An independent software vendor (ISV) is a business or individual who creates and offers consumer or enterprise software that is used by end users. The software vendor is a business entity whose primary function is to provide its software. Independent software vendors have turned into one of the primary needs in the IT sector by creating, supplying, and promoting new technologies and solutions. ISV built software products can run on all backend platforms such as Windows and Linux. Several ISVs are specialized in building applications for a specific industry vertical. This is different from the in-house software or customized software that is designed for in-house use or modified for a single or particular third party. Independent software vendors are planning to provide software that runs on virtual appliances & equipment and moving for cloud delivery as cloud computing becomes more widespread.
COVID-19 Scenario Analysis:
The spread of COVID-19 pandemic has adversely affected the global economies. The imposed lockdown by governments have affected the business operations of various industries. However, the pandemic opened up opportunities to adopt latest technologies for operating business functions seamlessly in a cost-effective way.
There is high adoption of independent vendor software as it is customizable and can be designed as per the requirement of the users. Shifting to cloud-based solutions is providing users with enhanced flexibility, allowing users to rapidly step up and down as per the demand. The increased adoption of latest technologies is expected to propel the demand for software in the pandemic situation.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The advent and rising demand for value added services in various industry verticals, the growing demand for multi-cloud and hybrid cloud, and rising adoption of software as a service are the factors driving the growth of the independent software vendor market. In addition, the ability of the software to customize itself according to the users’ demand is propelling the market growth. However, concerns about data theft and privacy and high cost of the software are the factors hampering the growth of the market. Furthermore, the adoption of cloud-based services to provide flexibility to the business operations is providing lucrative opportunities to the growth of independent software vendor market during the forecast period.
The market trends for independent software vendors market are as follows:
Increasing implementation of software as a service (SaaS) by various industry verticals
Software as a service is considered one of the main cloud computing models which is likely to gain traction over traditional on-premises software models in the future. Strong growth demonstrated by the market is attributed to rising number of businesses looking for flexible, cost-effective cloud computing solutions generating new opportunities for independent software vendors. Increasing business outsourcing of software and services along with the growing need to adopt innovative IT solutions are expected to boost the growth of SaaS. ISVs are meeting IT demand for greater speed, responsiveness, and scalability with cloud-based solutions.
Asia-Pacific to observe significant growth
Asia-Pacific is expected to observe significant growth during the forecast period owing to rapid advances in countries such as India and China. The push towards adoption of latest communication networking technologies will require software licenses at minimal prices that can be profitable for ISVs. Growing consumer awareness and adoption of cloud computing are also benefitting ISVs. Furthermore, the aim of governments for initiating digital payments and link all remote regions all through high internet speeds drive the need for independent software vendors. The increasing number of enterprises is also responsible for the growth of the market.
Key benefits of the report:
- This study presents analytical depiction of the independent software vendors market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on the present and future competitive intensity of the market.
Questions answered in the independent software vendors market research report:
- Who are the leading market players active in independent software vendors market?
- What would be the detailed impact of COVID-19 on independent software vendors market?
- What current trends would influence the market in the next few years??
- What are the driving factors, restraints, and opportunities in the independent software vendors market?
- What are the projections for the future that would help in taking further strategic steps?
Independent Software Vendors (ISVs) Market Report Highlights
By Deployment Model
By Enterprise Size
By Industry Vertical
Key Market Players
Microsoft Corporation, Virtusa Corporation, Red Hat Inc., International Business Machines Corporation, Oracle Corporation, Alphabet Inc., HP Inc, Magic Software Enterprises Ltd, Cisco Systems Inc, Avgi Solutions