The software industry is one of the fastest growing industries in the service sector and directly contributes to the nation’s prosperity. If you are interested in learning about the software market, how it contributes to the economy, and which players in the industry hold the largest portion of market share, you have come to the right place. This straightforward and basic breakdown of the PC software market in the United States will help you identify prominent players in the sector and possible future trends and developments to look out for.
An Industry that Adds Value to the Economy
Unlike many industries, the software industry in the domestic service sector is adding value to the nation’s economy. Not only are more than 1.7 million people employed in the software and services sector, earning an average of $85,600 per year, the industry as a whole contributes billions of dollars to the Gross Domestic Product every year. While many service industries grow over time, there is something truly unique about the software industry.
As a large and highly globalized market, the software market has actually been outperforming the growth rate of the economy for the last decade, and this fast growth is predicted to continue for years to come. Not only does the United States use the most software in the world, the share of the global US market is more than 45 percent of the world market. Compared to the electronics industry or the computer industry, the total packaged-software market represents a much greater portion of the global market, totaling as much as 30 percent globally.
Which Software Companies Hold the Largest Market Share?
There are several tech companies in the United States that are outperforming all of the rest. Software firms in certain specific industry subsectors have been found to be performing better than subsectors that are not as high in demand. With so much research and development being invested into cloud computing services, entertainment software, and electronic commerce, software firms in these areas of the industry tend to hold more of the total market share than firms in other subsectors (Source News).
Microsoft, a software giant, holds the largest market share in the United States. Microsoft offers PC software, gaming software, and new trending cloud-based software as well. Some other leaders include Oracle in the commercial industry, VMWare, CA Technologies, and Adobe Systems.
Trends in the Software Industry
The software market has changed significantly over a period of just a few years. With information technology trends continually changing, experts predict that there will continue to be a growing need for advanced e-commerce software tools, mobile entertainment software, and other mobile applications that will make life easier for users. Because of this, mobile software companies are expected to earn much more market share in the upcoming years as companies develop their own mobile apps for customer service and marketing.
Software continues to drive productivity in the workforce and the education sector. Since virtually every industry, from healthcare to manufacturing, relies on software, the market is only expected to grow. With US companies selling domestically and overseas, the software market will continue to help the economy rebound and will create thousands of jobs for qualified applicants in the upcoming years.
Byline
Henry Washburn is a freelance writer specializing in computer software, web development, futuristic technology and other kindred issues; to learn more about software visit an established outfit by viewing http://tiempodevelopment.com/platform-of-services/tiempos-platform-of-services.
