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DUBLIN, Nov. 2, 2023 /PRNewswire/ -- 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.

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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.

Understanding Industrial Software

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 digitizing real-world work data for analysis, ensuring the preservation of a non-physical record immune to destruction, loss, or theft.

Segmentation

By Platform: The global industrial software market is categorized 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 optimization, scalability, and accessibility. It also features benefits like quicker implementation and lower upfront costs, contributing significantly to the segment's growth.

By End User: 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.

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Geographic Coverage

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.

Top Impacting Factors

Growth Drivers

Growing Electronics Industry

Surging Adoption of Industrial Cloud Computing Technology

Rapid Installations of Industrial Robots

Rising Adoption of Digital Transformation

Challenges

Trends

Integration of Artificial Intelligence (AI) with Industrial Software

Increasing Adoption of Industrial Internet of Things (IIoT)

Increasing Industrial Spending on R&D

Growing Adoption of Automation in Raw Material Industries

Key Drivers

Growing Electronics Industry: The electrical and electronics industry's continuous need for innovation, cost reduction, and process acceleration has led to the adoption of specialized industrial software. These software solutions enable lean manufacturing, component manufacturing, and service providers in the electronics industry to improve their processes, reduce time-to-market, and enhance product quality.

Challenges

High Initial Capital Investment: While industrial software integration offers automation and cost-effectiveness, the significant initial capital required for technology implementation and employee training poses a challenge. Uncertainty regarding return on investment (ROI) discourages small and medium-sized enterprises (SMEs) from adopting technology due to high upfront costs.

Trends

Integration of Artificial Intelligence (AI) with Industrial Software: Big data and AI play a pivotal role in Industry 4.0, offering intelligent software solutions that use extensive factory data to identify trends, optimize manufacturing processes, and reduce energy consumption. AI-driven software can adapt to changing circumstances and discover complex connections within systems, supporting continuous improvement and optimization.

Impact of COVID-19

The COVID-19 pandemic affected the industrial software market, with government-mandated closures and travel restrictions impacting manufacturing and related industries. The initial phase saw a decline in demand for industrial software due to temporary closures of end-use industries. However, the post-pandemic outlook for the market is optimistic, with the adoption of smart factory automation, driven by the Industrial Internet of Things (IIoT) and Industry 4.0, expected to fuel growth.

Analysis of Key Players

The global industrial software market exhibits moderate fragmentation, with high-growth segments including cloud infrastructure and services, cybersecurity, and data analytics. Key players in the market include:

Microsoft Corporation

Siemens AG (Siemens Digital Industries Software)

IBM Corporation

Oracle Corporation

Salesforce Inc.

ABB Group

Honeywell International Inc.

Dassault Systemes SE

Amazon.Com, Inc. (Amazon Web Services, Inc.)

Cadence Design Systems, Inc.

Synopsys Inc.

SAP

For more information about this report visit https://www.researchandmarkets.com/r/rvhn0j

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Read more from the original source:
From Electronics to Cloud Computing: The Forces Shaping the Future of Industrial Software - Yahoo Finance