Packaged software is a set of multiple software programs bundled together to make a complete set and perform a related set of operations in the computer system. For instance, Microsoft Office is packaged software which includes Microsoft Excel, Microsoft Word, and Microsoft Access. Packaged software is available for sale, lease, and license to the general public. The rising demand for smartphones has triggered the demand for packaged software solutions. There has been an increase in the consumer base which uses mobile phones for internet usage rather than computers. Dependency of users on mobile phones for internet usage has increased the demand for packaged software.
During the early years of commercial use of computers, software systems were developed from scratch using different development platforms. These systems were developed uniquely for each organization and had no standardization. Standardization of software products also benefitted software buyers by lowering transaction costs and risks associated with it.
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Packaged software industry has continually expanded and forms a major part of the IT services industry. Businesses use office production software like FileMaker Pro whereas many organizations today use a package suite that contains everything employees need to run an efficient business. Computer security has become a major issue since the invention of internet. It is important to install security packaged software to protect personal computers from internet threats like malware and virus attacks.
Increasing IT expenditure in the retail industry is a key factor driving the packaged software market. Retailers across the globe prefer retail mobility solutions, which in turn is triggering the demand for packaged software solutions. The exponential rise in demand for smartphones and tablets is supporting the demand for packaged software. Users are switching from PC to tablets and smartphones for internet usage. Organizations allow employees to carry their own mobile devices to the workplace and connect the device to the company’s network. This helps employees to remain productive on-the-move, even when they are not at their workplace. Thus, growth in BYOD is stimulating the need for IT security, which in turn is driving the growth of the packaged software market. Loosely coupled integration and cloud deployments make it easier to deploy and incorporate software components. Increase in the client-server enterprise applications segment, human resources, distribution and manufacturing, spanning accounting, contributed significantly to the overall software market growth.
Software piracy is the biggest factor inhibiting the growth of the packaged software market. Digital software piracy has increased the threat of malware attacks and data hacking. However, manufacturers are trying to increase the IT infrastructure security to avoid such cyber-attacks.
The packaged software market is segmented on the basis of applications, deployment type, and end-use verticals. On the basis of applications, the market is segmented into entertainment, protection/security, and office production. Based on deployment type, the market can be segmented into on-premise, cloud, and hybrid deployment mode. Based on end-use verticals, the market can be segmented into financial service, retail, healthcare and IT and telecom were digitization, mobile payment, and mobile banking. Emergence of big data in health care systems have made packaged software essential to ensure efficient data storage and management for better utilization of the data generated.
North America and Europe are expected to witness high growth in the packaged software market. This can be attributed to increased IT spending and IT infrastructural security in the region. Asia Pacific (APAC) is also expected to contribute to growth in the market over the forecast period. Adoption of on premise packaged software is expected to grow effectively in verticals like healthcare, financial service, and retail segment in this region. Furthermore, the market in developing regions such as the Middle East & Africa (MEA) and Latin America are also expected to grow during the forecast period.
Some of the key players in the packaged software market include Microsoft Corporation, Oracle Corporation, SAP SE, Apple Inc., The Attachmate Group Inc., BMC Software Inc., CA Technologies Inc., Citrix Systems Inc., EMC Corp., Fujitsu Ltd., HCL Technologies Ltd., Hewlett-Packard Co., Hitachi Ltd., Intel Corp., Kaspersky Lab, NEC Corp., IBM corp., NetApp Inc., Red Hat Inc., Symantec Corp., Trend Micro Inc., and VMware Inc.
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