The world’s fastest-growing market is the software market. Gartner has reported that it is expected that in 2021 the global spending on IT will reach $4 trillion. Companies around the world are growing their business and attracting more online consumers by using cloud computing, social media, automation, websites, Artificial intelligence, and data analytics. The software companies’ growth is enhanced by these such as SaaS. The US labor department data shows that in providing employment opportunities, the software is among the fastest-growing market. From 2019 to 2029, it is expected that the jobs in the IT and computer field will grow by 11% which is a much faster rate than all other fields. Especially in the space of software, it is expected that by 2029 jobs will increase to 22% which is much faster than the average rate. “Software is eating the world”, as quoted by Marc Andreessen. Various programs are built and developed by software companies that will help the companies and people to solve their issues. These companies are providing their services and products in every field of life such as education, sports, finance, healthcare, entertainment, military, and shopping. The industry is positively impacted by the spread of COVID-19 which has forced the industry to move to an online working mechanism such as retailers have shifted to online selling of their products, education software is required by educational institutes, user friendly and secure apps have been created by banks to assist consumers to make transection via online platforms, as well as IT spending has been increased by the government to come out of traditional business operations. This article will give an idea about Top 5 Growing Software Companies to our readers.
Splunk Inc. is one of the companies. Splunk is a software firm that develops tools to monitor and analyze machine-generated data from applications, websites, and devices which forms the IT structure of the company. The company develops software to assist the firms to search and index files that are stored in the system. IT captures and correlates real-time data using a web-style data interface. The company was established in 2003, it develops easy and simple data processing for the companies. A time-stamped transaction records, user activities, and security issues, etc. are organized by machine data. This data is comprehensively processed by Splunk that analyses and monitors data. Another company is Workday, Inc. Human Capital Management (HCM), enterprise resource management (ERM), and financial management programs and applications are produced by Workday Software Company. The company was established in 2005, it offers an integrated toolkit to the companies to analyze data, time tracking, and managing the payroll. You can read about other software companies in this article 15 Fastest Growing Software Companies.