The global developer population is expected to reach 28.7 million people by 2024, an increase of 3.2 million from the number seen in 2020. According to the source, much of this growth is expected to occur in China, where the growth rate is between six percent to eight percent heading up to 2023. How much do software developers earn in the U.S.? Software developers work within a wide array of specialties, honing their skills in different programming languages, techniques, or in disciplines such as design. The average salary of U.S.-based designers working in software development reached 108 thousand U.S. dollars as of June 2021, while this figure climbs to 165 thousand U.S. dollars for engineering managers. Salaries are highly dependent on location, however, with an entry-level developer working in the San Francisco/Bay area earning an average of 44.79 percent more than their counterparts starting out in Austin. JavaScript and HTML/CSS still the most widely used languages While programming languages continue to emerge or fall out of favor, JavaScript and HTML/CSS are mainstays of the coding landscape. In a global survey of software developers, over 60 percent of respondents reported using JavaScript, and HTML/CSS. SQL, Python, and Java rounded out the top five.

In 2022, there were around 1.63 million software developers and software quality assurance (QA) workers employed in the United States. By 2032, this number is expected to rise to 2 million.

In 2024, software developers working as senior executives in the United Stated had an average salary of about *** thousand U.S. dollars, making it the highest paying job for software developers in the United States. engineering manager ranked second with *** thousand U.S. dollars.

Most software developers worldwide report the use of Windows operating system as their preferred development environment, as of 2021. Apple’s macOS was the second preferred operating system, followed by Linux. What is software development?   Software development refers to the process of creating, designing, and supporting software. It includes all the computer activities involved between the conception to the final manifestation of software. These activities are usually planned and put into stages in a logical order called the software development life cycle (SDLC). The software industry is an integral part of the IT market as the creative engine of the ever-involving market, and tech companies spend relentlessly on the development of new software products and the improvement of current ones. As such, software developers are well paid for their work. Programming languages & salary   The increasing demand for software developers is set to see their total population increase from over 20 million in 2018 to close to 29 million in 2024. Among a good deal of different programming language options, JavaScript is the most widely used programming language by software developers worldwide. Languages such as Erlang, however, which brings in the highest wages with averages of over 100,000 U.S. dollars per year as opposed to the 60,000 U.S. dollars earned on average by Java developers.

Over the past decade, demand for tax preparation software has grown substantially due to the increasing shift toward online business and tax filing, as reflected by the growth in self-prepared tax returns. However, economic fluctuations, especially during COVID-19, have led to significant revenue volatility for providers. The pandemic initially caused an online tax filing surge—up more than 25.0% from 2019 to 2020—as people avoided in-person professionals. As the pandemic eased, self-prepared returns fell, slowing revenue growth. More recently, high interest rates from 2022 to 2024 pushed businesses and consumers to use tax software to cut costs, temporarily boosting revenue, but anticipated rate drops could slow this trend. Meanwhile, market share concentration has slightly decreased due to scandals and a rise in entry, intensifying competition and causing the top companies' combined share to slip. As a result, major players may pursue mergers and acquisitions to regain ground while smaller developers cater to niche markets, aiming for stability amid shifting economic conditions. Elevated internal competition also caused providers to compete more heavily on price, reducing profit. Overall, revenue for tax preparation software developers has surged at a CAGR of 4.4% over the past five years, reaching $5.1 billion in 2025. This includes a 1.5% rise in revenue in that year. Over the next five years, tax preparation software developers are expected to experience slower revenue growth due to market saturation, as most consumers and businesses will already be familiar with online tax filing and will increasingly choose between self-preparation and professional services. IRS data indicates that growth in self-prepared tax filings is decelerating, prompting greater consolidation through mergers and acquisitions. While stable economic growth and population expansion may bolster demand, shifts in public policy—such as global tariffs —could hinder business formation and disposable income, adversely affecting revenue. Additionally, the IRS's launch and expansion of its own free filing platform, Direct File, threatens commercial providers by offering a robust, no-cost alternative. Advances in AI and natural language processing are expected to simplify tax filing and attract more users to software solutions, though these innovations require significant investment in R&D and data protection, likely increasing market concentration as smaller firms exit. Overall, revenue for tax preparation software developers is anticipated to inch upward at a CAGR of 2.9% over the next five years, reaching $5.6 billion in 2030.

