The Security Software Publishing industry develops and distributes antivirus, anti-keylogger, spyware removal, encryption and firewall software.

The explosion of data, internet-enabled solutions and cloud services have all stimulated the industry’s expansion over the five years to 2020.

In addition, high-profile cyber-attacks targeting retailers, financial institutions, credit agencies and healthcare providers, among others, further stimulated demand for industry software.

Consequently, computer, tablet and smartphone users increasingly view security software as necessary, while companies are also investing in security software to avoid heavy financial losses and damaged reputations.

Altogether, industry revenue has increased at an annualized rate of 7.1% to $20.8 billion over the five years to 2020.

In 2020, however, private investment and consumer confidence levels have collapsed as a result of the COVID-19 (coronavirus) pandemic.

This is anticipated to temporarily reduce industry demand in 2020, with revenue projected to fall 1.4% this year.

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.

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.

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.

Although demand for computers and software has grown strongly over the past five years, operators in the Computer and Packaged Software Wholesaling industry have struggled with price erosion and direct sales by software publishers.

While private investment in computers and software has increased, the price of computers and peripheral equipment has decreased substantially during the same period.

Industry operators have had to pass these lower costs downstream, which has suppressed profitability.

In 2020, however, the COVID-19 (coronavirus) pandemic increased demand for computers from businesses.

As social-distancing policies spread across the country, businesses adapted by having employees work remotely.

As a result, computer sales increased, bolstering demand for industry products.

Consequently, over the five years to 2021, industry revenue is expected to increase at an annualized 2.6% to $301.6 billion, including 0.2% in 2021.

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 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.