Industrial Automation Magazine India

Industrial software refers to a collection of application programs, processes, procedures, and functionalities.

Dublin, November 2023 – The "Global Industrial Software Market (by Platform, End User, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)" report has been added to ResearchAndMarkets.com's offering.

The global industrial software market is poised for substantial growth, with an anticipated value of $110.50 billion by 2023, displaying a robust Compound Annual Growth Rate (CAGR) of 9.25% during the forecast period.

Industrial software refers to a collection of application programs, processes, procedures, and functionalities designed to facilitate large-scale data collection, transformation, and management. It finds applications across diverse industries such as manufacturing, construction, design, healthcare, textiles, chemicals, food processing, and more. Industrial software plays a crucial role in digitising real-world work data for analysis, ensuring the preservation of a non-physical record immune to destruction, loss, or theft.

The global industrial software market is categorised into two primary platforms: On-Premise and Cloud. The cloud platform segment is projected to experience the highest growth rate during the forecast period. Cloud-based industrial software offers immediacy, efficiency, resource planning optimisation, scalability, and accessibility. It also features benefits like quicker implementation and lower upfront costs, contributing significantly to the segment's growth.

The market is segmented into eight key end users: BFSI (Banking, Financial Services, and Insurance), IT & Telecom, Manufacturing, Government, Healthcare, Retail, Aerospace & Defense, and Others. The BFSI sector leads the industrial software market due to the expanding adoption of software solutions for transaction tracking, accurate portfolio reporting, and digital banking. The user-friendly interface of these software solutions, featuring various charts, analytics, and data blocks, has contributed to their growth. Factors such as easy data access, digital banking, and the rise of fintech startups further drive the growth of the BFSI software market.

The global industrial software market is divided into four regions: North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America holds the largest share of the global market, driven by factors like the increasing adoption of industrial software by small and medium-sized businesses, investments in cutting-edge technology-driven software development, and a substantial presence of market players. Access to software functionalities through smartphone applications is also expected to contribute to market growth.

The Asia Pacific market is set to expand significantly, driven by a thriving manufacturing sector and the growth of small and medium enterprises. The market is expected to benefit from the increasing adoption of on-premises industrial software solutions by businesses looking to enhance productivity and performance. Government support for IT infrastructure implementation is another factor expected to boost demand for industrial software.