Business Software Industry: Emerging Technologies, Trends and Strategies

 

 

Global business software industry database is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.

The global business software market was estimated at USD 71.11 billion in 2022 and is anticipated to increase at a CAGR of 11.3% from 2023 to 2030.

 

Event Management Software Market Growth & Trends

 

The global event management software market size was valued at USD 6.96 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 14.1% from 2023 to 2030. The market growth can be attributed to the managed professional service providers' steadily increasing popularity for professional event management that simultaneously manages security concerns. Additionally, the demand for event management software has been boosted by expanding cultural events such as social gatherings, charity events, and fundraising activities, including those planned by SMEs for marketing purposes. For instance, in June 2022, Stova acquired Eventcore, an event registration service provider. Through this acquisition, Stova was positioned as the leading event platform for providing advanced and memorable experiences throughout the full event lifecycle. With the capacity to carry out complicated registration, including Eventcore in the Stova brand portfolio will strengthen the company's robust event management solution and reinforce the company's commitment to offering customers end-to-end solutions.

 

Advanced analytics, a broad framework of insightful technologies and methodologies designed to help find patterns and trends, find solutions, precisely predict the future, and drive innovation through data-driven and fact-based information, is being used by manufacturers in the management software industry. This trend is gaining traction in the current market and is fostering the growth of the event management software market. Furthermore, the usage of cloud-based event management software is growing. This solution allows experts to leverage their expertise by incorporating reliable connectivity features through apps. These factors are expected to boost the adoption of event management software.

 

ERP Software Market Growth & Trends

 

The global ERP software market size was valued at USD 54.76 billion in 2022 and is expected to expand at a CAGR of 11.0% from 2023 to 2030. Increasing demand to streamline business processes with a single integrated solution, reducing turnaround time, and enhancing customer satisfaction by seamlessly integrating with customer relationship management (CRM) software is expected to drive the demand for ERP software solutions. For instance, in September 2022, Ramco Systems, an ERP software provider, partnered with OpenWorks, a facility management software provider based in the U.S. Ramco ERP Software offers OpenWorks a single integrated platform that includes modules for enterprise asset management, facility management, finance, fixed assets, sales, and purchases. The company maximizes efficiency by automating payments, customer billing, asset tracking, franchisees, and franchise assignment processes.

 

COVID-19 impacted the supply chain in businesses and various industries' spending on enterprise resource planning (ERP). Multiple industries successfully utilized cloud-based services to build a robust system that regulates the business. For instance, in May 2022, Epicor, an ERP software provider, released Epicor Industry ERP Cloud, which includes updates for Epicor Prophet 21 for distribution, Epicor Kinetic for manufacturing, and Epicor BisTrack for construction. With the new updates, the company would continue supporting the people-centric, open, and connected industry productivity solutions essential to businesses.

 

Order your copy of Free Sample of “Business Software Industry Data Book - Event Management Software, ERP Software and Quality Management Software Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

 

Quality Management Software Market Growth & Trends 

 

The global quality management software market size was valued at USD 9.37 billion in 2022 and is expected to grow at a CAGR of 10.6% from 2023 to 2030. Increased regulatory compliance requirements, a higher focus on digital transformations, and higher customer expectations are driving the need for faster response times to change. In turn, these factors encourage organizations to adopt reliable quality management solutions. For instance, in June 2022, QIMA, a supply chain quality and compliance solutions provider, and CBX Software, a product lifecycle management platform provider, collaborated to develop an integrated supply chain inspection solution that streamlines quality inspections for brands and retailers. With this partnership, CBX Cloud extends seamlessly to QIMA's trusted inspections directly from CBX Cloud. Moreover, users can access instant inspection reports and analyses generated by QIMA through CBX Cloud. As the company's flagship software platform, CBX Cloud enables retailers to automate workflows and manage supply chains efficiently-from product development to sourcing, to order processing.

 

Scalability is one of the most important features of quality management software. It allows accommodating a wide range of operations and sizes and tailoring them to meet the unique needs of organizations. In November 2022, Bentley Systems Incorporated, an infrastructure engineering Software Company, announced new features of the iTwin Platform. The iTwin Platform, a scalable and open cloud service, analyzes, creates, and views digital twins of infrastructure assets. Bentley's infrastructure schema unifies and makes interoperability possible for SYNCHRO, AssetWise, and ProjectWise, which covers the complete infrastructure value chain and lifetime due to the new iTwin Platform capabilities.

 

Competitive Landscape

 

Key players operating in the Business Software Industry are –

• SAP SE
• Microsoft Corporation
• Oracle Corporation
• Rockwell Automation Inc.
• Honeywell International Inc.
• Aventri Inc.
• Sage Group, plc
• NetSuite, Inc.
• International Business Machines Corporation
• General Electric Co.

Healthcare Information Systems Industry: A Comprehensive Overview, Trends And Challenges

  

 

Global healthcare information systems industry data book is a collection of market sizing information & forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.

