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IT Software Market to Grow by USD 320.5 Billion from 2024-2028, Driven by IT Infrastructure Expansion, Report Highlights AI’s Role in Shaping Market Dynamics – Technavio

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NEW YORK, Aug. 30, 2024 /PRNewswire/ — Report with market evolution powered by AI- The global it software market  size is estimated to grow by USD 320.5 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  7.28%  during the forecast period.  Expansion of it infrastructure is driving market growth, with a trend towards increasing focus of vendors on development of new software solutions. However, growing concerns related to cyber security  poses a challenge. Key market players include Alphabet Inc., Amazon.com Inc., Atlassian Corp. Plc, Broadcom Inc., Cisco Systems Inc., Freshworks Inc., International Business Machines Corp., ITarian LLC, Kaseya Ltd., Microsoft Corp., NinjaOne, Nutanix Inc., Open Text Corp., Oracle Corp., Red Hat Inc., Salesforce Inc., SAP SE, SAS Institute Inc., ServiceNow Inc., SolarWinds Corp., SysAid Technologies Ltd, and Zoho Corp. Pvt. Ltd..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Type (Application software and Systems software), End-user (BFSI, Telecommunication, Retail, Healthcare, and Others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

Region Covered

North America, Europe, APAC, Middle East and Africa, and South America

Key companies profiled

Alphabet Inc., Amazon.com Inc., Atlassian Corp. Plc, Broadcom Inc., Cisco Systems Inc., Freshworks Inc., International Business Machines Corp., ITarian LLC, Kaseya Ltd., Microsoft Corp., NinjaOne, Nutanix Inc., Open Text Corp., Oracle Corp., Red Hat Inc., Salesforce Inc., SAP SE, SAS Institute Inc., ServiceNow Inc., SolarWinds Corp., SysAid Technologies Ltd, and Zoho Corp. Pvt. Ltd.

Key Market Trends Fueling Growth

The IT software market is witnessing a significant trend as vendors prioritize the creation of new software solutions to maintain competitiveness and cater to evolving customer requirements. SolarWinds, for instance, recently launched its new AI engine, SolarWinds AI, under the AI by Design framework. This engine, debuting in SolarWinds Service Desk, enhances agent workflows and expedites ticket resolution. ManageEngine, a Zoho Corp. Division, introduced SaaS Manager Plus, a SaaS management solution, to help businesses manage and optimize SaaS subscriptions, usage, and costs. Both SolarWinds AI and SaaS Manager Plus exemplify the continuous investment in research and development by vendors to deliver innovative solutions with advanced functionalities, superior performance, and enhanced user experiences. These solutions underscore the importance of staying competitive and addressing customer needs in the IT software market. 

The IT software market is witnessing significant trends in 2021, with remote working becoming the new norm. Security software is in high demand due to increased reliance on computing devices and information systems for work. Internet communication, transactions, and access management are key areas of focus for businesses. Cybersecurity is a top priority, with network protection, data protection, and cybersecurity software solutions essential for e-commerce and AI-driven businesses. Cybercrimes are on the rise, making security standards crucial for IT and telecom. Business process automation through cloud-based solutions and ERP, CRM, and SCM software is streamlining operations. AI, IoT, and cybersecurity tools like Stacklock are transforming industries. Software developers are creating innovative applications, system infrastructure software, and productivity tools like PowerStore to enhance productivity and control system-level security risks. Cyberthreats require robust malware protection and network security. 

Discover a Comprehensive 360° Market Analysis: Understand the Impact of AI. For detailed information- Request Sample!

Market Challenges

Cybersecurity threats pose a significant challenge in the global IT software market, impacting both providers and users. As software systems become more integral to business operations and personal activities, they also become prime targets for malicious attacks. These threats range from ransomware and phishing to advanced persistent threats (APTs) and distributed denial-of-service (DDoS) attacks. The growing sophistication of these threats demands robust security measures, such as encryption, multi-factor authentication, and regular software updates. The rise of the Internet of Things (IoT) and cloud computing introduces new vulnerabilities, requiring continuous monitoring and proactive threat management. Software developers and companies face the challenge of staying ahead of evolving cyber threats while ensuring their products remain user-friendly and efficient. High-profile attacks, like the MOVEit Transfer breach in May 2023, which exposed sensitive data from numerous organizations, underscore the critical need for robust security measures. Over 2,500 organizations were reported affected, with over 80% based in the US. Cybersecurity threats can significantly impact the growth of the global IT software market during the forecast period.The IT Software Market faces various challenges in today’s business landscape. IoT and Internet of Things bring new opportunities but also introduce security risks. Cybercrimes pose a significant threat to Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Supply Chain Management (SCM) systems. Cloud-based solutions offer flexibility, but security standards for network security, malware protection, and access control must be met. IT and telecom industries grapple with system-level security risks and cyberthreats. Software developers must address productivity, cybersecurity software, and system infrastructure software needs. Large enterprises in sectors like energy and utilities, healthcare, and data security require robust cybersecurity tools against endpoint attacks and strategic alliances. The software market includes application software, system infrastructure software, productivity software, and cloud deployment models for on-premises and cloud-based solutions. Digital assets and software supply chain security are essential concerns.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This it software market report extensively covers market segmentation by

