- 16 August 2019 22:42
Software Consulting Market Hit Valuation $402.11 Billion by 2026
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The market has witnessed growth over the past few years owing to the increasing consolidation among companies, which require assistance in integrating accounting, information storage, and other systems. Various businesses across the globe are more reliant on software consultancy to sustain the fast-changing technological world. Favorable government regulations and minimal start-up costs are also expected to drive the growth of the software consulting market. Additionally, globalization and off-shoring are further expected to fuel the market demand over the forecast period.
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Software consulting services help enterprises to better design, optimize, architect, and implement software and processes. Furthermore, the services also help organizations in effective decision-making for lining up their technology and investment strategies with their businesses or process strategies. Software consulting includes disseminating information, providing technical expertise, testing & supporting software, on-site management & IT functions, and planning & system designing.
The shift of technological trends toward data analytics and cloud computing are driving the demand for new services and encouraging enterprises to adopt innovative software solutions. Moreover, increasing investments in advanced computers and software are expected to increase the demand for software consulting services over the forecast period.
However, lack of technical expertise and the inability to meet client requirements are expected to hinder the growth of the market. Developing a client network, which provides a regular workflow, poses to be a challenge to the market growth. Additionally, business transition, cultural conflicts, and integration issues are further expected to hinder the growth of the software consulting market.
The global software consulting market can be segmented based on type, enterprise size, end- user, and geography. Based on type, the software consulting market can be categorized into design services, software security services migration & maintenance services, and application testing services. Software services are expected to be a rapidly expanding segment due to increasing use of cloud server to store data. Based on enterprise size, the software consulting market can be segmented into large enterprises and small-medium enterprises. Large enterprises is anticipated to be a dominant segment in terms of revenue in the software consulting market. To maintain market position in a highly competitive environment, demand for software consulting is expected to increase among large enterprises. In terms of end-user, the software consulting market can be categorized into BFSI, government, IT & telecom, retail, automotive, education, health care, and manufacturing. Based on geography, the software consulting market can be segmented into South America, Asia Pacific, Middle East & Africa, Europe and North America. North America is expected to be a dominant region in terms of revenue. Enterprises operating in North America are digitizing the business processes, which, in turn, has increased their investment in multiple enterprise software. In order to effectively select as well as deploy the enterprise software, these enterprises are turning toward software consultancy firms. Asia Pacific is expected to be a rapidly expanding region of the software consulting market.
Key players operating in the software consulting market include Deloitte Touche Tohmatsu Limited, Atos SE, IBM Corporation, CGI Group Inc., Accenture, Capgemini SE, Cognizant, Oracle Corporation, Ernst & Young Global Limited, PricewaterhouseCoopers (PwC), and SAP SE.