Success.ai’s B2B Contact Data and App Developer Data for Engineering Professionals Worldwide is a trusted resource for connecting with engineers and technical managers across industries and regions. This dataset draws from over 170 million verified professional profiles, ensuring you have access to high-quality contact data tailored to your business needs. From sales outreach to recruitment, Success.ai enables you to build meaningful relationships with engineering professionals at every level.

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Data Highlights: - 170M+ Verified Professional Profiles: Comprehensive data from various industries, including engineering. - 50M Work Emails: Accurate and AI-validated for reliable communication. - 30M Company Profiles: Detailed insights to support targeted outreach. - 700M Global Professional Profiles: A rich dataset designed to meet diverse business needs.

Key Features of the Dataset: - Extensive Engineer Profiles: Covers various roles, including mechanical, software, civil, and electrical engineers, as well as engineering managers and directors. - Customizable Filters: Segment profiles by location, industry, job title, and company size for precise targeting. - AI-Powered Insights: Enriches profiles with contextual details to support personalization.

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As per Cognitive Market Research's latest published report, the Global Offshore Software Development Market size will be USD 1,12,609.5 Million by the end of 2030. The global Offshore Software Development Industry's Compound Annual Growth Rate will be 15.2% from 2023 to 2030.

The North America Offshore Software Development market size is projected to reach at USD 25,112.1 Million in 2028.

What is Driving Offshore Software Development Market?

Expanding IT services in every sector 

IT or the information technology sector plays a huge role in the development of any country. This sector supports to produce services maintenance and repairs, training, or consulting. IT sector plays the crucial role in small and medium enterprises (SMEs), large enterprises. Information technology services are those services used by organizations in creating, managing, and delivering information as well as assisting with other business functions. These services include consulting, software development, systems integration, deployment and support, training and education, and hosted and outsourced IT services.

Global IT services market is expected to reach 853-billion-dollar mark by 2021, up from 737 billion U.S. dollars in 2017. North America is the largest regional IT services market, accounting for almost half of the global market.

IT services are used in every sector such as banking, communications, wholesale and retail trade, all professional services such as engineering, computer software development, and medicine, non-profit economic activity, all consumer services, and all government services, including defense and administration of justice. To providing the right investment banking training and courses, the IT sector of a country plays a huge role.

According to one study, there will be over a million software companies in the world within the next 10 years. Most of them are in America and Europe. Competition is extremely high and operational costs are always climbing, and talent is getting scarcer by the day. Offshore software development services are thus, risen as a solution for Western businesses who are looking to get ahead in the crowded and expensive marketplace. This is the significant strategic move as western countries are lacking engineers and jobs has become expensive as their skills are incredibly in demand.

According to recent research conducted by Indeed, the US software job market currently faces a 472K tech talent shortage with 9 out of 10 business owners struggling to find and hire IT professionals. Offshore software development hires a dedicated software development team and opens a new office called an offshore development center in another country. Hence, the main reason companies are looking to build offshore teams and engage developers in countries like India, Singapore, because of low cost and high availability.

Growing knowledge and necessity of cybersecurity is propelling market growth

Restraints for Cryogenic Piping Market

Concerns associated with data security & protection

Opportunities for Offshore Software Development Market

Increasing demand for cutting-edge skills


Growing development in emerging economies

Introduction of Offshore Software Development:

Offshore software development is a process in which companies hire software developers located in a foreign country and their service helps the organization in resolving challenges faced in the business. The offshore software development indicates that company of providers is located in a foreign country are away from their location facing different time zone difference.

There are many benefits of using this offshore software development service which ensures unique customer experience, helps in resolving business difficulties with the best class software. The organizations are adopting the offshore software development outsourcing service due to the low-cost associated with it compared to in-house or onshore service. The company in offshore service provides high quality service offered with an affordable cost. Hence there is higher demand for the offshore software outsourcing in the market. The enterprise or other organization gets advantage in this service as they get skilled and talented team in affordable cost which is beneficial for the company growth and leverages many opportunities in their business. &n...

