LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of their Global IT Software Market Category - Procurement Market Intelligence Report.
The IT software market is poised for a category spend growth of USD 690 billion between 2018-2023, with spend momentum accelerating at a CAGR of 4.67% during the forecast period. The healthcare sector primarily exhibits this increasing spend in the IT software market following the rapid digitization of medical records and the increased integration of smart devices with patient monitoring systems. Adoption of data-driven strategies will increase the demand for business analytics software across end-users like manufacturing, automobile, BFSI, including the healthcare sector. This demand will supplement the spend growth of the IT software market across the geographies. Request a Free Sample of this IT software market procurement intelligence report here!
Buyers from the BFSI sector in the US are adopting IT software to automate functions such as selling financial products, loan processing, account processing, and CRM through automated chatbot interactions. This is expected to drive the spend momentum of the IT software market in the region. However, the ongoing uncertainties over Brexit will significantly impact the market across several countries in Europe. Moreover, the imposition of the new trading and tariff-related regulations in the UK is expected to further reduce the spend on IT software by SMBs and banking firms. This is driving many companies in the BFSI sector to shift their operations from the UK, thereby limiting the scopes of growth for vendors in the IT software market.
This procurement intelligence report offers a comprehensive overview of the US IT software market trends and identifies the best IT software market pricing strategy to help enterprises procure at cost-effective rates. The report also provides information on the spend opportunity for suppliers and allows buyers to estimate the total cost of ownership. Get free customization of this IT software market procurement intelligence report to get information tailored to your every requirement.
“Engaging with value-added resellers (VAR) will benefit buyers with maximum procurement discounts. This engagement will also allow the buyers access to additional services such as maintenance contracts or training, implementation services and provision of customization of off-the-shelf software,” says SpendEdge procurement expert Sumit Yadav.
This IT software market procurement intelligence report has estimated the following cost drivers to influence the category growth in the coming years:
- Digitization in the banking sector will drive category demand
- Software license optimization can reduce TCO about IT software
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SpendEdge’s procurement market intelligence reports for the information technology category provide detailed supply market forecasts and cost drivers that impact category growth. Such information will help procurement managers as well as the suppliers to determine the total cost of ownership and change their procurement strategies accordingly. Additionally, SpendEdge’s reports provide category management insights and information on the procurement best practices for the category.
Report scope snapshot: IT software market
Category pricing insights
- Pricing outlook
- Total cost of ownership analysis
- IT software market trends
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- Supplier-side levers
- Buyer-side levers
- IT software market pricing strategy
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- Competitiveness index for suppliers
- Buyer power
- Supplier power score
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