Two years ago we encountered a world pandemic. Non essential businesses had to close. Countries closed their borders. These trying times left us with more questions than answers.
One major trend we noticed was that the adoption of software technologies was greatly accelerated. People were forced to change how they interacted with others. Zoom weddings became a thing. Work from home emerged as a new working standard.
“The measure of intelligence is the ability to change.”Albert Einstein
With this great shift of accelerated software adoption, people are using more software than they ever have.
How big is the Software Solutions market?
Here are just some quick statistics.
- In 2022, the software market revenue is projected to reach US$600+ billion
- 40% of that market cap is Enterprise Software, as the markets largest segment
- The annual growth revenue is projected at 5.78% all the way until 2027, reaching a total of almost $1 trillion ($806 billion)
- Most of the revenue will come from the United States (US$ 300 billion)
We can see that the enterprise software leads the charge in market cap. Application development software comes in second, followed by infrastructure and productivity.
By global comparison, The United States is among the biggest contributors in the software industry based on revenue ($303 billion). Germany is in second place sitting at around $33 billion.
The United States is the home of 9 of the top 10 software companies in the world by market cap. Their total market cap is about $7 trillion dollars.
We understand that currently, there is minor slow down in the tech sector based upon recession scares. But, we believe in tech for the long term. The future is bright and the growth has been amazing. We have finally seen a more mass adoption of technology. How many of you have had your parents join and send you a Snapchat or TikTok in the past few years? Adoption is here.
We hope you enjoyed some of these stats and where the software solutions market is at currently and some future projections. We’re very excited to be apart of this industry and love building tech for the tomorrow.