As the business software market evolves so quickly, it is important to keep track of the latest software market trends so that you can utilize technology as a strategic advantage for your company. Technological and functional improvements in business software can have a big impact on how you do business. The following are the top 6 recent trends that we are observing in the software market.
Merger Mania
Mergers, acquisitions, partnerships and strategic alliances between business software vendors have been very active in the past decade. These mergers can have an impact on your business systems, so you need to be prepared for the day when your software vendor may be acquired.
Databases
From a technical standpoint, the software vendors have really focused on three databases – Oracle, Microsoft SQL Server, and IBM DB2. These relational databases allow business software vendors to store and retrieve data and provide excellent ad hoc reporting capabilities.
Functional Expansion
The software vendors keep on adding new functionality to their software. They are working hard to become a “one-stop-shop” to provide all of the functionality you need from one vendor. And they are doing this both through product development and acquisition.
Software as a Service (SaaS)
Over the past few years, the Software as a Service (SaaS) model has been gaining market acceptance. Software as a Service means that a software vendor hosts a software application where customers access the software system and data via the Internet. The SaaS model can be particularly appealing for smaller companies that have limited technology personnel.
Internet Capabilities
The Internet has opened up new opportunities for business dealing in today’s economy. The software vendors have developed functionality to take advantage of this technology including web browser access, web portals for customers and suppliers, mobile technologies, e-commerce capabilities and much more.
Software Vendors are Hungry
The software vendors are starting to recover from the slower economy, so it is now just the right time to have a good deal of new software developed as they are eager to sign new business deals. However, the buyer’s market is getting much busier so the sooner you move forward, the better!
