Albany, NY -- (SBWIRE) -- 03/26/2021 -- Companies Unlock Business Potentials through Fail-proof Products for Gaining Competitive Edge
Independent software vendors (ISVs) are pushing their boundaries of innovations to create value through products for customer. With the advent of digital disruption, companies are increasing their focus on process innovation to deploy an enriched end-user experience. Companies in the independent software vendors (ISVs) market are investing in product architectures that are scalable, fail-proof, and cost-effective. For instance, MSys Technologies— a company that enables digital transformation initiatives for ISVs, is gaining efficacy if fail-proof products that are capable of driving customer loyalty.
Companies in the independent software vendors (ISVs) market are focusing on the inclusion of right mix of digital technologies that help stakeholders gain a competitive edge over other players. As such, the market is largely fragmented with emerging players dictating ~55%-60% of the market revenue share. Independent software vendors are investing in right skills of software developers and building their credibility by complying with government rules and regulations.
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Financial Services-ready Public Cloud Platforms Establish Trusted Technology Ecosystem
The global IT spending is anticipated to turn into a trillion dollar industry due to the increasing volume of independent software vendor products and services sold for and through cloud platforms. Hence, major companies are setting their collaboration wheels in motions to initiate strategic tie-ups with financial entities to capitalize on exponential cloud deployment. For instance, IBM— a leading U.S.-based IT company launched their one-of-its-kind financial services-ready public cloud by joining forces with the Bank of America. This explains why the revenue of financial services applications are projected for aggressive growth in the independent software vendors (ISVs) market, where the market is estimated to reach a value of ~US$ 4,077.72 Bn by the end of 2027.
Independent software vendors are benefitting through strategic collaborations, since ISVs can focus more on their core offerings to financial institutions through innovative cloud platforms. The establishment of a trusted technology ecosystem has become an important prerequisite raised by stakeholders of financial institutions in the independent software vendors market.
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Software or Services? Which is better for Industrial & Manufacturing Application Area
The growth of the independent software vendors market is anticipated to climb at a promising CAGR of ~13% during the forecast period. This is evident since the revenue of industrial & manufacturing application segment is predicted for exponential growth in the independent software vendors (ISVs) market. However, stakeholders in the industrial & manufacturing sector are straddling between software and services to progress in the market landscape. For instance, several vendors are offering services to replace software, especially in the supply chain network services domain. On the other hand, stakeholders in the industrial & manufacturing sector are outsourcing 3D printing services. However, lack of quality control in outsourced work is encouraging stakeholders to invest in software.
Independent software vendors are increasing efforts to analyze business needs of stakeholders in the industrial & manufacturing sector in order to offer the right software that improves efficiency levels in their organizations. Since software offering are not very straightforward in the industrial & manufacturing landscape, independent software vendors are educating stakeholders on the pros and cons about the software.
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Faster Adoption in Applications Helps Stakeholders in Healthcare Industry to Drive Outcomes
The acceleration of innovations and increased adoption of applications in the healthcare landscape are some of the major key drivers contributing toward the growth of the independent software vendors (ISVs) market. For instance, GE Healthcare— a U.S. multinational conglomerate revealed that the company is partnering with independent software vendors and developers in order to leverage their Edison platform. Strategic collaborations are creating value-grab opportunities for independent software vendors who are helping stakeholders in the healthcare industry to experience commercial growth through their healthcare applications.
The independent software vendors (ISVs) market is witnessing a transformation as developers gain the opportunity to innovate through intelligent software platforms of renowned healthcare companies. One of the most important end goals of stakeholders in the healthcare landscape is to increase the availability of efficient healthcare services that improve clinical outcomes. ISVs are aiming to ensure faster adoption of applications among end users through cloud.
Independent Software Vendors (ISVs) Market: Overview
The global independent software vendors (ISVs) market is expected to reach ~US$ 4,077.72 Bn by 2027 from ~US$ 1,573.29 Bn in 2019, expanding at a CAGR of ~13% from 2019 to 2027
Emergence and rising adoption of cloud-based solutions among end users is likely to enable the growth of the independent software vendors (ISVs) market during the forecast period
Asia Pacific is projected to lead the global independent software vendors (ISVs) market during the forecast period. Adoption of cloud-based solutions by different applications such as financial services, and healthcare has propelled the growth of the independent software vendors (ISVs) market in this region.
