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IT Software Market to Grow by USD 320.5 Billion from 2024-2028, Driven by IT Infrastructure Expansion, Report Highlights AI’s Role in Shaping Market Dynamics – Technavio

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NEW YORK, Aug. 30, 2024 /PRNewswire/ — Report with market evolution powered by AI- The global it software market  size is estimated to grow by USD 320.5 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  7.28%  during the forecast period.  Expansion of it infrastructure is driving market growth, with a trend towards increasing focus of vendors on development of new software solutions. However, growing concerns related to cyber security  poses a challenge. Key market players include Alphabet Inc., Amazon.com Inc., Atlassian Corp. Plc, Broadcom Inc., Cisco Systems Inc., Freshworks Inc., International Business Machines Corp., ITarian LLC, Kaseya Ltd., Microsoft Corp., NinjaOne, Nutanix Inc., Open Text Corp., Oracle Corp., Red Hat Inc., Salesforce Inc., SAP SE, SAS Institute Inc., ServiceNow Inc., SolarWinds Corp., SysAid Technologies Ltd, and Zoho Corp. Pvt. Ltd..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Type (Application software and Systems software), End-user (BFSI, Telecommunication, Retail, Healthcare, and Others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

Region Covered

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

Key companies profiled

Alphabet Inc., Amazon.com Inc., Atlassian Corp. Plc, Broadcom Inc., Cisco Systems Inc., Freshworks Inc., International Business Machines Corp., ITarian LLC, Kaseya Ltd., Microsoft Corp., NinjaOne, Nutanix Inc., Open Text Corp., Oracle Corp., Red Hat Inc., Salesforce Inc., SAP SE, SAS Institute Inc., ServiceNow Inc., SolarWinds Corp., SysAid Technologies Ltd, and Zoho Corp. Pvt. Ltd.

Key Market Trends Fueling Growth

The IT software market is witnessing a significant trend as vendors prioritize the creation of new software solutions to maintain competitiveness and cater to evolving customer requirements. SolarWinds, for instance, recently launched its new AI engine, SolarWinds AI, under the AI by Design framework. This engine, debuting in SolarWinds Service Desk, enhances agent workflows and expedites ticket resolution. ManageEngine, a Zoho Corp. Division, introduced SaaS Manager Plus, a SaaS management solution, to help businesses manage and optimize SaaS subscriptions, usage, and costs. Both SolarWinds AI and SaaS Manager Plus exemplify the continuous investment in research and development by vendors to deliver innovative solutions with advanced functionalities, superior performance, and enhanced user experiences. These solutions underscore the importance of staying competitive and addressing customer needs in the IT software market. 

The IT software market is witnessing significant trends in 2021, with remote working becoming the new norm. Security software is in high demand due to increased reliance on computing devices and information systems for work. Internet communication, transactions, and access management are key areas of focus for businesses. Cybersecurity is a top priority, with network protection, data protection, and cybersecurity software solutions essential for e-commerce and AI-driven businesses. Cybercrimes are on the rise, making security standards crucial for IT and telecom. Business process automation through cloud-based solutions and ERP, CRM, and SCM software is streamlining operations. AI, IoT, and cybersecurity tools like Stacklock are transforming industries. Software developers are creating innovative applications, system infrastructure software, and productivity tools like PowerStore to enhance productivity and control system-level security risks. Cyberthreats require robust malware protection and network security. 

