Office Software Global Market to 2028: Players Include Kingsoft, Microsoft, Alphabet, Apple and Corel - ResearchAndMarkets.com

The "Global Office Software Market: Analysis By Type (Spreadsheet Software, Word Processing Software, Visualization Software, Presentation Software and Others), By Deployment (Cloud and On Premise), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.

The global office software market was valued at US$24.45 billion in 2022. The market value is forecasted to grow to US$37.06 billion by 2028.

The office software market is a part of software industry that includes a range of software applications designed to help individuals and organizations create, edit, manage, and share digital content.

Office software market is associated with provision of suite of applications by entities (organizations, sole traders and partnerships) including database management systems, graphics software, spreadsheet applications, and word processors. Office software has two categories - basic and collaborative.

Factors such as growing working class population, rising disposable income, increasing number of businesses and startups, rising IT spending, increased demand for cloud-based software and applications, rising adoption of BYOD policy etc. are expected to drive the overall market growth in the forecasted period.

Collaboration is the new trend for the office software industry. Collaborative software provides customers with overall solutions, including document editing and data sharing, storage, real-time communication, and mobile office. The market is anticipated to grow at a CAGR of approx. 7% during the forecasted period of 2023-2028.

Market Segmentation Analysis:

• By Type: The report provides the bifurcation of the market into five segments based on type: spreadsheet software, word processing software, presentation software, visualization software and others. Spreadsheet segment holds the largest share of global office software market owing to growing use of spreadsheet software by companies for storing, organizing, and analyzing data in tabular format, escalating tendency of SMEs to use spreadsheet office software while working with various e-commerce players, wide range of applications of these software in development teams, marketing, accounting, etc., growing adoption of work from home culture and ongoing technological advancements in the IT sector.
• By Deployment: The report provides the bifurcation of the market into two segments based on deployment: on premise and cloud. Cloud office software market is both the largest and fastest growing segment, owing to increased flexibility, scalability and resilience offered by cloud collaboration platforms, lower capital & operational costs, shift in consumer's preference towards subscription cloud-based office software and rise in adoption of work from home culture.
• By Region: The report provides insight into the office software market based on the regions namely North America, Europe, Asia Pacific, and Rest of the World. North America office software market holds the largest share of global office software market owing to increasing internet penetration, growing SME expenditures in the SaaS and cloud industry, growing demand for cost effective, easy to use and customizable office software solutions among businesses, increasing advancements in office software solutions and rising consumer awareness about collaborative office software. The US office software market is further divided into five segments by type, namely, spreadsheet software, word processing software, presentation software, visualization software and others, where the spreadsheet segment holds the largest share.
• Asia Pacific office software market in the fastest growing region of global office software market owing to rapidly expanding working class population, rising number of startups and new businesses, increasing disposable income, growing demand for automated and efficient software tools and higher emphasis of regional governments on digitalization of operations. China office software market have great potential. In recent years, China's desktop market has developed rapidly, with Microsoft and Kingsoft the two leading players but other brands such as Yozosoft and Standard Software are catching up.

Market Dynamics

Growth Driver

• Rising Adoption of Cloud Computing
• Increasing Internet Penetration
• Growing Usage of Mobile Devices
• Increasing Demand for Productivity Tools
• Globalization

Challenges

• High Risk of Data Thefts and Software Malfunction
• Compatibility Issues

Market Trends

• Integration of Artificial Intelligence (AI)
• Technological Advancements
• Increasing Demand for Collaboration Software
• Rising demand from SMEs

Companies Mentioned

• Kingsoft Corporation Limited
• Microsoft Corporation
• Alphabet Inc. (Google LLC)
• Apple Inc.
• Corel Corporation (Alludo)
• The Apache Software Foundation
• Nevron Software LLC
• MobiSystems, Inc.
• Collabora Ltd.
• Yongzhong Software Co., Ltd. (Yozosoft)

For more information about this report visit https://www.researchandmarkets.com/r/e8e7t

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