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Software Engineering Market Size
- Report ID: GMI9784
- Published Date: Jun 2024
- Report Format: PDF
Software Engineering Market Size
Software Engineering Market size was valued at USD 142.1 billion in 2023 and is estimated to register a CAGR of over 6.5% between 2024 and 2032. The market growth is driven by the increasing digitization and digital transformation initiatives. Businesses invest in software engineering to adapt to the digital landscape, enhance operational efficiency, and improve customer experiences. This trend drives demand for a wide range of software solutions and services, from application development to cloud computing, as organizations seek to harness the power of technology to thrive in the digital era.
For instance, in February 2024, Cognizant introduced Cognizant Flowsource, an AI-powered platform for software engineering. It aims to expedite business modernization by enhancing its platform offerings, ushering in a new era of software engineering.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Software Engineering Market Size in 2023: | USD 142.1 Billion |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR: | 6.5% |
| 2024 – 2032 Value Projection: | USD 255.2 Billion |
| Historical Data for: | 2021 – 2023 |
| No. of Pages: | 220 |
| Tables, Charts & Figures: | 350 |
| Segments covered: | Services, Deployment Model, Organization Suze, End-user |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The software engineering industry experienced a surge in growth due to the rising adoption of agile and DevOps practices, which streamline development cycles and enhance collaboration. Besides, the increasing demand for custom solutions fuels innovation as businesses seek tailored software to meet specific needs. This trend reflects a shift towards flexible, customer-centric approaches, driving investment in software engineering services and solutions to support dynamic market demands and drive business success.
For instance, in March 2024, HCLTech unveiled AI Force to hasten time-to-value in software development. The GenAI platform enhances productivity, quality, and release timelines, revolutionizing the engineering lifecycle for greater efficiency and speed.
However, security concerns and budget constraints pose barriers to the growth of the software engineering market. Addressing these challenges presents an opportunity for innovation and strategic investment within the software engineering landscape. By prioritizing robust cybersecurity measures, organizations can build trust and confidence among users, fostering long-term relationships. Similarly, optimizing budget allocation through efficient resource management and prioritizing high-impact initiatives enables companies to drive growth and deliver value. Embracing these challenges as avenues for improvement fuels progress and resilience in the technology sector.
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Software Engineering Market Scope
