III. Industry Analysis
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The variety of business software and services available has completely revolutionized the workplace. Software has replaced in-person meetings with virtual ones, physical whiteboards with virtual project management tools, and memos with email and messaging. Now, it’s hard to imagine any business operating without the help of software.
Business software includes a variety of tools that keep businesses running efficiently. These include communications platforms (like Slack or Teams), project management tools (like Asana or Monday), and accounting software (like Quickbooks or Xero). Every aspect of business requires some software to remain efficient. Companies cannot hope to compete in the global market without incorporating technology into their processes. Software helps automate these processes, increase efficiency, and improve accuracy. Because of this, businesses that don’t utilize technology or software are outcompeted very quickly.
According to Grand View Research, the business software and services market was valued at $474.61 billion and is expected to grow at a CAGR of 11.9% over the next 10 years. This projected growth is due to the increased automation of business processes across multiple industries, including retail, healthcare, and transportation. These industries are dependent on software for rapid communication, payment processing, and many other essential functions in their business. Therefore, business software is not just in demand; it’s required for businesses to stay relevant in the global market.
