Software Industry Overview
Software is an 8.9 billion dollar industry in Canada alone, with an expected annual growth rate of 2.4% between 2017 and 2022. The growth of the industry is driven by private investment in computers and software, per capita disposable income, corporate profit and demand from professional, scientific and technical services. All four of these trends are expected to grow into 2022, boding well for the industry.
This is an industry that has seen some major shifts in the past few years, and is poised for more. If you are in this industry, here are some trends that may be affecting you:
- Continued shift to the cloud: both software publishers and users prefer a model where software is hosted by the provider, rather than at the point of consumption.
- Subscription-based business models: Related to the above, operators will continue to shift towards Software as a Service (SAAS). Furthermore, SAAS offers opportunities for better security, and more frequent releases.
- Converging competition: the movement towards the cloud has brought in a surprising array of competitors including Google, the world’s largest Search Engine, Amazon, and eCommerce company and RackSpace, a hosting provider.
Engagements – Both Former and Current
- 3M Health Information Systems
- Perseus Group of Constellation Software
- Avanti Systems
- Eve Connect
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