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Software Development Industry Write to us – Software development refers to an industry made up of a wide range of companies that develop, maintain, and publish software. Users acquire this software in various ways. Either they are licensed to use the software without infringing copyright, or they can access it through shared computing resources over the Internet.
Software development is part of this sector, which includes the identification, planning, design, testing and maintenance of software for public use.
How big is the Software Development Industry?
With a nearly 4 trillion dollar industry, the software runs on almost every machine in existence today. According to Jay McBain, there are more than 100,000 software companies today. That’s over 10,000 companies just 10 years ago. He estimates that by 2027 there will be a million software companies.
The United States leads the way with around 4.2 million professional software developers. However, forecasts show that by 2023 India will overtake the US. This makes this industry the fastest growing CAGR in history.
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