[190+ Pages PDF] United States Association Management Software market To Garner Revenue Worth USD 993 million by 2025, at a CAGR of 6% between 2019 and 2025. An AMS or association management software is a tool that offers professional firms as well as trade associations with the required features to proficiently carry out their routine operations & activities.

The Virtual Reality (VR) Software industry has soared in recent years thanks to the technology becoming more accessible and affordable across markets. Technological advancements have caused a climb in the user base of VR devices, which has fueled demand for sophisticated, interactive VR software. While the gaming and entertainment sector remains the main driver, VR's adoption in industries like education, healthcare and workplace training has catalyzed the industry's growth. In addition to the integration of artificial intelligence (AI) with VR, the industry is booming with activity and potential. Through the end of 2024, industry revenue has climbed at a CAGR of 34.7% to reach $996.0 million in 2024, including an expansion of 16.6% in 2024 alone. Over the past five years, the collective efforts of established tech companies, start-ups and educational institutions have yielded significant dividends for the VR software industry. VR hardware is increasingly affordable, which has helped the industry reach beyond an affluent, tech-savvy audience. VR in healthcare for patient therapy and surgical planning has led to new advancements, fueling demand. The role of VR in professional training has grown as VR can simulate real-life situations in a controlled environment, benefiting industry profit. Through the end of 2029, the VR software industry will maintain its upward trajectory. Advancements in haptic feedback enhance the user experience, driving the need for more sophisticated software. At the same time, integrating AI with VR opens up endless possibilities and, despite raising particular challenges, will reel in more investment. The VR software industry outlook is strong, with revenue expanding at a CAGR of 4.3% to reach $1.2 billion in 2029.

The Professional Service Automation (PSA) Software market is experiencing robust growth, projected to reach $10.22 billion in 2025 and maintain a Compound Annual Growth Rate (CAGR) of 11.64% from 2025 to 2033. This expansion is fueled by several key drivers. The increasing need for improved project management, resource allocation, and client billing within professional services firms is a primary factor. The rising adoption of cloud-based solutions offers scalability and cost-effectiveness, further accelerating market growth. Furthermore, the integration of PSA software with other business applications, such as CRM and ERP systems, enhances operational efficiency and data visibility, leading to increased adoption. Technological advancements, like AI-powered features for predictive analytics and automation of routine tasks, also contribute to the market's expansion. While the on-premises deployment model still holds a segment of the market, the clear trend is toward cloud-based solutions due to their flexibility and accessibility. The technology companies segment represents a significant portion of the market, but growth is expected across all end-user segments, including consulting firms and marketing and communication agencies, as they seek to streamline operations and enhance profitability. Competitive pressures are high, with leading companies employing various strategies, including product innovation, strategic partnerships, and acquisitions, to maintain their market share. However, the market also faces restraints, such as high initial investment costs for implementation and the need for extensive employee training. The geographical distribution of the PSA software market reflects varying levels of technological adoption and economic development. North America, particularly the US, currently holds a substantial market share due to early adoption and a large number of professional services firms. Europe (Germany and the UK being key markets) and APAC (China and Japan leading the way) are experiencing significant growth, driven by increasing digitalization and the adoption of advanced technologies. South America and the Middle East and Africa are expected to show slower, yet promising growth as the market matures in these regions. Overall, the PSA software market presents a lucrative opportunity for vendors, with sustained growth projected over the next decade, but success will depend on adaptability, innovation, and the ability to address the specific needs of diverse customer segments across different geographical regions.

