Published Date: 31-Mar-2022
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According to a new report, published by KBV research, The Global Software Consulting Market size is expected to reach $458.5 billion by 2027, rising at a market growth of 12.1% CAGR during the forecast period.
The BFSI market dominated the Global Software Consulting Market by Vertical 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $84.0 billion by 2027. Financial services companies are increasingly turning to consulting services to help them capitalize on their resources, incorporate tech into crucial operations, and develop their businesses. In the next years, the widespread usage of digital payments, the use of block chain technology in banking, and the growing number of digital wallets are expected to propel the market forward. In addition, the rising use of cloud-based solutions and services for storing customers' essential data, as well as an increase in the amount of cyber-attacks, are boosting need for software security consulting services with in BFSI sector.
The Enterprise Solutions segment has acquired maximum market share the Global Software Consulting Market by Application 2020, thereby, achieving a market value of $95.1 billion by 2027. According to Forbes, over 55% of organizations in North America used business intelligence and big data analytics solutions to address their business challenges in 2017. The need for software like Enterprise Resource Planning (ERP), Enterprise Content Management (ECM), and Customer Relationship Management (CRM) has been rising, and this is expected to increase the requirement for enterprise solutions consulting in the future years.
The North America is fastest growing region in the Global Software Consulting Market by Region 2020, thereby, achieving a market value of $154.3 billion by 2027. The Europe market is estimated to witness a CAGR of 11.6% during (2021 - 2027). Additionally, The Asia Pacific market would display a CAGR of 12.6% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Ernst & Young Global Limited, Accenture PLC, Cognizant Technology Solutions Corporation, Deloitte Touche Tohmatsu Limited, IBM Corporation, Atos Group, Capgemini SE, Oracle Corporation, SAP SE, and CGI, Inc.
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