Type 1.1 Application software1.2 Systems softwareEnd-user 2.1 BFSI2.2 Telecommunication2.3 Retail2.4 Healthcare2.5 OthersGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Application software-  The IT software market is a significant sector, witnessing continuous growth due to increasing business digitalization. Companies invest in software solutions to streamline operations, enhance productivity, and improve customer experience. Key areas of focus include enterprise software, such as CRM and ERP, and emerging technologies like AI and machine learning. Collaboration tools and cybersecurity software are also in high demand. The market is competitive, with numerous players offering innovative solutions to meet evolving business needs.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Research Analysis

The IT Software Market encompasses a wide range of solutions designed to facilitate business operations in the digital age. Key areas of focus include remote working tools, enabling employees to work effectively from anywhere, and security software to safeguard computing devices, information systems, and networks. Internet communication and transaction processing software are essential for seamless business operations, while access management and data protection solutions ensure secure access and data privacy. Network security, including network protection and malware protection, is a critical component of the IT Software Market, addressing cyberthreats and system-level security risks. Business process automation software streamlines workflows, increasing productivity and efficiency. Cybersecurity software, including cloud-based and on-premise solutions, is a priority for organizations to defend against cyberattacks and ensure virus defense. Software developers continue to innovate, creating new solutions to meet the evolving needs of businesses and individuals alike. The PowerStore represents a significant investment in data management and protection for businesses of all sizes.

Market Research Overview

The IT Software Market is a dynamic and ever-evolving industry that caters to the growing demand for advanced technology solutions in various sectors. Remote working has accelerated the need for reliable software, leading to an increase in demand for security software, computing devices, and information systems. Internet communication, transactions, and networks are integral parts of modern business operations, necessitating access management, data protection, and network protection. Cybersecurity is a major concern, with cybercrimes on the rise, driving the need for cybersecurity software and tools. E-commerce, AI, IoT, and ERP systems are transforming industries, from retail to healthcare and energy. Cloud-based solutions and on-premises software are both popular, with strategic alliances and partnerships shaping the market. IT and telecom industries are key consumers, while cybersecurity standards continue to evolve. Business process automation, network security, and malware protection are essential components of IT infrastructure. Productivity software, access control, and virus defense are crucial for individual users and large enterprises alike. System-level security risks and endpoint attacks require robust cybersecurity solutions. Software developers continue to innovate, creating new applications, system infrastructure software, and productivity software. The IT Software Market encompasses a wide range of solutions, from cloud deployment to digital asset protection and software supply chain security.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeApplication SoftwareSystems SoftwareEnd-userBFSITelecommunicationRetailHealthcareOthersGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Bridge Group Investments Rebrands as Mershops

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The Mersho family announces the launch of Mershops, a real estate platform redefining how America experiences retail, hospitality, and workplace destinations.

SAN JOSE, Calif., May 19, 2025 /PRNewswire/ — The Mersho family, founders of the nationally recognized Shoe Palace retail brand, announced today the rebranding of Bridge Group Investments to Mershops, a real estate platform focused on transforming underperforming assets into future-facing, culturally relevant destinations.

More than a name change, the launch of Mershops marks a generational evolution in the way real estate is imagined, executed, and experienced. Backed by permanent family capital and in strategic partnership with Steerpoint Capital, Mershops is actively repositioning a portfolio of malls, offices, and hospitality properties, beginning with five flagship assets across California and Nevada. The first two properties to undergo full-scale transformations are Mershops North County in Escondido, Calif., and the Galleria at Sunset in Henderson, Nev.

