Enterprise software development: global market
In 2022, IT spending on enterprise software totaled approximately $783 billion worldwide, a growth of 7.1% over the previous year.
According to Bell Rose Capital, software development is a fast-growing industry, which is expected to continue to experience future growth as more commercial enterprises shift their operations to virtual environments.
Effective February 10, 2023, Bell Rose Capital acquired IAI tech, a California corporation (IAI) that develops state-of-the-art software, applications and other technologies that will be integrated into various logistics infrastructures within the transportation and agriculture industries.
IAI is currently working on the development of software, apps and other technologies for market launch.
Bell Rose Capital reports that the enterprise software market is the fastest growing segment in the IT industry.
The global software development market is expected to have a compound annual growth rate (CAGR) of approximately 11.9% from 2023 to 2030.
The number of software developers, globally, is also projected to increase to 27.7 million in 2023 and 28.7 million in 2024.
Enterprise software
Currently, there are approximately 4.3 million software developers in the United States.
Industry revenues, worldwide, are expected to experience a CAGR from 2023 to 2027 of 5.72%, resulting in a market valuation of about $812.9 billion in 2027.
According to Maryville University, software development is the process related to the creation of individual computer programs through the use of specialized and specific computer programming languages.
This process is extremely broad and varies depending on the type of software being developed; however, software development typically includes the conception, design, programming, testing, and bug fixing of a software, network, or application.
