Independent Software Vendors (ISVs) Market 2024 Companies Unlock Business Potentials through Fail-proof Products for Gaining Competitive Edge

Independent software vendors (ISVs) are pushing their boundaries of innovations to create value through products for customer. With the advent of digital disruption, companies are increasing their focus on process innovation to deploy an enriched end-user experience. Companies in the independent software vendors (ISVs) market are investing in product architectures that are scalable, fail-proof, and cost-effective. For instance, MSys Technologies— a company that enables digital transformation initiatives for ISVs, is gaining efficacy if fail-proof products that are capable of driving customer loyalty.

Companies in the independent software vendors (ISVs) market are focusing on the inclusion of right mix of digital technologies that help stakeholders gain a competitive edge over other players. As such, the market is largely fragmented with emerging players dictating ~55%-60% of the market revenue share. Independent software vendors are investing in right skills of software developers and building their credibility by complying with government rules and regulations.

independent software vendors market infographic

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Financial Services-ready Public Cloud Platforms Establish Trusted Technology Ecosystem

The global IT spending is anticipated to turn into a trillion dollar industry due to the increasing volume of independent software vendor products and services sold for and through cloud platforms. Hence, major companies are setting their collaboration wheels in motions to initiate strategic tie-ups with financial entities to capitalize on exponential cloud deployment. For instance, IBM— a leading U.S.-based IT company launched their one-of-its-kind financial services-ready public cloud by joining forces with the Bank of America. This explains why the revenue of financial services applications are projected for aggressive growth in the independent software vendors (ISVs) market, where the market is estimated to reach a value of ~US$ 4,077.72 Bn by the end of 2027.

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Independent software vendors are benefitting through strategic collaborations, since ISVs can focus more on their core offerings to financial institutions through innovative cloud platforms. The establishment of a trusted technology ecosystem has become an important prerequisite raised by stakeholders of financial institutions in the independent software vendors market.

Software or Services? Which is better for Industrial & Manufacturing Application Area

The growth of the independent software vendors market is anticipated to climb at a promising CAGR of ~13% during the forecast period. This is evident since the revenue of industrial & manufacturing application segment is predicted for exponential growth in the independent software vendors (ISVs) market. However, stakeholders in the industrial & manufacturing sector are straddling between software and services to progress in the market landscape. For instance, several vendors are offering services to replace software, especially in the supply chain network services domain. On the other hand, stakeholders in the industrial & manufacturing sector are outsourcing 3D printing services. However, lack of quality control in outsourced work is encouraging stakeholders to invest in software.

Independent software vendors are increasing efforts to analyze business needs of stakeholders in the industrial & manufacturing sector in order to offer the right software that improves efficiency levels in their organizations. Since software offering are not very straightforward in the industrial & manufacturing landscape, independent software vendors are educating stakeholders on the pros and cons about the software.

Faster Adoption in Applications Helps Stakeholders in Healthcare Industry to Drive Outcomes

The acceleration of innovations and increased adoption of applications in the healthcare landscape are some of the major key drivers contributing toward the growth of the independent software vendors (ISVs) market. For instance, GE Healthcare— a U.S. multinational conglomerate revealed that the company is partnering with independent software vendors and developers in order to leverage their Edison platform. Strategic collaborations are creating value-grab opportunities for independent software vendors who are helping stakeholders in the healthcare industry to experience commercial growth through their healthcare applications.

The independent software vendors (ISVs) market is witnessing a transformation as developers gain the opportunity to innovate through intelligent software platforms of renowned healthcare companies. One of the most important end goals of stakeholders in the healthcare landscape is to increase the availability of efficient healthcare services that improve clinical outcomes. ISVs are aiming to ensure faster adoption of applications among end users through cloud.

independent software vendors market segmentation

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