 

The global healthcare information systems market size generated over USD 406.4 billion in 2022 and is expected to grow at a CAGR of 13.3% over the forecast period.  

 

Hospital Information System Market Report Highlights

 

The global hospital information system market was valued at USD 118.2 billion in 2022 and is anticipated to witness growth at a rate of 17.7% over the forecast period. Rising government initiatives and increasing demand from hospitals to deploy advanced IT solutions for effective operational efficiency are some of the key factors driving the adoption of hospital information systems. In addition, growing use of Electronic Health Records (EHRs) for patient-centric care is significantly boosting market growth. Furthermore, technological advancement in healthcare IT infrastructure along with increasing adoption of cloud computing in hospital settings is impelling market growth.

 

The hospital information system market is segmented based on type. It includes electronic health record, electronic medical record, real-time healthcare, patient engagement solution, and population health management. Population health management (PHM) dominated the market. It is driven by several key factors such as increasing government initiatives being undertaken to reduce healthcare costs, growing importance of value-based care, rising need for effective disease management, and introduction of Big Data analytics in healthcare, software, & IT solutions. In September 2020, Cerner collaborated with Hampshire and Isle of Wight (HIOW) health and care system to implement their PHM data platform, HealtheIntent along with their big data analytics solution, HealtheEDW. These tools aimed at transforming and improving the health and care delivery of the UK’s population.

 

Pharmacy Automation Systems Market Analysis & Forecast

The pharmacy automation systems market was valued at USD 5.8 billion in 2022 and is expected grow at a CAGR of 10.0% from 2023 to 2030. Medicine wastage is a major problem globally and costed USD 14.56 globally in 2021, with the adoption of automation in pharmaceutical sector there have been considerable reduction in wastage of medicines and increasing prescription volumes.

 

Increased prescription volumes have been reported due to the adoption of automation systems in retail pharmacy, with the users of automation devices such as dispensing robots reporting increase in prescription volumes up to 70%, which is attributed to positively impact the demand for the automation devices globally.

 

On the basis of product, the medication dispensing segment dominated the market in 2022. These systems are commonly used in medication distribution process to reduce errors in dispensing and enhance speed & accuracy. According to a research study published by Health Technology Inquiry Service, automated dispensing devices reduced dispensing and medication errors along with costs as compared to the manual systems.

 

Order your copy of Free Sample of “Healthcare Information Systems Industry Data Book - Hospital Information Systems, Pharmacy Automation Systems, Laboratory Informatics and Revenue Cycle Management Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

 

Laboratory Informatics Market Analysis & Forecast

The laboratory informatics market size was valued at USD 3.7 billion in 2022. Emergence of Software as a Service (SaaS)-based laboratory information system is an example of technological advancements. Low initial cost of ownership, reduced IT cost, and rapid deployment are some of the major factors boosting the demand for SaaS-based laboratory inventory systems.

Business intelligence tools such as D360, LiveDesign, and BIOVIA Insight are leveraging through data analysis technology. These tools can interface with Electronic Laboratory Notebooks (ELNs) or Laboratory Information Management Systems (LIMS). Some of the application areas of LIMS offered by Thermo Fisher Scientific include Research and development LIMS, Process development and manufacturing LIMS, and Bioanalytical LIMS.

 

Revenue Cycle Management Market Analysis & Forecast

The revenue cycle management market size was valued at USD 269.2 billion in 2022 globally and is expected to grow at a CAGR of 11.2% to reach USD 634.7 billion by 2030 over the forecast period. A key driver of revenue cycles in the majority of healthcare procedures is reimbursement services from copays, health insurance payers, and insurance deductibles from patients. If a healthcare supplier's revenue cycle management is more efficient, it will be more profitable. Mishandling of insurance refunds or patient collections can hamper a provider’s monetary solvency.

 

Outsourcing of healthcare IT services has increased owing to various factors such as the dearth of skilled labor, shortage of resources, and rising healthcare costs. Primary services that are outsourced by healthcare organizations include coding stipulations, key performance monitoring, follow-up of claims, and ensuring data accuracy. The major advantages of outsourcing the revenue cycle management are the availability of skilled & trained professionals, cost-effective & efficient services, and compliance to required rules & regulations.

 

Loopholes in the healthcare infrastructure may act as a major restraint for emerging markets such as China and India. In recent years, China’s Communist Party has announced various reforms for infrastructural development in the country. Lack of supportive infrastructure restrains the growth and adoption of innovative systems such as revenue cycle management.

 

Competitive Landscape

Key players operating in the Healthcare Information Systems Industry are –

• athenahealth, Inc.
• Philips Healthcare
• Agfa Gevaert Group
• McKesson Corporation
• Epic Systems Corporation
• Allscripts Healthcare, LLC
• Cerner Corporation
• GE Healthcare
• Hewlett Packard
• Agfa Gevaert Group