The solutions help integrate and computerize human resource processes such as training, payroll, and recruitment. BFSI led the market in 2018 and was valued over USD 59 billion owing to increased deployment of enterprise software to enable enhanced client experience and to offer several advantages such as secure transactions and constant access to client database. What are the factors driving the business software and services market? Which segment accounted for the largest business software and services market share? The maintenance and support cost of the solution are covered in the standard software cost and additional integration and customization often lead to an increase in maintenance and support costs. Enterprise software and services are significantly used in end-use industries such as BFSI, government, healthcare, manufacturing, and retail, among others since they enable the streamlining of business processes. The global business software and services market size was valued at USD 322.91 billion in 2018 and is expected to expand at a CAGR of 10.7% from 2019 to 2025. On the basis of end-use, the market is segmented into aerospace and defense, BFSI, government, healthcare, IT and telecom, manufacturing, retail, and transportation, among others. b. The global cloud com… Study: Administrative formalities and costs involved in accessing markets cross-border for provisions of accountancy, engineering and architecture services. Business services cover many varied sectors. The increasing importance of financial management tools for planning, budgeting, analysis, and reporting is expected to drive the demand. Various organizations are expanding their business operations as they want to cater to a larger market; thereby driving the demand in organizations to efficiently offer solutions to their customers. Emphasis on cloud facilities and initiatives towards developing enterprise intelligence solutions are expected to boost the demand for enterprise solutions in Europe. Furthermore, stringent government regulations for minimizing carbon footprint are encouraging organizations to opt for cloud-based services, which is expected to drive the growth of the cloud segment. Avail customized purchase options to meet your exact research needs. How big is the business software and services market? The growing need for mobility and data portability is leading to a higher emphasis on the use of data-centric solutions, subsequently driving the demand for an enterprise solution. Increasing preference for efficient networking solutions and automation capabilities is expected to drive demand for enterprise software and services in large enterprises segment. For instance, Info-Communications Media Development Authority (IMDA), Singapore, recently launched a public consultation process to design a policy framework for facilitating 5G rollout by 2020. Consulting services are expected to emerge as the fastest-growing segment over the forecast period. Moreover, the deployment of enterprise solutions may result in a significant reduction in raw material and inventory costs, which helps organizations to achieve increased profitability. Please fill out the form below for a free PDF report sample & Business services are particularly important to European competitiveness as they are essential to manufacturing and other service sectors. On the basis of software, the market is segmented into finance, human resource, sales & marketing, supply chain, and others. The support & maintenance segment dominated the market in 2019 and was valued at USD 43.61 billion and is expected to reach USD 48.04 billion in 2020. b. Enterprises also incur additional expenditures related to timely maintenance and periodic updates. On the basis of service, the business software and services market is segmented into consulting, managed services, and support and maintenance. The growing emphasis on strategic decision-making and resource allocation are expected to further drive the segment growth. Leading companies operating in the global information technology and knowledge managementservice market include Fujitsu, IBM, Accenture and Hewlett-Packard. Grand View Research is registered in the State of California at Grand View Research, Inc. 201 Spear Street 1100, San Francisco, CA 94105, United States. It offers a detailed overview of the company’s services, products, customers, and sales team in different locations. This is expected to drive demand for on-premise deployment over the forecast period. The global business software and services market size was valued at USD 322.91 billion in 2018 and is expected to expand at a CAGR of 10.7% from 2019 to 2025. Avail customized purchase options to meet your exact research needs: "The quality of research they have done for us has been excellent...".