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Software Publishing

Operators in the Software Publishing industry design, develop and publish software.

Industry revenue expanded rapidly over the five years to 2021, as businesses and consumers increased their investment in software, computers, smartphones and video games.

Rising private investment in computers and software stimulated demand from businesses, while higher consumer spending encouraged consumers to spend on software as well.

Moreover, new internet-based solutions and the increasing popularity of mobile devices have triggered an explosion of mobile software applications.

Industry revenue is estimated to rise at an annualized rate of 7.8% to $396.7 billion over the five years to 2021.

In 2020, the industry encountered remarkable revenue growth of 12.6%, as the COVID-19 (coronavirus) pandemic incentivized businesses to increase spending on software for remote operations and consumers increased spending on social and entertainment software offerings.

Revenue is anticipated to rise 3.3% in 2021.

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Tax Preparation Software Developers

Operators in the Tax Preparation Software Developers industry provide software that enables individuals and small businesses to file federal and state tax returns online, often following an automated step-by-step guide.

Due to the necessary nature of filing taxes each year, industry revenue is generally steady.

Further, operators have encountered rising demand over the five years to 2020, as more personal and business filers became comfortable using software programs.

According to the 2020 Tax Returns Study by the National Retail Federation, the share of consumers self-filing with computer software will total 37.0% this year, while more than 70.0% will file online altogether.

This has enabled the industry to outpace growth in demand for other tax-filing services.

Overall, industry revenue has risen at an annualized rate of 5.9% over the five years to 2020 to $3.3 billion, including anticipated growth of 2.5% in 2020.

The COVID-19 (coronavirus) pandemic has prompted the Internal Revenue Service to extend the deadline for personal tax filings and constrained the US economy, including lower private investment in computers and software.

This is likely to constrain industry revenue growth this year.

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Video Game Software Publishing

The Video Game Software Publishing industry produces and distributes video game software for video game consoles, personal computers and mobile devices.

The popularity of smartphone video games and established console game franchises, such as Call of Duty and FIFA, stimulated industry revenue growth over the five years to 2020.

Moreover, mobile video games grew substantially as a portion of industry revenue over the past five years, alongside proliferating smartphone ownership.

According to Pew Research, smartphone ownership in the United States has risen from 59.0% in 2015 to 81.0% in 2019, bolstering access to and demand for mobile games.

Overall, industry revenue rose at an annualized rate of 9.1% to $28.5 billion over the five years to 2020, despite stunted growth of 1.5% in 2020 as the COVID-19 (coronavirus) pandemic reduced consumer spending and confidence.

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Language Learning Software Developers

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.

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Insurance Claims Processing Software

The Insurance Claims Processing Software industry has transformed insurance claims handling, previously a labor-intensive process, over the past decade.

Industry operators market their products, which are used to process insurance claims and manage policies, primarily to the Property, Casualty and Direct Insurance industry (Research

report 52412) and the Life Insurance and Annuities industry (52411a).

Property and casualty (P&C) insurers and life insurers seek to differentiate themselves in their competitive environments by using industry products, which are designed to streamline operations, reduce process complexity and costs, manage compliance with new regulations and increase customer satisfaction.

Therefore, industry revenue has declined an annualized 0.4% to $9.3 billion over the five years to 2020, including a decline of 16.7% in 2020 alone due to the increased economic and financial uncertainty amid the COVID-19 (coronavirus) pandemic.

Profit is anticipated to decline during the period as well.

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HR and Payroll Software

The HR and Payroll Software industry sells human resources, payroll and recruitment software to businesses.

The industry generates revenue through the sale of new software, software license updates and subscription fees for online applications.

Businesses use the software to streamline administration and collate data, while reducing the risk of litigation and other compliance issues.

Companies also use the software to control labor costs, minimize risk and manage personnel.

Over the five years to 2019, the industry has experienced robust growth, with revenue rising at an annualized rate of 9.9% to $9.9 billion.

The industry has benefited especially from increased private investment in software and the trend of businesses bringing HR services in-house to cut costs.

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