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Market Challenges

Cybersecurity threats pose a significant challenge in the global IT software market, impacting both providers and users. As software systems become more integral to business operations and personal activities, they also become prime targets for malicious attacks. These threats range from ransomware and phishing to advanced persistent threats (APTs) and distributed denial-of-service (DDoS) attacks. The growing sophistication of these threats demands robust security measures, such as encryption, multi-factor authentication, and regular software updates. The rise of the Internet of Things (IoT) and cloud computing introduces new vulnerabilities, requiring continuous monitoring and proactive threat management. Software developers and companies face the challenge of staying ahead of evolving cyber threats while ensuring their products remain user-friendly and efficient. High-profile attacks, like the MOVEit Transfer breach in May 2023, which exposed sensitive data from numerous organizations, underscore the critical need for robust security measures. Over 2,500 organizations were reported affected, with over 80% based in the US. Cybersecurity threats can significantly impact the growth of the global IT software market during the forecast period.The IT Software Market faces various challenges in today’s business landscape. IoT and Internet of Things bring new opportunities but also introduce security risks. Cybercrimes pose a significant threat to Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Supply Chain Management (SCM) systems. Cloud-based solutions offer flexibility, but security standards for network security, malware protection, and access control must be met. IT and telecom industries grapple with system-level security risks and cyberthreats. Software developers must address productivity, cybersecurity software, and system infrastructure software needs. Large enterprises in sectors like energy and utilities, healthcare, and data security require robust cybersecurity tools against endpoint attacks and strategic alliances. The software market includes application software, system infrastructure software, productivity software, and cloud deployment models for on-premises and cloud-based solutions. Digital assets and software supply chain security are essential concerns.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This it software market report extensively covers market segmentation by

Type 1.1 Application software1.2 Systems softwareEnd-user 2.1 BFSI2.2 Telecommunication2.3 Retail2.4 Healthcare2.5 OthersGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Application software-  The IT software market is a significant sector, witnessing continuous growth due to increasing business digitalization. Companies invest in software solutions to streamline operations, enhance productivity, and improve customer experience. Key areas of focus include enterprise software, such as CRM and ERP, and emerging technologies like AI and machine learning. Collaboration tools and cybersecurity software are also in high demand. The market is competitive, with numerous players offering innovative solutions to meet evolving business needs.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Research Analysis

The IT Software Market encompasses a wide range of solutions designed to facilitate business operations in the digital age. Key areas of focus include remote working tools, enabling employees to work effectively from anywhere, and security software to safeguard computing devices, information systems, and networks. Internet communication and transaction processing software are essential for seamless business operations, while access management and data protection solutions ensure secure access and data privacy. Network security, including network protection and malware protection, is a critical component of the IT Software Market, addressing cyberthreats and system-level security risks. Business process automation software streamlines workflows, increasing productivity and efficiency. Cybersecurity software, including cloud-based and on-premise solutions, is a priority for organizations to defend against cyberattacks and ensure virus defense. Software developers continue to innovate, creating new solutions to meet the evolving needs of businesses and individuals alike. The PowerStore represents a significant investment in data management and protection for businesses of all sizes.

Market Research Overview

The IT Software Market is a dynamic and ever-evolving industry that caters to the growing demand for advanced technology solutions in various sectors. Remote working has accelerated the need for reliable software, leading to an increase in demand for security software, computing devices, and information systems. Internet communication, transactions, and networks are integral parts of modern business operations, necessitating access management, data protection, and network protection. Cybersecurity is a major concern, with cybercrimes on the rise, driving the need for cybersecurity software and tools. E-commerce, AI, IoT, and ERP systems are transforming industries, from retail to healthcare and energy. Cloud-based solutions and on-premises software are both popular, with strategic alliances and partnerships shaping the market. IT and telecom industries are key consumers, while cybersecurity standards continue to evolve. Business process automation, network security, and malware protection are essential components of IT infrastructure. Productivity software, access control, and virus defense are crucial for individual users and large enterprises alike. System-level security risks and endpoint attacks require robust cybersecurity solutions. Software developers continue to innovate, creating new applications, system infrastructure software, and productivity software. The IT Software Market encompasses a wide range of solutions, from cloud deployment to digital asset protection and software supply chain security.

Table of Contents:

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

TypeApplication SoftwareSystems SoftwareEnd-userBFSITelecommunicationRetailHealthcareOthersGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

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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SOURCE Technavio

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Canton Fair Buyers Alliance Launched as the 140th Edition Opens

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October 18, 2026

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GUANGZHOU, China, Oct. 17, 2026 /PRNewswire/ — On October 15, the Canton Fair Buyers Alliance was officially launched at the Canton Fair Complex, marking a significant milestone as the fair celebrates the 70th anniversary of its founding.

