Market Size of Software Consulting Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 12.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*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.