“Mershops is redefining what malls and destination properties can be,” said George Mersho, CEO of Mershops. “Our approach combines consistency, hospitality, and thoughtful design, laying the foundation for a diversified real estate platform spanning retail, office, and hospitality developments.”

“We’re building community-driven spaces that blend commerce with experience,” added Ralph Mersho, CFO of Mershops. “These thoughtfully designed environments encourage people to connect, linger, and return — reshaping how they engage with retail, work, and leisure.”

“Mershops is more than real estate — it’s a movement,” said Tony Mersho, Managing Partner. “We’re creating places where commerce, culture, and community collide. We lead with design, vision, and operational discipline — because people deserve better experiences, and properties deserve better futures.”

“We are setting a new benchmark for how malls should function in today’s world,” said John Mersho, Managing Partner. “This is about legacy. We’re not flipping assets — we’re rebuilding institutions. Our family-built brands people trust. Now, we’re building places they belong.”

At Mershops North County, a bold transformation is underway — turning the property into a next-generation retail and community hub. Enhancements include eye-catching signage, contemporary interior finishes, interactive digital directories, and revitalized branding that reflects a new era of vibrancy and engagement. These improvements are designed to not only modernize the space, but to create a destination that draws in both national retailers and the local community with equal strength.

The momentum is already visible with a curated lineup of new tenants: Round 1, bringing entertainment and nightlife energy; Panini Kabob Grill, adding fresh, chef-driven dining; Kids Empire, energizing the family and youth experience; and the Escondido Public Library, anchoring the project with cultural and civic value. These additions underscore Mershops North County’s rising influence as a magnet for diverse foot traffic and long-term tenant growth.

Similar property-wide upgrades are in motion at Antelope Valley Mall (Palmdale, Calif.), The Shops at Montebello (Montebello, Calif.), and Northridge Mall (Salinas, Calif.) — each receiving tailored reinvestments to enhance shopper experience, community relevance, and tenant success. The transformation also extends to two high-profile office campuses in Silicon Valley, reinforcing Mershops’ commitment to redefining environments in which people live, work, and connect.

“This rebranding is foundational to our vision of repositioning these properties as long-term value creators,” said Bo Okoroji, Founder & CEO of Steerpoint Capital. “We’re investing in malls that anchor their communities while generating robust, stable returns.”

About Mershops
Mershops is a visionary real estate platform founded by the Mersho family to acquire, elevate, and reimagine destination properties across the United States. Built on a legacy of retail innovation and rooted in hospitality, Mershops brings bold design, operational precision, and a customer-first mindset to every asset. With a long-term view and permanent family capital, Mershops is reshaping how people shop, work, and gather — creating spaces that inspire connection, deliver performance, and stand the test of time.

About Steerpoint Capital
Steerpoint Capital is a commercial real estate investment and advisory firm focused on value-add and opportunistic strategies across retail and mixed-use assets. With deep experience in repositioning malls and structuring creative investment partnerships, Steerpoint is active across the Western U.S. and Sunbelt states. For more information, visit SteerpointCapital.com.

Media Contact
Joey Good
Grapevine Strategies

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SOURCE Steerpoint Capital

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ANNOUNCING THE RETURN OF EBONY POWER 100: WHERE LEGACY MEETS TOMORROW’S LEADERS

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Submissions are now open till June 13th; nominate the changemakers shaping Black Culture in 2025

LOS ANGELES, May 19, 2025 /PRNewswire/ — Black excellence has a home, and for eight decades, that home has been EBONY. Today, as the iconic and beloved Black-owned media company prepares to celebrate 80 years of championing and elevating the Black identity through powerful storytelling, around the globe, we are now proud to announce that nominations are open for the 2025 EBONY Power 100 List.

The EBONY Power 100 captures lightning in a bottle—the dynamic forces who aren’t just participating in culture, but transforming it. As part of our enduring mission to amplify and celebrate Black voices, we recognize the visionaries who turn obstacles into opportunities, the innovators whose dreams become our daily reality, and the voices that resonate from boardrooms to recording studios, research labs to movie sets. From activists to actors, innovative scientists to business leaders, these are individuals who not only break barriers, but are redefining what’s possible for future generations, while embodying the spirit creative expression that has defined EBONY for decades.

Past honorees include Cynthia Erivo, USHER, former Vice President Kamala Harris, Deion Sanders, Gayle King, and Pat McGrath.