More than 140 overseas buyers attended the launch ceremony, highlighting the fair’s enduring role as a bridge connecting global commerce with China’s export sector.

Speaking at the ceremony, Luís Vilariça, CEO of Joinco, Import & Export, Ltd., discussed his company’s long-standing relationship with the Canton Fair. Drawing on years of participation, he reflected on the growth opportunities created through cooperation with Chinese suppliers and highlighted the fair’s role in supporting international business development and global trade exchanges.

The ceremony also featured a joint declaration by alliance members. Representatives from five member companies read the statement in their respective native languages, underscoring the international character of the new organization. Additional members sent video congratulatory messages, joining the celebration and witnessing the official launch of the alliance.

The Canton Fair Buyers Alliance represents one of the fair’s key service innovations. Designed primarily for Fortune Global 500 companies, buyers from the world’s top 250 retailers and leading sourcing enterprises across a diverse range of markets, the alliance aims to offer members a platform for information sharing and resource coordination. The first cohort of alliance members includes 58 companies from 32 countries and regions across 5 continents. Through the alliance, members will gain access to a range of priority benefits spanning four major areas: services, events, resources and information.

 For more convenient attendance, please click here for pre-registration:

https://buyer.cantonfair.org.cn/register/buyer/email?source_type=16

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SOURCE Canton Fair

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Bioethanol from human hair – Indian start-up’s solution to rising prices of grains and sugar

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October 18, 2026

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GUJARAT, India, Oct. 17, 2026 /PRNewswire/ — In what could be called the beginning of the 5G (fifth-generation) of bioethanol or non-cellulosic bioethanol or non-sugar-based biofuels, an Indian start-up, Techofest Global, based out of Gujarat, has developed its own, indigenous, and patented technology for the production of bioethanol from waste human hair. Such processes would significantly reduce the employment of sugars, grains, and agricultural residues, which form the classical first- and second-generation bioethanol feedstocks. As a result, the rising fuel-vs.-food/fodder debate is anticipated to reduce, and instead, ethanol produced from municipal/industrial waste, after trials, can supplement the current supply being used as blends with presently retailed fossil fuels (E20, E27, etc.). 

As stated by Dr. Ravi, the founder-CEO of Techofest Global, the strategic priority and the USP of the start-up is industrial symbiosis, which, typically, involves an ecosystem of up-cycling/valorising the effluents of an industry, thereby creating a value-chain for residues often lacking an end-of-life. With more than three decades of experience in designing customized nuclear fusion reactors for international programmes, such as ITER, JET/UKAEA and SST-1, Dr. Ravi, a seasoned mechanical engineer, spearheads the start-up’s patented technologies’ scale-up and commercialization.

Two biochemical engineers, Dr. Navnit – the former CTO, and Dr. Kabilan – the former CEO of Biomakerz, Chennai, are the brains behind the current technology/process portfolio of the joint-venture between Techofest Global and Biomakerz. They have been working on biorefineries’ process intensification for more than a decade. “Having foreseen the fuel-vs-fodder/food competition as early as the year 2015, we began developing techno-economically feasible and viable in-vitro metabolically-engineered bioprocesses for scaling-up ethanol production from municipal waste streams between 2019–2021”, says Navnit. After developing operational technologies for international biofuel organizations, serving process engineer roles with certain biorefineries-related OMC R&D’s of India, Dr. Navnit, presently works for a premier academic institution.

An on-going fermentation trial at the Techofest Global-Biomakerz JV’s R&D facility

Techofest Global has developed and tested, in its R&D JV’s pilot-facility of ~100-L, 3 innovative and cost-effective technologies, such as 5G ethanol production using human hair, used cooking oil (UCO), and enriched bio-methane production from disposed sanitary napkins.

“With massive CapEx and OpEx, 2G ethanol technology is facing a major commercialization bottleneck, owing to competition with food/livestock fodder, requirement of a cost-intensive pre-treatment procedure, and the requirement of cellulolytic cocktails, which have a poor recycle efficiency. The proprietary 5G SAFE process developed for the start-up circumvents the mentioned constraints, and instead, utilizes a single-stage saccharification followed by fermentation, and records over 85–90% biocatalyst recovery. Likewise, the proprietary SIM process for bio-methane production, exclusively developed for the start-up, is 2x faster with improved intermittent feeding cycles and continuous gas harvest”, says Navnit.

