Advances in digital infrastructure and rapidly changing consumer behavior are some of the areas on which businesses are likely to focus on improving customer experience. The government and commercial sectors covering retail, banking, financial services, and insurance (BFSI), IT & telecom, healthcare, and automotive need web applications to be actively accessible by users. Hence, independent software vendors (ISVs) play a vital role in offering a better quality of services (QoS) to the end-users, which helps them in retaining existing customers, further increasing their customer bases, and improving the overall customer experiences. Additionally, some trends allow ISVs to sustain in the competitive environment.
The MRFR analysis offers a comprehensive understanding of the market dynamics. The global independent software vendors (ISVs) market has been analyzed across key geographies, namely, North America, Southeast Asia, India, Europe, China, Japan, and Central and South America.
North America is the leading economy in the independent software vendors (ISVs) market, followed by Europe. North America is one of the major regions for the ISV market. The North American market consists of the US, Canada, and Mexico. These countries have a large number of ISV providers. For instance, in the US, some of the key ISVs are Ipswitch, Salesforce.com, Intuit Inc., Alpha Software. In Canada, some of the key ISVs include Endeavour, CRG Solutions, and MediaValet Inc. All these ISVs compete with each other based on value-added features and services that they offer.
However, India is the fastest-growing economy in the global market. Increasing digitalization and consumer awareness in the country are some of the factors responsible for the growth of the market. Moreover, businesses in the country are planning to adopt the latest technologies to harness maximum profits, which would enable them to sustain in the competitive environment. Furthermore, the increasing demand for cloud computing technology both by large enterprises and small- and medium-sized enterprises, is another factor responsible for the growth of the market.
According to the Market Research Future analysis, the global independent software vendors (ISVs) market was valued at USD 202.85 million in 2019; it is expected to reach USD 408.15 million by 2026, recording a CAGR of 10.5% during the forecast period, 2020–2026.
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Global independent software vendors (ISVs) Market Segmentation
Global Independent Software Vendors (ISVs) Market has been segmented based on Type, Application, and Region.
Based on type, the market has been segmented into cloud and on-premise. The cloud segment accounted for the larger market share in 2019, and it is projected to register a higher CAGR over the forecast period.
By application, the market has been segmented as e-commerce, logistics, retail, healthcare, financial, education, and others. The retail segment had the highest market share in 2019, and the e-commerce segment is expected to record the highest CAGR over the forecasted timeframe.
The MRFR study identifies some of the prominent key players in the independent software vendors (ISVs) market, as Microsoft Corporation (US), Cisco Systems, Inc. (US), IBM Corporation (US), HP Development Company, LP (US), Micro Focus (US), Google, Inc. (US), Oracle Corporation (US), Apple Inc. (US), SAP SE (Germany), Salesforce.com, Inc. (US), Nutanix (US), ServiceNow (US), Yahoo! (US), Double-Take Software (US), RSA Security LLC (US), Mocana (US), Odyssey Software (US), and Compuware Corporation (US).
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