The Business Intelligence (BI) Software industry in the US has experienced substantial growth, driven primarily by surging demand for data-driven decision-making amidst increasing online business activities. The pandemic significantly accelerated this trend as companies shifted their operations online and invested in sophisticated analytics tools. In 2024, the industry is valued at $36.4 billion, with revenue climbing 6.4% during 2024 alone. The industry has benefited from investments in cloud-based services and AI solutions, which have been critical growth drivers, leading to profit accounting for 24.6% of revenue during the current year. Mergers and acquisitions (M&A) have been pivotal in reshaping the BI landscape. Prominent firms like Salesforce, Google and Microsoft are leveraging their robust financial positions to acquire innovative startups, expanding their market share and product portfolios. This strategic consolidation targets niche markets and drives rapid technology adoption. These investment activities provide significant competitive edges by integrating artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) into BI solutions. These technologies have proven essential for automated data analysis, enhancing efficiency and streamlining business processes. Moving forward, the BI software industry seeks to capitalize on the growing potential of AI to drive revenue up at a CAGR of 3.5% to $39.1 billion. As businesses rely on data to make business decisions, they will demand enhanced real-time features that incorporate predictive AI to allow them to make immediate decisions. As industry participants prioritize efficiency and data security in their product offerings, they will solidify their indispensable role in contemporary business operations. This will lead to favorable margins moving forward. While the BI software sector remains highly dynamic with stiff competition, companies focusing on rapid technology adoption, strategic M&A activities and catering to SME needs are poised to benefit immensely from this ongoing digital transformation. Such forward-thinking strategies will open new opportunities and drive continual innovation within the industry.

How much do software development professionals earn in Latin America? Among the presented countries, software developers in Panama had the highest median annual salary, amounting to ** thousand U.S. dollars.

The global Insurance Software Development Services market is experiencing robust growth, driven by increasing demand for digital transformation within the insurance sector. The market's expansion is fueled by several key factors: the rising adoption of cloud-based solutions offering scalability and cost-effectiveness; the need for enhanced customer experience through personalized offerings and self-service portals; the imperative for streamlined operations through automation of processes like claims management and underwriting; and the growing pressure to comply with evolving regulatory requirements and data privacy standards. The market is segmented by application (Insurance SaaS Providers, Insurance Companies, Insurance Consulting Firms, and Others) and by type of software (Claims Management Systems, CRMs for Agents and Brokers, Insurance Marketplaces, Underwriting/Quoting Software, Document Management Software, and Others). The competitive landscape is characterized by a mix of established players and emerging niche providers, with a global spread encompassing North America, Europe, Asia-Pacific, and other regions. While precise market sizing data is unavailable, considering a conservative estimate and applying a plausible CAGR (let's assume 15% for illustrative purposes, noting this is an estimation), we can project substantial market expansion over the forecast period (2025-2033). This growth will be particularly pronounced in regions with high insurance penetration and robust digital infrastructure, such as North America and Western Europe. However, market growth is not without challenges. The high initial investment required for implementing new insurance software solutions can be a barrier for smaller companies. Integration complexities with existing legacy systems and the need for skilled IT professionals capable of handling sophisticated software development projects also present significant hurdles. Furthermore, ensuring data security and compliance with stringent regulations adds another layer of complexity and cost. Despite these challenges, the long-term outlook for the Insurance Software Development Services market remains positive. Continuous innovation in areas like AI and machine learning is expected to further enhance the capabilities and efficiency of insurance software, driving greater demand and market expansion. The focus will continue to shift towards solutions that enhance customer engagement, automate core processes, and improve risk management capabilities.

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IT Professional Services Market Size 2025-2029

The it professional services market size is forecast to increase by USD 657.9 billion, at a CAGR of 10.6% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing pace of digital transformation across industries. Companies are increasingly relying on IT professional services to help them navigate the complexities of adopting new technologies and implementing digital strategies. A key trend in this market is the growing adoption of hybrid and multi-cloud environments, which presents both opportunities and challenges for IT service providers. However, this market also faces a significant challenge in the form of a shortage of skilled workforce. The demand for IT professionals with expertise in emerging technologies and cloud environments is outpacing the supply, making talent acquisition a major concern for IT service providers. To remain competitive, companies must invest in training and upskilling their existing workforce, as well as leveraging automation and artificial intelligence to augment their capabilities. Additionally, they must adapt to new delivery models, such as managed services and outcome-based contracts, to meet the evolving needs of their clients. By addressing these challenges and capitalizing on the opportunities presented by digital transformation and cloud adoption, IT professional services providers can position themselves for long-term success in this dynamic market.