Submissions are now open for the 2025 EBONY Power 100 list. The full list of 2025 EBONY Power 100 categories include:

Artists in ResidenceBusiness DisruptersCommunity CrusadersEntertainment PowerhousesGeneration NextInfluential CreatorsLeaders in SportsMedia MavensMusic InnovatorsStem Trailblazers

To learn more about EBONY Power 100 and to nominate visit:
https://www.ebony.com/ebony-power-100-nomination-form.

All nominations must be submitted by June 13, 2025. Final honorees will be celebrated at the highly anticipated EBONY Power 100 ceremony in Los Angeles November 2025.

For inquiries about the EBONY Power 100 contact:

For EBONY Power 100 list inquires – EP100@ebony.comFor sales and brand partnerships – Duryea Ruffins, druffins@ebony.comFor PR & marketing – Deon Harris, dharris@ebony.com

About EBONY
For nearly 80 years, EBONY has served as the leading voice of the Black American experience and is the most influential Black-owned media company in the world. Under new ownership and leadership, EBONY has grown into a multi-media entity, covering cultural news, entertainment, and lifestyle with a commitment to Move Black Forward with EBONY, EBONY Studios, and JET. EBONY continues to be the leading authority and anchor for all facets of Black culture, illuminating the Black perspective and serving as the ultimate curator for the past, present, and future of the Black and African American experience.

EBONY Media Group is a division of 1145 Holdings, LLC.

Media Contact:
Allison
ebony@allisonworldwide.com

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SOURCE EBONY Media Group

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RealTruck Introduces “Builder,” First-of-its-Kind 3D Visualization Tool in the Aftermarket Accessory Retailer Market

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RealTruck Builder Allows Consumers to Easily Visualize their Dream Truck in a Seamless Build-to-Purchase Interactive Design Platform

ANN ARBOR, Mich., May 19, 2025 /PRNewswire/ — For years, truck enthusiasts have dreamed of a day when they could fully customize their build and see it come to life in true-to-scale 3D. RealTruck, a global aftermarket product and accessory brand and a digital destination for truck, Jeep®, Bronco® and off-road enthusiasts, has made it a reality with RealTruck Builder, the industry’s innovative and interactive 3D visualization tool that is available to all consumers visiting the site. The new digital design tool is a game-changer within the aftermarket accessory retailer market, and gives enthusiasts the opportunity to easily visualize their dream vehicle and directly explore and shop countless accessory combinations guaranteed to fit their vehicle.

With RealTruck Builder, shoppers can customize by choosing a specific vehicle model by year and make, including bed and cab configuration and OEM paint colors so they can see what accessories would look like on their vehicle before they decide to purchase. They also have the ability to mix and match products across categories including bed covers, steps, protection, bumpers, racks and more. Users can also view completed builds in life-sized 3D augmented reality, letting them see how gear and accessories fit and feel in real-world settings – from their driveway to their garage to their showroom – making it intuitive to see their dream vehicles as they build to buy.

“Built to explore and designed to bring your truck to life, RealTruck Builder makes every step—from browsing to buying—fun, intuitive, easy, and full of discovery,” said Tony Ambroza, Chief Growth Officer at RealTruck. “The online shopping experience has evolved and consumers now expect to virtually ‘experience’ what they are buying. RealTruck Builder was the natural progression to provide an experience for people to see how our products fit their specific vehicle and offer a seamless transition from design to purchase.”

RealTruck Builder delivers a fast, web-based, and fully transactional experience that lets customers explore and buy with confidence, loading thousands of products and vehicles in under a second. As part of the tool’s features, users can save and share their custom rigs via a link, making it easy to get feedback, return later, or pass along to a friend or dealer.

The easy-to-use tool is free to consumers, mobile friendly, and fully accessible via any device including phones, tablets and desktops. Consumers can explore millions of possible configurations, with new vehicles and accessories added daily including products proudly assembled in the USA.

To learn more about RealTruck Builder and to start building today, visit RealTruck.com.

About RealTruck
RealTruck is the world’s premier accessory manufacturer for truck, Jeep®, Bronco® and off-road enthusiasts. Globally headquartered in Ann Arbor, Michigan, RealTruck’s 5,000 associates operate from 78 facilities across four continents. RealTruck’s industry leading product portfolio, which includes the Husky Liners total vehicle protection brand, boasts over 850 patents and pending applications. The company’s omnichannel retail approach delivers a seamless consumer experience online at RealTruck.com, as well as through its 12,000+ dealer network and automotive (OEM) partnerships. For more information, visit www.realtruck.com.

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SOURCE RealTruck

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