“With on-going pre-commercialization trials, the proprietary ethanol and bio-methane processes of ours are soon being commercialized”, says Ms. Bhumika, the co-founder and the corporate advisor of the start-up. Furthermore, Mr. Ronak pilots the organization’s global market entry and commercialization frontier.

Techofest Global’s veteran Principal Technology Advisors include: Dr VS Tripathi, former Joint Director, DRDE Gwalior, Dr B S Munjal, former Director, Structures and Thermal group, SAC/ISRO, Academician and Advisor CIKS-Dharohar, GTU, and Dr AV Santhanababu, former Scientist at Satish Dhawan Space Centre. With on-going R&D activities, Dr. Munjal says, “the start-up is striving to provide a unique solution along the lines of the Atmanirbhar and Viksit Bharat Vision 2047”.

Media Contact: www.techofestglobal.com; e-mail: info@techofestglobal.com; contact person: The PR team of Techofest Global.

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As AI Speeds Up Marketing, Louisville’s RedTag Bets on Strategy

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7 hours ago

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October 17, 2026

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Independent agency unveils new brand and website, and co-hosts Louisville’s PROOF AI Workshop

LOUISVILLE, Ky., Oct. 17, 2026 /PRNewswire/ — RedTag, an independent Louisville-based marketing agency, this month unveiled new positioning, marking its evolution from a digital performance agency into a strategy-first marketing partner. The move comes as AI makes execution faster than ever, and RedTag is betting that strategy, not speed, is what will set businesses apart. Clients can now choose from outcome-based programs that best fit their marketing needs. 

“Clients don’t come to us needing more tactics. They come to us needing a path,” said Russ Renbarger, founder and CEO of RedTag. “Our new brand says out loud what our work has shown for years: We start with strategy and build everything on that foundation.”

RedTag built its reputation on high-performing paid digital campaigns. Over the years, the agency expanded into strategy, creative, video production and website development, giving clients one partner for the full scope of their marketing. Most recently, a team of automation specialists has integrated AI across the agency to speed up production and analysis, guided by an internal AI policy that keeps people accountable for quality. The time AI saves goes back into strategy: knowing what to say, who to say it to and why.

“Our best client relationships have always been partnerships, where we’re in the room when the big decisions get made,” said Alison Conway, chief client officer at RedTag. “This evolution is about bringing that strategic partnership to every client.”

On Oct. 14, RedTag co-hosted the PROOF AI Workshop with Slingshot, Vsimple and Advanced Business Solutions. The hands-on event gave Louisville business leaders practical experience applying AI to their own work. RedTag led the event’s AI in Marketing and Branding track, with four sessions ranging from AI search optimization to a playbook for adopting AI across an organization.

“AI can produce hundreds of ads in an afternoon, but it can’t tell you which one your brand actually needs and why,” Renbarger said. “The faster the tools get, the more valuable human-led strategy becomes.”

RedTag was named the agency of record for the Commonwealth of Kentucky in 2025. Its client list includes PGA of America, Castle & Key Distillery, Bourbon Barrel Foods, ShopCaterpillar and American Beverage Marketers. Since 2023, RedTag’s work has received two Emmy Awards and more than 35 ADDY and AIGA awards. The agency is a four-time Louisville Business First Fast 50 honoree and was named one of the 2026 Best Places to Work in Kentucky.

To learn more about its outcome-based programs, visit RedTag Programs

About RedTag

RedTag is an independent, strategy-first marketing agency based in Louisville, Kentucky. Established in 2008, the agency starts every engagement by understanding the goal before recommending tactics. With a foundation rooted in discovery, RedTag delivers full-scale marketing campaigns built around each client’s business goals. RedTag serves organizations across hospitality, sports, agriculture, government, retail and consumer packaged goods. Learn more at redtag.agency.

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SOURCE RED TAG LLC

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