Market Analysis
Market Research Future (MRFR) projects the global independent software vendors (ISVs) market to reach USD 408.15 Million at a 10.5% CAGR from 2020 to 2026 (forecast period).
An independent software vendor (ISV) defines as individuals and organizations that develop, market, and offer software that runs on third-party software and hardware platforms. With the introduction of digital disruption, companies are focusing more on process innovation in order to have a better end-user experience. Various companies in the ISV market are heavily investing in product architectures that are fail-proof, scalable, and cost-effective. Furthermore, the high adoption of cloud-based technologies by many applications, such as healthcare and financial services, has fueled the market growth.
The increasing demand for value-added services (VAS) by customers in order to have a satisfying experience is expected to fuel demand for ISVs. Support for solutions and management of services can propel the market demand. The COVID-19 virus outbreak has resulted in changes in the design and development of services to be contactless. The utilization of the data gathered from VAS can lead to scalable and stable software and applications.
The dynamic technology landscape and its infinite changes to meet the needs of customers may be a challenge for the market. The evolution of such streams and the time taken to digitize data can deter the global independent software vendors market.
Independent Software Vendors Market Players
Double-Take Software (U.S.), Mocana (U.S.), Google Inc. (U.S.), RSA Security LLC (U.S.), Odyssey Software (U.S.), Oracle Corporation (U.S.), ServiceNow (U.S.), LP (U.S.), SAP SE (Germany), HP Development Company (U.S.), com Inc. (US), Compuware Corporation (U.S.), Cisco Systems Inc. (U.S.), IBM Corporation (U.S.), Apple Inc. (U.S.), Microsoft Corporation (U.S.), Micro Focus (U.S.), Yahoo! (U.S.), Nutanix (U.S.)
COVID-19 Impact on the Global Independent Software Vendors (ISVs) Market
The COVID-19 pandemic has halted all field services, affecting production lines and the supply chain. To stay afloat in the industry, small software vendors must compete against large conglomerates that have a stable supply of orders and large capital. Initiatives are taken by ISVs in webinars, and a forum for addressing COVID-19 grievances that can affect clients is the first step and can boost the market demand. Sage Corporation is one of the companies that is following the plan and intends to support their customers.
ISVs plan to penetrate new markets by setting booths at exhibitions and trade fairs for setting up units or branches. Remote communication and virtual meetings were critical to these companies to elevate their sales during the period and will continue to play a significant role in the coming years. ISVs and other similar providers can help businesses maintain their foothold and delivering products to homes. Data aggregation will be elemental in ISVs for accelerating time to market and providing a seamless customer experience.
Market Segmentation
The global independent software vendors (ISVs) market has been segmented into type and application.
By type, the global independent software vendors (ISVs) market has been segmented into on-premise and cloud.
By application, the global independent software vendors (ISVs) market has been segmented into education, financial, healthcare, logistics, retail, and e-commerce.
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Regional Analysis
Region-wise, the global independent software vendors (ISVs) market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America is predicted to dominate the global independent software vendors market due to the excess of ISVs and ease of business index in the U.S. and Canada. The path to digital payments and the virtualization of infrastructure is projected to allow the market to expand in the region. Furthermore, investments by large players for leveraging on latest technologies like artificial intelligence, big data, and machine learning can propel the regional market demand.
Summary
The global independent software vendors (ISVs) industry is set to reach USD 408.15 Million at a 10.5% CAGR from 2020 to 2026 (forecast period). The market is anticipated to accrue high earnings over the forecast period. It can register massive growth owing to support from original equipment manufacturers (OEMs) and demand for value-added services. Nevertheless, ISVs are facing a challenge from the rapid pace in technology and changing customer expectations.
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