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Software Market to Grow by USD 27.2 Billion from 2024-2028, Driven by Rising Enterprise Data Volume; AI-Powered Market Evolution- Technavio

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NEW YORK, Oct. 22, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The Global Software Market  size is estimated to grow by USD 27.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  7.8%  during the forecast period. Increase in volume of enterprise data is driving market growth, with a trend towards increasing cloud computing. However, high costs of licensing and support  poses a challenge – Key market players include Adobe Inc., ANSYS Inc., Autodesk Inc., Cisco Systems Inc., Dassault Systemes SE, Focus Softnet Pvt. Ltd., Gen Digital Inc., Hewlett Packard Enterprise Co., IFS World Operations AB, International Business Machines Corp., McAfee LLC, Microsoft Corp., Oracle Corp., OTSUKA CORP., Salesforce Inc., SAP SE, SYNERGIX TECHNOLOGIES PTE LTD., Synopsys Inc., VMware Inc., and Zoho Corp. Pvt. Ltd..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Type (Subscriptions, Identity and access management, Endpoint/network/messaging/web security, and Risk management), Deployment (Cloud-based and On-premises), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Adobe Inc., ANSYS Inc., Autodesk Inc., Cisco Systems Inc., Dassault Systemes SE, Focus Softnet Pvt. Ltd., Gen Digital Inc., Hewlett Packard Enterprise Co., IFS World Operations AB, International Business Machines Corp., McAfee LLC, Microsoft Corp., Oracle Corp., OTSUKA CORP., Salesforce Inc., SAP SE, SYNERGIX TECHNOLOGIES PTE LTD., Synopsys Inc., VMware Inc., and Zoho Corp. Pvt. Ltd.

Key Market Trends Fueling Growth

Organizations are transitioning from on-premises software to cloud-based solutions, which provide benefits such as flexibility in deployment, cost savings on IT infrastructure, and remote access for seamless collaboration. Cloud software’s scalability accommodates businesses of all sizes, allowing them to adapt to changing demands without significant investments. Quick implementation and deployment times, enhanced security, continuous updates, and global accessibility are additional advantages. These factors contribute to the growth of the software market, making cloud computing an attractive choice for businesses seeking agility, security, and time-to-market advantages. 

In today’s business landscape, productivity software continues to trend with cloud deployment becoming the norm. Industries like energy and utilities, healthcare, and finance are increasingly adopting cloud-based software solutions for streamlined operations. Data security remains a top priority, with cloud platforms providing advanced security features. Blockchain technology and hybrid architecture are revolutionizing industries, while machine learning and AI are enhancing business management systems and HRM systems. Managed services and consulting services are in demand for implementing these technologies. On-premise deployment and cloud services, including hybrid cloud deployment, are key options for IT and telecom companies. Financial management tools, data analytics, and remote working solutions are essential for businesses. Security software, computing devices, and information systems are crucial for secure transactions and network protection against cyber threats. E-commerce and internet communication are driving digital transformation. 

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Market Challenges

The software industry has undergone significant changes, starting as a service-focused sector, then shifting to a product-focused industry, and now transitioning into a hybrid model. Traditional licensing models like single-user and concurrent-user licenses were common in corporate applications. However, concurrent-user licensing is gradually being replaced. Usage-based licensing is gaining popularity, but perpetual licensing continues to be the preferred strategy. This shift has led to high license and maintenance costs, which may impede the growth of the global software market in the forecast period.The software market is facing numerous challenges in today’s business landscape. With the rise of remote work, ensuring secure access to information systems and networks is crucial. Security software, including antivirus and firewalls, is essential to protect against cyber threats. Computing devices and internet communication must be secure for transactions to be safe. Access management and data protection are key concerns for businesses, particularly those using e-commerce, AI, IoT, and cloud-based solutions. Large enterprises must adhere to security standards and implement business process automation. Network security is vital to guard against cybercrimes, while system-level security risks cybersecurity software. Zero Trust security architecture and access control are essential tools for mitigating risks. Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Supply Chain Management (SCM) software must be secure. Cloud-based solutions offer flexibility but come with their own unique challenges. IT and telecom industries are prime targets for cyberattacks. Staying updated with the latest cybersecurity tools is essential to stay ahead of threats.

