SMB Software Market to grow by USD 57.76 billion from 2022 to 2027, Growth driven by the rapid adoption of cloud-based applications by different businesses - Technavio

NEW YORK, Nov. 3, 2023 /PRNewswire/ -- The "SMB software market by deployment (on-premise and cloud), application (media, telecommunication, consultants, and law firms), and geography (North America, Europe, APAC, South America, and Middle East and Africa) - Forecast and Analysis 2023-2027" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the SMB software market from 2022 to 2027 is USD 57.76 billion. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

The rapid adoption of cloud-based applications by different businesses is a key factor driving market growth. A significant reduction of upfront costs and shorter implementation time is a major reason for the growth in demand for cloud-based Enterprise Resource Planning software such as ERP. There are numerous other business advantages to be derived from cloud-based ERP, for example, the integrity and consistency of processes across an organization as well as user access to applications, employees, and customers. 

Market Challenge

Lack of awareness of SMB software in various developing countries is a significant challenge restricting market growth. Most small and medium-sized businesses experience ineffective collection software management.  It may also help to understand the risks of money loss and cash recovery faced by your enterprise if you know that SMB software is available. It shall also help organizations to put in place cost-effective security measures. Furthermore, the adoption of open-source MB software also poses a threat to the market. The large number of open-source SMB software companies is a major obstacle to the global market for small and medium-sized business software. Hence, these factors are expected to restrict market growth during the forecast period.

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The SMB software market has been segmented by deployment (on-premise and cloud), application (media, telecommunication, consultants, and law firms), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The market share growth by the on-premise segment will be significant during the forecast period.  For good system security, preference is given to on-premise SMB software such as business management software, enterprise resource planning software, customer relationship management software, logistics software, debt collection software, and cloud solutions. A high level of IT infrastructure is needed to use these software solutions.

View the Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the SMB software market:

Accenture Plc, Acumatica Inc., Alfresco Software Ltd., Cisco Systems Inc., Epicor Software Corp., IFS World Operations AB, Infor Inc., International Business Machines Corp., Microsoft Corp., Newgen Software Technologies Ltd., Open Text Corp., Roper Technologies Inc., Sage Group Plc, SAP SE, SYSPRO Pty. Ltd., TOTVS SA, Unit4 Group Holding B.V., Workday Inc., Xero Ltd., and Oracle Corp.

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Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Deployment

Market Segmentation by Action

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio