2019’s highlights from the software industry
Here are a few popular niches in the software industry and details about how they are performing.
An industry that is booming right now is the small business software industry. This is because there are so many apps and tools out there that help business owners automate and semi-automate time-consuming processes.
In the past when businesses had to handle these tasks, they needed to hire either fulltime or part-time employees and pay them hundreds to thousands of dollars. But now with a few dollars, anyone can get software that can help automate tasks. This helps the business save money and stay lean while still seeing the same results and sometimes even better as the software doesn’t make mistakes.
Many people have become so comfortable with software that they are actually running their business as solopreneurs with no full-time employees. Here are a few popular niches in the software industry and details about how they are performing.
The digital payments market was valued at $3,417.39 billion in 2018 and is expected to reach $7,640 billion by 2024. One of the reasons for this swift rise is the introduction of new payment providers and software that are not only making it easy to pay but more secure as well. This is encouraging more and more people to buy online. Therefore, for the next several years you should continue to see healthy growth in the payment software industry.
If you ask most businesses what their biggest concerns with running their business are, most will assure you that it is productivity. People want to learn how to focus better at their work or how to get more done in less time.
Everyone’s on the lookout for the best appointment scheduling software, productivity tools, time tracking software, etc. This is because there are so many distractions out there that make it hard for employees to focus on their work.
So, as long as more social networks, games and other forms of distractions keep popping up, the scheduling and productivity app niche will continue to be in demand.
Marketing automation software
Another way businesses boost productivity is by automating marketing tasks using marketing automation software. You will find automation software for any form of marketing from email to social media to design. This year the popularity of marketing automation has risen further as more of these companies have begun to add AI into their offerings. This has made tasks simpler especially for new businesses.
Another niche where AI has played a massive role is in the recent surge in customer service. Earlier all customer service tasks had to be handled manually. This was putting a lot of stress on employees at startups and small businesses who were already overworked. But AI allowed businesses to add automation such as chatbots to their customer service mix.
This has allowed small businesses to offer world-class customer service with a smaller effort. The chatbot niche alone is so big that it is expected to reach $10.08 billion by 2026.
File hosting is one of the most competitive software niches out there. The way this industry is performing is mixed. On the one hand, more people are secure with hosting their files online, hence, they are using these services. But on the other hand, file hosting companies such as Amazon and Dropbox are trying to outcompete each other. Therefore, they are offering more and freer space and at the same time reducing their prices. This competition is popularly referred to as race to zero.
The analytics niche has also seen a good rise as more businesses now understand the importance of data. They constantly monitor it to get to know their audience better and to offer them exactly what their customers need. This niche is mainly dominated by Google Analytics and Google Data Studio. But there is smaller analytics software that is more niche specific.
As you can see it has been a really good year for the software industry and most of the businesses operating in it. And it looks like their usage and value will continue to grow. So, it will be interesting to see if the trend will continue or if there will be many hurdles along the way.
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