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Market Analysis United Kingdom’s UK% share software market
category segmentation, 2020
software market value
and Structure forecast, 2020-2025
The software market comprises of United Kingdom’s software
income received from sales and value, 2016-2020
subscription to various software
packages and solutions. The market
consists of the different sectors; IT
management, data and analytics, security
and others (cloud computing, networking
and storage).
Source: Marketline, 2021
Overall, the UK software industry has
witnessed a moderate growth except in
2020 when it declined by 3.8% due to the
COVID 19 global pandemic. The growth in
this industry has been primarily driven by
an increase in cloud computing usage
among companies and individuals, this
has allowed operators to switch from
providing software solutions to capture a
software as a service (SaaS) business
model, which creates a flow on income
for suppliers when customers pay for Source: Marketline, 2021
these software.
In 2020, the UK software market had a
total revenue of 23.6 billion dollars
representing the period between 2016-
2018, a compound annual growth rate of
1.2%. Another aspect that played a role in
the growth of the software market was
the launch of the general data protection
regulation (GDPR) in the European Union
in 2018, at the time when the UK was still
in the EU.
The regulation led to an increasing
demand for GDPR management software
and the cost of observing to the
requirement has estimated about 16 Source: Marketline, 2021
million dollars for an average fortune 500
company.
The market’s performance is expected to Source: Marketline, 2021 The table above shows that the number of
grow with an expected CAGR of 5.4% for firms involved in software development in
the period between 2020-2025, which is Nigeria were 7, this has substantially
anticipated to move the market’s value to increased as at now, but this is evident to
30. 7 billion dollars by 2025 year ending. Imaginera that expanding its software
solutions enterprise is a lucrative move as
the market is not saturated.