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Segment Overview 

This software market report extensively covers market segmentation by

Type 1.1 Subscriptions1.2 Identity and access management1.3 Endpoint/network/messaging/web security1.4 Risk managementDeployment 2.1 Cloud-based2.2 On-premisesGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Subscriptions-  The software market continues to grow, with businesses increasingly relying on technology to streamline operations and enhance customer experience. Software solutions offer efficiency, automation, and data analysis capabilities, making them essential tools for modern organizations. Companies invest in software to improve productivity, reduce costs, and gain a competitive edge. The market caters to various industries, providing customized software to meet specific business needs. Software vendors offer ongoing support and updates to ensure optimal performance and security. Overall, software plays a crucial role in driving business success.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

The software market is experiencing significant growth due to the increasing shift towards remote work and the need for secure information systems. With the rise of computing devices and internet communication, transactions are increasingly being conducted online, making security software a must-have. Networks and access management are crucial components of information systems, and data and network protection are essential for cybersecurity. Cybersecurity is a top priority as cyber threats continue to evolve, with cybersecurity software solutions becoming increasingly important. Business process automation and network security are key areas of focus, with Zero Trust and Cloud platforms leading the way. Cloud-based software solutions, blockchain, hybrid architecture, artificial intelligence, and machine learning are also driving innovation in the software market. Business management systems, HRM systems, healthcare, and finance are among the industries that heavily rely on software solutions for efficient operations. Access control and system-level security risks are critical concerns, and cybersecurity software is essential for mitigating these risks. Overall, the software market is dynamic and ever-evolving, with new technologies and trends emerging constantly.

Market Research Overview

The software market is a dynamic and ever-evolving industry that caters to the needs of businesses and individuals in various sectors. With the rise of remote work and the increasing reliance on computing devices and information systems, the demand for secure and efficient software solutions. Internet communication, transactions, and networks have become essential, leading to a growing need for access management, data protection, and network protection. Cybersecurity has become a top priority, with cyber threats constantly evolving and targeting businesses of all sizes. Software solutions encompass application software, system infrastructure software, development software, and deployment software, among others. E-commerce, AI, IoT, and cybercrimes are driving innovation in the market, with ERP, CRM, SCM, and cloud-based solutions becoming increasingly popular. IT and telecom industries are major consumers of software, with large enterprises leading the way in adopting security standards and business process automation. Cybersecurity software, including tools for access control, system-level security risks, and zero trust security architecture, is a critical component of the software market. Cloud deployment, hybrid architecture, machine learning, and business management systems are also key areas of focus. Energy and utilities, healthcare, finance, and human resources are just a few industries that benefit from the latest software trends, including blockchain, cloud platforms, and data analytics. Managed services and consulting services are also essential components of the software market, offering businesses expert guidance and support in implementing and optimizing their software solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeSubscriptionsIdentity And Access ManagementEndpoint/network/messaging/web SecurityRisk ManagementDeploymentCloud-basedOn-premisesGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Northern Hemisphere Heat Drives Demand for Cooling and Sun-Protection Products on Yiwugo

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YIWU, China, July 24, 2026 /PRNewswire/ — Yiwugo.com, the official website of the Yiwu Commodity Market, is the largest commodity wholesale market in the world. The final whistle may have blown on the World Cup, but the intense heat gripping the Northern Hemisphere shows no sign of letting up. Europe has experienced unusually hot weather this year, sparking not only a surge in demand for air conditioners but also a boom in portable handheld fans. Merchants on Yiwugo say that in previous years, European customers would begin placing orders in March or April and take their time completing their annual procurement. This year, however, the purchasing season has stretched well into summer, with a flood of new buyers coming in, most of them looking for small handheld fans. With customers eager to capitalize on the peak summer season, delivery timelines have also become significantly tighter. Whereas orders in previous years could generally be fulfilled within a month, merchants are now frequently being asked to deliver within about a week, leaving manufacturers scrambling to keep pace with demand.

Lingpan Official Flagship Store has specialized in the production and sales of small fans, insulated cups, and related products for 15 years. This summer, demand from European customers for high-speed small fans has risen sharply, accompanied by urgent delivery requirements. Many customers began requesting shipment just one week after placing their orders, hoping the products would arrive in time for the World Cup and the ongoing heatwave across Europe. One long-standing European customer purchased only five models of small fans from Lingpan last year. Anticipating stronger demand ahead of this summer, the customer expanded the order to 10 models. The first shipment sold out soon after arriving at port, prompting several subsequent repeat orders. European buyers have shown particular interest in high-speed cooling fans and placed great requirements on product quality. So far this year, Lingpan’s fan sales have more than doubled compared with the same period last year, with total purchases reaching approximately RMB 1 million.

Beyond Europe, the owner of Lingpan, Ling Pan pointed out that the Indian market has also undergone significant changes over the past two years. Indian customers are showing great interest in panda-shaped fans, drinking cups, and related products. Procurement volumes among many Indian buyers have increased substantially, with average annual purchases now reaching several hundred thousand yuan.

