The global software maintenance market was valued at around USD 96 billion in 2016 and is expected to surpass USD 142 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on software maintenance for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the software maintenance market during the forecast period. Some of the top vendors listed in this industry analysis include IBM, Accenture, TCS, Capgemini, and Cognizant.
In terms of geographical analysis, North America led the global market for software maintenance by accounting for around 45% of the overall market share during 2016. The growth of the software maintenance market in North America is accreditable to the presence of many established MNCs and large-scale businesses in the region that employ advanced technological processes.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “Nearshoring of IT systems’ support and maintenance is gaining traction in the global market owing to benefits such as geographical proximity, similarities in culture and time-zone, faster resolutions, and easy collaboration. Nearshoring services enables easy collaboration between buyers and service providers, leading to high-quality results.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Evolution of IT applications in healthcare industry
The adoption and evolution of software for healthcare management systems, especially in mobile delivery of healthcare, maintenance of digital health records, and telemedicine are propelling the need for adaptive software maintenance activities that consist of electronic data storage, data maintenance, and exchange of data. Furthermore, there has been a noticeable increase in maintenance activities for software such as proactive wellness and bio surveillance that helps in identifying patterns of potential epidemic risks in the healthcare industry.
Increasing changes in regulatory and tax policies that require changes in software applications
Factors such as digitalization and modernization have given rise to changes in regulations and tax policies that require application changes to ensure compliance. For instance, the FDA in the US issues regulations for managing medical devices. In many countries, medical device companies must implement quality management systems under ISO 13485 that involves incorporating regulatory requirements in medical devices.
Increasing digitization and automation of business operations
Mass adoption of smartphones and connected devices by consumers, penetration of the Internet, the importance of Big Data, and growth of e-commerce are significantly contributing to the need for IT services and the demand for software maintenance activities. The penetration rate for smartphones and advanced digital technologies such as cloud-based computing and robotics is high, especially in developed markets. For instance, the smartphone penetration rate has increased from 20% in 2010 to 64% in 2016 in the US.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Software Maintenance Market – Procurement Market Intelligence 2017’.
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