What will be the Size of the IT Professional Services Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
Request Free SampleThe market continues to evolve, with dynamic market activities unfolding across various sectors. Businesses increasingly rely on IT services to drive digital transformation, optimize operations, and mitigate risks. IT strategy, resource management, and project management play pivotal roles in this process, with cloud computing and IT infrastructure forming the backbone of modern business systems. Network management and security are paramount, as businesses navigate the complexities of data analytics, risk management, and data security. Business continuity plans are essential to ensure uninterrupted operations in the face of disruptions. IT consulting firms provide valuable insights, guiding organizations through the intricacies of software development, application development, and system integration. Mobile application development and web development are critical components of digital transformation, enabling seamless access to information and services. Help desk support and technical support are essential for maintaining the functionality of IT systems and addressing user queries. Business intelligence, artificial intelligence, machine learning, and big data are transforming how businesses make informed decisions. Ongoing trends include the adoption of agile methodologies, waterfall methodologies, and professional services automation, which streamline project management and resource allocation. Disaster recovery and service desk solutions ensure business continuity and efficient IT support. Cloud migration and network security remain key areas of focus, as businesses strive to protect their digital assets and optimize their IT infrastructure.

How is this IT Professional Services Industry segmented?

The it professional services industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. TypeProject-oriented servicesInformation technology outsourcingIT supporting and training servicesEnterprise cloud computing servicesEnd-userLarge enterprisesSmall and medium enterprisesDeployment ModelOn-premiseCloud-basedHybridEnd-User IndustryBFSIHealthcareManufacturingRetailGovernmentIT & TelecomEnergy & UtilitiesGeographyNorth AmericaUSCanadaEuropeFranceGermanyItalyUKMiddle East and AfricaEgyptKSAOmanUAEAPACChinaIndiaJapanSouth AmericaArgentinaBrazilRest of World (ROW)

By Type Insights

The project-oriented services segment is estimated to witness significant growth during the forecast period.In the dynamic the market, project-oriented services have gained significant traction. These services, delivered on a project basis with a defined scope, timeline, and deliverables, cater to the unique business needs of organizations. IT service providers are often engaged for their specialized expertise, resources, and technical skills in areas such as business continuity, software development, network management, database administration, IT consulting, digital transformation, project management, cloud computing, technical support, risk management, data analytics, mobile applicati

The size of the US Engineering Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 8.75% during the forecast period.This encompasses an active and vibrant industry of engineering that molds the technological process and constructs the global world of America. From the core point of view of application, it is quite evident that engineering essentially involves the scientific and mathematical principles for designing and developing and implementing the solution towards solving practical problems arising in the real world. This field includes a wide range of engineering, which comprises mechanical, electrical, civil, chemical, as well as software engineering. The US engineering industry is surely a power house in that the industry constitutes a significant portion of the country's economy and makes it stand high on the list of global competitiveness. The industry accommodates millions of well-trained engineers and broadens sectors into aerospace, automotive, energy, health care, and IT, to name a few. Mechanical engineers design and construct everything, from towering skyscrapers and intricate microchips to sustainable energy systems and life-saving medical devices. It reaches down and touches every single part of our modern way of life-from connections in a bridge and road that connect us, through these not-so-small devices which assist in maintaining our awareness of the world and keeping us entertained: it is through innovation as a result of engineering that has transformed our lives. Of course, frontline new research and development spread over vast boundaries of what is possible and push the speed of progress in fields such as artificial intelligence and robotics, biotechnology, etc. No other country comes close to matching the expertise of US engineers. In short words, the American engineering industry is a vital source of economic growth and technological innovation. It is challenging many global challenges while improving quality in life, defining the future and tomorrow. It thus gives a promising and rewarding demand in the name of innovation and problem-solving by very professional engineers who would cater to the needs of this changing world. Recent developments include: May 2022 - The Naval Facilities Engineering Systems Command (NAVFAC) Atlantic has awarded AECOM's Resolution Consultants joint venture with EnSafe a solitary, indefinite-delivery, indefinite-quantity (IDIQ) contract to deliver architecture and engineering services for the Comprehensive Long-Term Environmental Action Navy (CLEAN) program. The joint venture will conduct environmental research, investigations, and designs that solve major environmental concerns under the contract, which has a USD 400 million budget., November 2021 - The US Navy has selected Bechtel, a prominent player in engineering, construction, and project management, as one of five teams to compete for work on a multi-year initiative to build new dry docks and shipyard infrastructure at Pearl Harbor in Hawaii and Puget Sound in Washington state. The dry docks and accompanying infrastructure will support current and future nuclear submarines and aircraft carriers, the contemporary US Navy's backbone.. Key drivers for this market are: Increasing demand due to a growing private investment in large-scale projects and recovery in natural gas and oil prices likely to propel demand from industrial customers, Technological advancements have aided in reducing lead time and resource overheads. Potential restraints include: Market susceptibility to changes in macro-environment as well as regulatory landscape. Notable trends are: Civil Engineering Services is Expected to Register a Significant Growth.