Unlike European countries grappling with sudden heat waves, Asian markets such as Japan and South Korea, where summers are consistently hot and air conditioners and fans are already everyday essentials, have shown much stronger demand for sun-protection products. From April 1, 2026 to date, sales of sun-protection masks on Yiwugo have increased by 31.6% YoY, while sales of sun-protection face shields surged by 72.42% and sun hats rose by 8.1%.

Chen Jia, a Yiwugo merchant, has engaged in the production and sales of sun-protection masks and sun-protection face shields for eight years. Chen operates the Xiao Zhen and Xiao Mian Sun-Protection Products Workshop in District 4 of the Yiwu International Trade Market. In recent years, the company has customized cooling nylon fabrics for customers in Japan and South Korea. Sun-protection masks and sun-protection face shields made from this material not only offer UPF 50+ protection, but also maintain a more structured shape and are less susceptible to snagging or deformation. Their protective performance remains effective after routine washing, and the products can last for more than five years under normal use.

In 2024, a TV shopping operator from South Korea contacted Xiao Zheng and Xiao Mian through Yiwugo and began placing orders after inspecting the products in person. Over the following two years, the company continued to improve the fitness and design of its sun-protection products. It introduced sun-protection face shields with breathable mesh panels and incorporated soft supports around the nose area to prevent the masks from rubbing against lipstick. These product upgrades have steadily driven up customer ratings on the client’s store. Annual procurement, initially valued at around RMB 300,000, has risen year by year, and the company has since developed into a recognized brand in the local market.

Persistent heat across the Northern Hemisphere has been creating new forms of cross-border consumer demand while enabling Yiwugo merchants to keenly capture shifts in overseas markets. From the strong sales of small portable fans in Europe to the rising demand for functional sun-protection products in Japan and South Korea, the diversity of orders reflects both consumers’ need for relief from extreme heat and the ability of Yiwu manufacturers to strengthen their presence in global markets through product innovation and rapid fulfillment. Faced with a rapidly changing international market, many merchants are continuing to refine product designs, upgrade fabric techniques, and enhance supply efficiency. By leveraging Yiwugo to broaden their export channels, they are keeping pace with overseas consumption trends and capitalizing on the expanding market for cooling and sun-protection products, turning the summer heat into new momentum for cross-border trade.

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SOURCE Yiwugo.com

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Snorkel AI Highlights First Wave of Open Benchmarks Grants Projects

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SAN FRANCISCO, July 24, 2026 /PRNewswire/ — Snorkel AI today highlighted the first group of projects supported through Open Benchmarks Grants, a $3 million commitment to support open-source datasets, benchmarks, and evaluation research.

Launched in February 2026, Open Benchmarks Grants has received hundreds of applications from researchers, labs, and engineers working to address a growing challenge: AI systems are advancing faster than the field’s ability to rigorously measure their performance on realistic, consequential work.

“From complex environments and huge autonomy horizons to rich, sophisticated outputs, these projects tackle some of the field’s hardest evaluation challenges,” said Fred Sala, a member of the Open Benchmarks Grants steering committee and assistant professor at the University of Wisconsin–Madison. “I’m excited to see the broader research community use, validate, and build on them.”

Open Benchmarks Grants provides selected teams with funding, expert data development support, research and engineering collaboration, and platform resources. Supported projects include:

Frontier-Bench (formerly Terminal-Bench 3.0), developed with Laude Institute and the Harbor community, is a harder, more domain-diverse successor to Terminal-Bench 2.1 — built in the open, task by task, under continuous adversarial review.Agents’ Last Exam, developed with UC Berkeley RDI and the RDI Foundation, evaluates agents on long-horizon, economically valuable professional workflows. It spans 55 sub-industries and includes more than 1,500 tasks toward a 5,000-task target, sourced and validated by more than 300 industry experts.OSWorld 2.0, developed with XLANG Lab, evaluates computer-use agents on 108 long-horizon workflows across 31 self-hosted web environments and professional desktop applications.Continual Learning Bench, developed with UC Berkeley SkyLab and the University of Wisconsin–Madison, measures whether agents genuinely improve across sequential, stateful tasks.SlopCode Bench, developed with the University of Wisconsin–Madison, measures how code quality degrades as coding agents repeatedly modify and extend their own solutions.Terminal-Bench 2.1, developed with Stanford University, Laude Institute and the Harbor community, evaluates agents on challenging work in terminal environments. The release corrected 28 tasks and introduced continuous validation.

With support from Open Benchmarks Grants, Terminal-Bench Science is also now in development, extending the Terminal-Bench framework to computational research workflows across the life, physical, earth, and mathematical sciences.

