Software Consulting Market Size
|2019 - 2029
|Base Year For Estimation
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Software Consulting Market Analysis
Software Consulting Market revenue is expected to grow at a CAGR of 12.0% over the next five years. The growing demand for digitalizing business processes across various industry verticals is driving market growth.
- Technological advancements in cloud computing and data analytics are increasing the demand for new services and encouraging enterprises to adopt innovative solutions. Furthermore, rising demand for software consulting services is expected to stimulate investments in cutting-edge software technology.
- Software security services are expected to grow over the next five years. The increasing use of cloud servers and cyberattacks will bring new opportunities for the software consulting market. For instance, Accenture PLC acquired Sentor, a Sweden-based independent provider of cyber defense and managed security services.
- Key market players focus on expanding their businesses and strengthening their market positions through collaborations and partnerships. For Instance, Accenture and Vodafone collaborated to provide managed security services for Small & Medium Enterprises (SMEs) and international clients in Europe. Accenture would support Vodafone through this collaboration in offering enterprise-grade cybersecurity solutions to businesses across numerous industries.
- Organizations focus on improving work quality, boosting delivery speed, lowering labor costs, and increasing transparency and accountability through software deployment. Because of the COVID-19 pandemic, organizations are finding it challenging to satisfy end-user expectations, and hence they are increasingly adopting software consulting solutions and services to accelerate service delivery.
- COVID-19 increased the digitization demand and is the key trend that continues post-COVID-19 which in turn creates a surge in demand and opportunities for the software consulting market.
Software Consulting Market Trends
This section covers the major market trends shaping the Software Consulting Market according to our research experts:
Increasing demad for digital solutions
- Artificial Intelligence (AI) and Machine Learning (ML) are anticipated to boost automation and data-driven decision-making across operations. These technological advancements are projected to increase demand for the software consulting market.
- The increasing use of digital payments, the incorporation of blockchain technology into banking, and the growing number of digital wallets are expected to fuel market growth over the next five years.
- Digitalization adoption is growing across end-user industries such as BFSI, healthcare, and retail. For Instance, Cognizant collaborated with Microsoft to deliver a new digital healthcare solution to enhance remote patient monitoring for improved medical care.
- The rapid adoption of new technology and the growing focus on security push the market forward. Large cloud service providers, such as Microsoft and Amazon, play a significant role in the software consulting market growth. For Instance, Cisco Systems Inc. announced that it had released the Cisco Cloud Controls Framework (CCF) to the public. Cisco CCF is a complete framework that combines national and international security compliance and certification standards.
- Implementation of IT security technologies adoption is growing. Software-defined wide area networks (SD-WAN) have 54.90%, the highest percentage of adoption across IT industries. Such initiatives will further boost the software consulting market.
Norh America is Expected to Register Significant Market Growth During the Forecast Period
- The North America Software Consulting market is expected to grow significantly over the next five. The rising digital transformation trend is leading to an increased demand for software consulting in the region.
- The factors such as the rapid IT industry expansion, rising population, rapid cloud and virtualization technologies development, growing adoption of the internet of things, and increasing safety and security concerns are driving growth for the Software Consulting market.
- The growing adoption of cloud-based solutions and services for storing customers' critical information and the increasing number of cyberattacks are driving the demand for the software consulting market. For Instance, Tech Mahindra announced that it expanded its collaboration with Microsoft to strengthen hybrid cloud capabilities. The partnership aims to leverage Microsoft Azure Stack HCI, a new hyper-converged (HCI) solution, to accelerate hybrid cloud transformation, consolidate virtualized workloads and build enterprise resilience.
- Key players in the software consulting market are employing various growth and expansion strategies, such as strategic partnerships and collaborations, research and development initiatives, and investments, to gain a competitive advantage.
Software Consulting Industry Overview
The Software Consulting market needs to be more cohesive due to ongoing partnerships and recent advancements in the market. Some major players in the market studied include Ericsson, Airhop Communications, Cisco Systems, Huawei Technologies, and Commscope.
October 2022 - Accenture acquired Blackcomb Consultants to help Insurance carriers accelerate digital transformation in the Cloud.
Software Consulting Market Leaders
CGI Group, Inc
*Disclaimer: Major Players sorted in no particular order
Software Consulting Market News
- October 2022 - Capgemini signed an agreement to acquire Quantmetry to strengthen France's AI and data consulting capabilities.
- October 2022 - CGI and Aktia have established a strategic agreement under which CGI will be responsible for a significant portion of Aktia's banking IT services, including the development and uptake of 150 mission-critical applications.
- August 2022 - Accenture partnered with Google Cloud to develop new solutions using data and AI and providing enhanced support to help clients to build a strong digital core and reinvent their enterprises on the cloud.
- November 2022 - Cognizant collaborated with Microsoft are working more closely to develop a new solution that will speed up digital and sustainability transitions.
Software Consulting Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Shifting technology preference toward cloud computing and data analytics
5.1.2 Growing adoption of software consulting for improving operational efficiency
5.2 Market Restraints
5.2.1 Growing concerns over cybersecurity
6. MARKET SEGMENTATION
6.1 By Geography
6.1.1 North America
6.1.3 Asia Pacific
6.1.4 Latin America
6.1.5 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.2 CGI Group, Inc
7.1.3 Accenture PLC
7.1.4 Oracle Corporation
7.1.6 Atos SE
7.1.7 Rapport IT
7.1.8 SAP SE
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OUTLOOK OF THE MARKET
Software Consulting Market Research FAQs
What is the current Software Consulting Market size?
The Software Consulting Market is projected to register a CAGR of 12% during the forecast period (2024-2029)
Who are the key players in Software Consulting Market?
Capgemini, CGI Group, Inc, Accenture PLC, Oracle Corporation and Cognizant are the major companies operating in the Software Consulting Market.
Which is the fastest growing region in Software Consulting Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Software Consulting Market?
In 2024, the North America accounts for the largest market share in Software Consulting Market.
What years does this Software Consulting Market cover?
The report covers the Software Consulting Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Software Consulting Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Software Consulting Industry Report
Statistics for the 2024 Software Consulting market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Software Consulting analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.