Software Industry Insight: Market Share and Growth
Analysts Dive Deep into Industry Trends
Morningstar Analysts Examine Market Dynamics
Morningstar analysts have conducted an in-depth analysis of the software industry, focusing on market share and growth trends. Their findings shed light on the current state and trajectory of this dynamic industry.
In 2020, the global enterprise software market experienced robust growth of 9%, reaching over $535 billion. This growth is a testament to the increasing reliance of businesses on technology to streamline operations and improve efficiency.
The broader software market is also exhibiting strong growth. In 2023, the market size was estimated at approximately USD 656.10 billion, with projections indicating continued growth in the coming years.
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