Industry Economics

Operators in the Language Learning Software Developers industry create language learning software that includes features such as speech recognition technology, online practice sessions with native speakers and language learning games.

Over the past five years, the industry has expanded greatly.

Long-term trends such as globalization, immigration and internet connectivity, caused revenue to climb.

Rising per capita disposable income has also benefited the industry by providing consumers with the income they need to purchase industry products, which may be viewed by many consumers as discretionary items.

Over the five years to 2019, industry revenue is expected to climb at an annualized rate of 11.5% to $3.1 billion, including a 7.3% increase in 2019 alone.

The Biometrics Scan Software industry comprises companies that develop software for biometric technologies such as fingerprint-, iris-, retina- and face-identification systems.

The industry has recorded prolific expansion over the past five years as its reliance on government agencies, such as the US Department of Homeland Security (DHS) and other defense agencies, has boosted revenue.

Despite growth, the industry has contended with controversy as people have grown wary of facial recognition technology and fear the loss of privacy.

Despite this concern, the industry has grown by offering greater cyber security than other technologies can offer.

The Business Analytics and Enterprise Software Publishing industry has expanded on the back of positive demand conditions over most of the five years to 2021, caused by high private investment in computers and software.

Industry revenue has grown at an annualized rate of 13.5% to $115.2 billion over the five years to 2021, driven by the increasing technological complexity of businesses and an eagerness to adopt efficiency-enhancing software.

Many industry products, such as customer relationship management (CRM) and enterprise resource planning (ERP) software, have become basic tools in the corporate operations and management.

Despite the COVID-19 (coronavirus) pandemic, revenue growth soared in 2020 alongside profit, as businesses rapidly shifted operations online.

Operators encountered higher demand from customers seeking to expand their online presence.

Overall, industry revenue is expected to grow 5.4% in 2021 alone, having increased 16.5% in 2020.

The Design, Editing and Rendering Software Publishing industry comprises companies that create software programs for professionals in the fields of graphic design, architecture and video game production, among other applications.

Industry revenue is expected to increase at an annualized rate of 4.6% to $12.3 billion over the five years to 2020.

The adoption of new technology, such as 3D printers, by larger manufacturers and niche hobbyists has spurred demand for computer-aided design (CAD) software during the period.

Furthermore, rapidly increasing private investment in software has benefited industry operators over the past five years.

However, industry revenue is expected to decline 1.9% in 2020, due to constrained private investment in computers and software amid the COVID-19 (coronavirus) pandemic this year.

The Database, Storage and Backup Software Publishing industry comprises operators that develop and distribute database management, storage and remote-backup software systems.

Database software serves a key purpose within a company’s information technology infrastructure, enabling operational data analysis to supplement well-informed decisions.

The industry performed well over the five years to 2021, as surging private investment in computers and software stimulated demand.

Consumers have also become more alert to the benefits of industry products.

The industry’s primary product segment has gradually become a necessity for many core markets over the past five years.

Altogether, industry revenue has grown at an annualized rate of 5.8% to $60.1 billion over the five years to 2021, including growth of 10.9% in 2020 despite lower private investment and consumer confidence due to the COVID-19 (coronavirus) pandemic.

Revenue is expected to rise 2.6% in 2021.

The e-Discovery Software Publishing industry designs software to assist legal firms and corporations in producing evidence from electronically stored information (ESI), which includes e-mails, text documents, databases, audio and video files, social media and websites.

Over the five years to 2021, increasing regulations regarding the retention, modification and deletion of ESI have prompted many companies to seek e-discovery software to assure legal compliance and to provide the ability to produce electronic evidence when called upon.

Moreover, a steady expansion in the complexity and volume of data has bolstered demand for e-discovery software products, which sift through ESI to identify, collect and produce relevant information.

Due to these factors, the industry prospered for much of the period, despite a decline in 2020 due to the negative economic impact of the COVID-19 (coronavirus) pandemic.

Over the five years to 2021, revenue is estimated to increase at an annualized rate of 4.5% to $1.9 billion, including a 1.9% increase in 2021.

Strong profitability over the current five-year period also encouraged new companies to enter the market and expand workforces.