Office Software Market Striking Opportunities, And Forecasts To 2028

Office Software Industry Overview

The global office software market size was valued at USD 23.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.9% from 2022 to 2028.

The growth of the global market is attributable to the increasing adoption of enterprise software among companies to meet unique needs and objectives, the growing adoption of cloud technology, and the need to enhance internal business agility while addressing varied challenges.

The market will continue to grow in the post-COVID-19 period, as more companies globally intend to implement productivity solutions into their business suit amid growing trends of mobility and BYOD. In 2020, digital resilience, or an organization's capacity to quickly adjust to business disruptions by harnessing digital capabilities to restore company operations and profit from changing conditions, became a major business focus. Office software solutions are crucial to an organization's resiliency and digital-first strategy as they are the basic technological systems that most firms employ for business.

Gather more insights about the market drivers, restrains and growth of the Global Office Software Market

U.S. office software market size, by type, 2019 - 2028 (USD Billion)

With office software solutions, processes that formerly required human interaction have now become automated, allowing the employees to concentrate on their business-critical functionalities. This has benefitted companies in encouraging minimum resource utilization and balancing the business automation processes. Furthermore, office software offers company employees excellent tools for designing business rules based on the needs of a company project.

The office software market is further predicted to develop due to several benefits such as better labor efficiency, quicker reaction time for important tools, process agility, and effective management of business processes. In addition, SMEs are striving to cut expenditures and decrease complications wherever feasible, since they have a limited budget for specialist communications and IT service providers. This is also expected to help emerging and frontier markets to thrive.

During the COVID-19 pandemic, organizations were forced to use WFH models due to the lockdowns enforced by governments in various countries. Organizations were compelled to reevaluate their work practices as a result of these abrupt changes, and digitization became a top priority for them in order to keep their operations going. Because of the ongoing COVID-19 pandemic, the worldwide office software industry is predicted to have a mixed impact, due to the adoption of Bring Your Own Devices (BYOD) and the developing WFH culture.

During the pandemic, businesses and SMEs in a variety of industries, including IT and telecommunications, healthcare, and BFSI, are becoming more interested in cloud-based business applications and services. The mandate to work from home is providing a once-in-a-lifetime opportunity for solution and service providers to promote office suite as a key factor of business stability and demonstrate the flexibility and business agility it offers, and this trend is expected to drive the market growth.

Browse through Grand View Research's Network Security Industry Research Reports.

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Key Companies profiled:

Some prominent players in the global office software market include

  • Microsoft Corporation
  • Google LLC
  • Oracle Corporation
  • Salesforce.com, Inc.
  • VMWARE, INC.
  • Symantec Corporation
  • Dell EMC
  • Hewlett Packard Co. (HP Inc.)
  • International Business Machines Corp.
  • Citrix Systems Inc.

Order a free sample PDF of the Office Software Market Intelligence Study, published by Grand View Research.

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