India is the most attractive market in Asia Pacific. The incremental opportunity is significantly higher for India as it accounts for a dominant share in the independent software vendors (ISVs) market in this region.
The report provides analysis of the global independent software vendors (ISVs) market for the period 2017 – 2027, wherein 2018 is the base year, 2019 is the estimated year, and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
The global independent software vendors market is influenced by recent developments in smart technologies. Independent software vendors are persons or companies designing, distributing, and selling software applications to one or more hardware providers. Individual software vendors vary from the in-house software development department of an enterprise, or even custom software. Independent software vendors/developers design applications that are specifically catered for use by end customers.
In this report, we analyze the challenges faced by independent software vendors (ISVs) while coping with the rapidly changing world. The report also highlights the total revenue generated by independent software vendors (ISVs) across various key regions worldwide.
North America Independent Software Vendors (ISVs) Market: Snapshot
The independent software vendors (ISVs) market in North America is anticipated to expand at a rapid pace during the forecast period, followed by Europe. North America remains the leading market for independent software vendors (ISVs), with revenues in 2019 estimated at US$ 686.27 Bn.
The independent software vendors market in North America is mainly driven by the growing use of various enterprise solutions such as human capital management (HCM), expense management, financials, office suites, and collaborative solutions (mainly web conferencing technology) due to a highly distributed workforce
Key Growth Drivers of Independent Software Vendors (ISVs) Market
Rising Adoption of SaaS: Software as a Service (SaaS) is one of the major cloud computing models expected to gain traction over conventional on-premise software licensing models in the near future. Robust growth exhibited by the market is due to rising number of companies, which are looking for flexible, cost-effective, and robust cloud computing solutions, creating new opportunities for independent software vendors (ISVs). Growing business outsourcing of software and services, along with the rising need to adopt new IT solutions due to modern consumer trends are expected to boost the growth of SaaS. ISVs are meeting IT and line-of-business buyer demand for greater speed, agility, and scalability with cloud-enabled and cloud-native solutions.
Increasing Demand for Multi-cloud and Hybrid Cloud: Increasing implementation of multi-cloud and hybrid cloud systems help companies to implement application workloads that embrace functionality such as data residency standards, enforcement and legislation, low latency, and low cost that improves mobility, and provides enhanced protection, enhanced user interface, and ubiquitous access. Hence, increasing demand for multi-cloud and hybrid cloud provides growth opportunity to ISVs.
Key Challenges Faced by Independent Software Vendor (ISV) Market Players
Concerns about data theft and data privacy across the globe is high. This is due to the number of data thefts and data breach cases have increased in the past few years; organizations are adopting more cloud platforms, and are seeking better ways to control user access rights within each service. Data theft and data privacy concerns are high in a cloud platform. Hence, most companies refuse to adopt the cloud platform due to data security concerns, which directly impacts the revenue of independent software vendors.
Independent Software Vendors (ISVs) Market: Competition Landscape
In July 2019, VeriPark, a United States based ISV entered into a partnership with Microsoft Corporation to create an open source data model for building innovative banking solutions
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Independent Software Vendors (ISVs) Market: Company Profile Snapshot
Microsoft Corporation: Incorporated in 1975, Microsoft Corporation is based in Redmond, Washington, U.S. Microsoft Corporation designs, develops, and markets software, services, devices, and solutions. The company's product portfolio includes video games, software development tools, desktop and server management tools, business solution applications, server applications, cross device productivity applications, and operating systems.
Oracle Corporation: Oracle Corporation is a U.S.-based information technology company. It provides applications, platforms, and IT infrastructure products and services. The company operates through three business segments: Cloud and Licensing, Hardware, and Services. The company's Cloud and Licensing business segment offers Oracle Cloud Services, cloud & on- premise licenses, and license support offerings.
Other major players operating in the global independent software vendors (ISVs) market and profiled in the report include
ASG Technologies Group, Inc.
Allscripts Healthcare (formerly McKesson Corporation)
American Software, Inc.
Arney Computer Systems
Barnard Software, Inc.
Cisco Systems, Inc.
Fundamental Software, Inc.
H & W Computer Systems, Inc.
Hewlett Packard Enterprise Company
Interskill Interactive, Inc.
Lee Technologies, Inc.
Ray and Shoup, Inc
Magic Software Enterprises Ltd
Numerical Algorithms Group Ltd
Pacific Systems Group
Phoenix Software International
Red Hat Inc.
Universal Software, Inc.
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