Beyond the grants program, Snorkel led the development of Senior SWE-Bench with the research teams at Princeton University and the University of Wisconsin–Madison. The benchmark evaluates coding agents on senior-level engineering work, including implementing features from realistic instructions, investigating bugs that require runtime analysis, and producing code that follows existing codebase conventions.

Open Benchmarks Grants was established with support from Hugging Face, Prime Intellect, Together AI, Factory, Harbor, and PyTorch. Applications remain open and are reviewed on a rolling basis.

Learn more and apply for a grant at benchmarks.snorkel.ai.

About Snorkel AI
Snorkel AI is the frontier AI data lab, helping teams build the data and environments behind high-performing frontier and agentic AI. We combine technology with research-driven AI data development to create datasets, benchmarks, evals, and custom solutions for real-world AI systems. Founded out of the Stanford AI Lab in 2019, Snorkel works with leading AI labs and enterprises to move from better data to better outcomes. 

media@snorkel.ai

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Payzli Vaults to No. 3 on Tampa Bay’s Fast 50, Up From No. 22 in One Year

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Payments technology company, Payzli earns a second consecutive Fast 50 ranking, crediting the climb to accelerating partner and merchant growth on its proprietary technology stack.

TAMPA, Fla., July 24, 2026 /PRNewswire/ — Payzli, the partner-first payments technology company, has been named the No. 3 fastest-growing company in the region on the Tampa Bay Business Journal’s 2026 Fast 50 – a 19-spot climb from its No. 22 debut last year, and the company’s second consecutive year on the list.

The ranking was announced July 23 at the Tampa Bay Business Journal’s Fast 50 event in Tampa, where Co-Founder and Chief Revenue Officer Naim Hamdar accepted the award alongside members of the Payzli team.

Payzli attributed its growth to a compounding effect: a national network of ISOs, agents and ISVs bringing merchants onto a technology platform Payzli built and operated in-house. 

That platform rests on three proprietary pillars:

Payzli Connect: the company’s payment CRM and merchant-and-partner dashboard, giving agents and ISOs daily residuals visibility and giving merchants a single place to run their account.Payzli POS: AI-powered point-of-sale and business software purpose-built for service businesses, including salons, med spas, wellness studios, and independent operators.Payzli Transact: an online payment gateway built on Visa Platform Connect through Payzli’s partnership with Visa Acceptance Solutions.

The Visa Acceptance Solutions partnership is central to how Payzli frames its credibility: rather than assembling a growth story on top of borrowed infrastructure, the company processes on rails backed by one of the most established networks in the industry alongside Fiserv and TSYS – a point that matters to the partners and merchants deciding where to place their volume.

“A second year on this list, and a jump to No. 3, isn’t about one good quarter. It’s about a network deciding to build with us and stay,” said Naim Hamdar, Co-Founder and Chief Revenue Officer of Payzli. “Every rank on this list represents partners we’ve earned and merchants who trust us to run their payments. We built the technology in-house so we could keep the promises the industry usually breaks: nothing hidden, a real person in reach, and daily residual visibility our agents can actually count on. That’s what this ranking measures and it’s why we’re doing it all, for the joy of business.”

“They say nothing in Tampa moves fast except the afternoon thunderstorms, so making the Fast 50 two years running feels pretty good,” said Kapil Pershad, Co-Founder and Chief Technology Officer of Payzli. “In all seriousness, this is a credit to our team and the businesses that trust us to power their growth.”

The Fast 50, produced by the Tampa Bay Business Journal, recognizes the fastest-growing private companies in the Tampa Bay region. Payzli’s return to the list and its move into the top three reflects a merchant-first product suite and a rapidly expanding national partner network across the payments and embedded-finance landscape.

About Payzli

Payzli is an end-to-end payments technology partner that makes accepting payments simpler and affordable for businesses of all sizes and risk levels. Founded in 2020 and headquartered in Tampa, Florida, Payzli brings together in-person processing, an advanced online gateway, AI-powered point of sale, and mobile and contactless payments – backed by its own technology, honest pricing, and dedicated human support. Built partner-first, Payzli equips ISOs, agents, developers, and independent software vendors to grow, with direct integrations to major processing platforms, in-house underwriting, a flexible credit policy, a Visa Acceptance Solutions foundation partnership, and sponsor-bank backing from Esquire Bank, a NASDAQ-listed strategic investor in Payzli. For more information, email partners@payzli.com or visit payzli.com.

Payzli is a registered trademark of United Payment Systems LLC. United Payment Systems LLC is a registered ISO of Esquire Bank (Jericho, NY), Commercial Bank of California (Irvine, CA), and KeyBank, National Association (Cleveland, OH).

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