StackInd is a curated collection of JSON datasets representing professional software stacks and environments. It supports use cases like AI copilots, developer onboarding tools, software configuration templates, and expert system simulations. The dataset includes roles such as Java Developer, Frontend Engineer, Backend Developer, Android Developer, Streamer, Graphic Designer, Sound Engineer, and CBSE Teacher. Each JSON file captures the most commonly used tools, platforms, and workflows specific to that role.

The Software Testing Market is estimated to be valued at USD 41.75 Billion in 2022 and is expected to reach USD 83.64 Billion by 2030, registering a CAGR of 9.1% during the forecast period.

The factors that are fueling the growth of the Software Testing Market

Rising demand for mobile-based applications for various purposes is spiking the growth of the Software Testing Market.

The increasing popularity of mobile-based applications for transactions, gaming, entertainment, and other purposes is fuelling the growth in the market. Software in mobile helps to enhance the performance, functionality, and appearance of the application through various devices. Software helps to detect the bugs in the developing process which can be secure before the app is launched. Additionally, because of the increasing demand for mobile-based apps, the major players in the market are focusing on the expansion of their footprint in mobile testing which is contributing to the software testing market. For instance, in October 2022, Keysight introduced Automated and AI-Driven Testing to enhance the experience on 5G smartphones.

(Source: https://www.keysight.com/us/en/about/newsroom/news-releases/2022/1017-nr22119-keysight-introduces-automated-and-ai-driven-testing.html)

In addition, the software testing market is being spiked by the increasing demand for automation test services.

(Source: https://www.cognitivemarketresearch.com/software-test-automation-market-report)

The surge in popularity of the companies since they developed the testing software performance is one of the major factors contributing to the software testing market. For instance, Wipro partners with Scania to transform the digital workplace. (https://www.wipro.com/newsroom/press-releases/2022/scania-partners-with-wipro-to-transform-the-digital-workplace/). Furthermore, another important factor that contributes to the growth is the increasing penetration of developing methodology and growing digitalization in developing countries. Moreover, advanced technology and cloud-based software testing will contribute to the software testing market during the forecast period.

Additionally, advanced technology and cloud-based software testing services will contribute to the software testing market during the forecast period. Machine learning and artificial intelligence in software testing will also be one of the major factors fuelling the software testing market growth. For instance, in July 2023, Citrix expanded its cloud and on-premises capabilities to support hybrid customers.

(Source: https://www.cloudcomputing-news.net/news/2023/jul/27/citrix-expands-cloud-and-on-premises-capabilities-to-support-hybrid-customers/)

The factors that are restraining the Software Testing Market growth

The prohibition cost of automation testing may hamper the software testing market. The high cost of subscription fees and the licensing of the tools associated with automation overall add to the automation testing cost and constrain the software testing market. Automation testing carries high maintenance costs and investments which impel many companies to carry the manual testing. However, this test requires well-professional and trained workers for managing it continuously, which can it possible for the organization to keep the availability of such resources, such factors are hindering the software testing market.

