent Software Vendor (ISV) Market report by MRFR provides a thorough analysis for the forecast period. It considers drivers, challenges, restraints, trends, and other aspects for estimating the size and revenue projections for the coming years. It segments the market on the basis of type and application in the following manner:
Frequently Asked Questions (FAQ) :
Global independent software vendors (ISVs) market is projected to grow at approximately 10.5% CAGR during the assessment period (2020-2026).
The valuation of the global independent software vendors (ISVs) market is estimated to increase to USD 408.15 MN by the end of 2026.
Increased demand for value-added services and OEM support for the ISVs solutions development and management are major tailwinds pushing the growth of the global independent software vendors (ISVs) market.
North America holds the largest share in the global independent software vendors (ISVs) market, followed by Europe and the Asia Pacific region, respectively.
Cisco Systems, Inc. (US), Microsoft Corporation (US), IBM Corporation (US), Micro Focus (US), HP Development Company, LP (US), Google, Inc. (US), Apple Inc. (US), Oracle Corporation (US), SAP SE (Germany), Nutanix (US), Salesforce.com, Inc. (US), ServiceNow (US), Double-Take Software (US), Yahoo! (US), RSA Security LLC (US), Odyssey Software (US), Mocana (US), and Compuware Corporation (US), are some of the top players operating in the global independent software vendors (ISVs) market.