Additionally, the lack of professional software testing in the market is impeding the growth of the software testing market. High degree certification and experience are the basic expectations from software testers. In increasing penetration of digitalization in logistics and transportation, has a high popularity of cost-effectiveness, directly affects the development of applications and software that are used in the technologies, and in return, it will increase the demand for software testing and lack of professionals in the companies which would hinder the software testing market growth.

Impact of COVID-19 on Software Testing Market:

The outbreak of COVID-19 has affected positively the software testing market due to the increase in online transactions which required software testing for bank security. Digital payments amid the global expansion of formal financial services, this expansion has created new economic opportunities for the world. According to the world bank, for now, 76% of adults have accounts in banks and ot...

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Urban Planning Software Market Size 2024-2028

The Urban Planning Software Market size is estimated to grow by USD 4.05 billion at a CAGR of 7.81% between 2023 and 2028. Infrastructure development is a priority area for many governments and organizations worldwide, driven by increasing investments and a growing focus on building smart cities. This trend is fueled by several factors, including the expanding middle-class population and the need for efficient, modern infrastructure to support economic growth and improve quality of life. Infrastructure projects encompass various sectors, such as transportation, energy, water supply, and telecommunications, and require significant capital investment and advanced technology. As a result, the infrastructure industry is poised for continued growth and innovation, offering opportunities for businesses and investors alike.

What will be the size of the Market During the Forecast Period?

To learn more about this report, View the Report Sample

Market Dynamics

The market is witnessing significant growth due to the increasing number of non-residential construction projects and infrastructure development activities in response to the growing urban population. City planners are leveraging technology to efficiently manage and design urban spaces. The market is segmented into components, which include software and services, and segments, such as the cloud-based segment and web-based segment. Government bodies are also investing in urban planning software to optimize budgets and implement smart city technologies. Emerging countries are leveraging technology advancements and cloud software to enhance construction processes and infrastructure development, with a focus on designing residential buildings, roads, bridges, and rail systems, supported by skilled professionals and real estate companies, while government agencies and service companies implement training programs and resource management solutions to optimize engineering and architectural plans. The latest trends include the integration of 5G technology and data centers to enhance the functionality and efficiency of these tools. Open-source software is gaining popularity due to its cost-effectiveness and flexibility. The United Nations (UN) has emphasized the importance of urban planning to address the challenges of urbanization and sustainability. Urban planning software plays a crucial role in this regard, enabling city planners to create harmonious and livable urban spaces. The market is expected to continue its growth trajectory in the coming years, driven by the increasing demand for efficient and technologically advanced urban planning solutions.

Key Market Driver

One of the key factors driving the market growth is the growing middle-class population. The increasing middle-class population in developing countries in APAC, South America, and MEA is expected to significantly contribute to the market growth. In addition, there is an increase in per capita income due to the rapidly increasing economic activities in developing economies such as China, India, Argentina, Indonesia, and South Africa.

Moreover, the rise in the gross domestic product (GDP) per capita in these countries is also fuelling the rise in the disposable income of the population. In addition, a majority of the population is opting for long-term investment opportunities due to factors such as rapid industrial, manufacturing, and economic developments in these countries, fuelled by urbanization. As a result, there is an increasing adoption of software for different real-estate projects. Hence, such factors are positively impacting the market which, in turn, will drive the growth during the forecast period.

Significant Market Trend

A key factor shaping the market growth is the use of blockchain technology in software. There is a rapid advancement in technologies that can resolve the challenges associated with the openness of data and procedures in the market. The advent of blockchain technology enables transparency at all levels of activity in urban planning making it effective.

Moreover, the main advantage of using blockchain in urban planning is that there is a reduction in fraud and transaction duplication as every record is encrypted. Furthermore, the implementation of blockchain offers smooth and quick transactions by doing away with the necessity for a middleman. Hence, such factors are positively impacting the market trends which in turn will drive the market growth during the forecast period.

Major Market Challenge

The threat of open-source urban planning software is one of the key challenges hindering growth. There is a growing popularity for open-source software which poses a significant threat to the market. There is an increasing preference for open-source software as it is widely available on the Internet and can be downloaded easily.

Moreover, open-source software