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SEP 13, 2024

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15 Best Business Software in 2024

Co-Founder and Chief Data Scientist

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Digital transformation is changing the way businesses run. It helps not only to automate manual, repetitive tasks but also to streamline workflows. When the COVID-19 pandemic broke out, the ongoing evolution of digital transformation was greatly accelerated as most businesses were forced to work remotely (Statista, 2020). Business owners had to use online solutions, like employee learning management systems (LMS), invoice management software, and construction project management software, to survive the lockdown.

Now that the pandemic panic is dwindling, several of the studies we have examined report that these online solutions have shed new light on how business owners should continue operating. In fact, 64% of companies might need to create new digital technology models to survive through 2023 while 21% of firms reveal that they need to adopt these technologies in their current models (McKinsey, 2021). That said, we believe embracing digital technologies, such as business software, will help companies keep up with the digital world and sustain best practices even after COVID-19.

In this guide, Research.com aims to help company decision-makers to have a clearer understanding of what business software does, as well as its key statistics and trends. Our team has identified and explained five of the most essential tools to have in your tech stack.

Best Business Software Table of Contents

Business Software Statistics

The digital transformation movement begun with the advent of modern technology long before 2020, but the pandemic certainly became the “digital accelerant of the decade” (Twilio, 2020). Along with the need to work from home, this rush was also accompanied by several innovations and discoveries throughout recent years, such as artificial intelligence (AI), machine learning (ML), virtual reality (VR), and augmented reality (AR). For instance, the use of business name generator AI has become more embedded in business processes in recent years.

To sustain and further improve these changes, the spending on digital transformation must also increase. In fact, digital transformation spending is predicted to reach $3.4 trillion by 2026 at a compound annual growth rate (CAGR) of 16.3% over five years (International Data Corporation, 2022). Simultaneously, companies must also keep up and incorporate digital transformations into their businesses if they want to maintain their place in the market.Total Startups That Might Use More Digital TechnologiesSource: Global Entrepreneurship Monitor0102030405060708090(1) Brazil(2) Colombia(3) Chile(4) UAE(5) Guatemala(6) Dominican Republic(7) Panama(8) Qatar(9) Egypt(10) Morocco

A study of businesses during the pandemic that we reviewed has revealed that younger companies would use more digital technologies than established businesses to operate within the next six months. In the report, these 10 countries (out of 47) showed the highest percentages of total starting companies that are expected to up their digital technology game to sell more of their goods and services within half a year (Global Entrepreneurship Monitor, 2022):

Brazil (83.46%)
Colombia (80.2%)
Chile (77%)
United Arab Emirates (75.9%)
Guatemala (75.3%)
Dominican Republic (74.5%)
Panama (74.4%)
Qatar (70.6%)
Egypt (69.7%)
Morocco (66.6%)

Among the reasons why new businesses in these countries emerged on top are to prepare for a post-pandemic consumer base, to invest in ideas that could make their companies thrive, to continue celebrating the success of entrepreneurs and gaining their government’s support, and to change their business dynamics in a post-COVID world.

Meanwhile, in the same report, usual higher-income countries ranked somewhere in the upper half of the tier since their digital technology usage may already be high to begin with. We have outlined some of these countries below.

Country

Rank

Percentage of total startups

Ireland

11th

66.2%

United Kingdom

13th

62.7%

Japan

14th

62.1%

United States

15th

60.8%

India

17th

59.3%

Canada

21st

55.4%

The only three countries that had more established businesses that would probably use more digital technologies than startups were South Africa, the Republic of Korea, and France. Respectively, this is because of a lack of access and affordability, a lack of interest from startups in new technologies, and the likelihood of older businesses outlasting newer ones even during the pandemic (GEM, 2022).

This report shows that startups could have the upper hand since they are more willing to use digital solutions. However, that is not always the case. Old, established businesses might just need more time, resources, or encouragement to adjust to this digital shift, which is why so many online solutions are offered for free or provided with trials and demos.Companies’ Tech Budget Allocation During COVID-19Source: McKinsey6565252577increaseno changedecreasein budget0255075100125

To further highlight how digital transformation was crucial during the pandemic, most companies in a recent study revealed that they decided to spend more on acquiring digital technologies even while thrifting on other resources. As a matter of fact, 65% of businesses allotted their budgets to digital initiatives, 25% had no change in allocations at all, and only 7% decreased their digital funding (McKinsey, 2021).

This budget allocation could be seen as beneficial since digital transformations offer a variety of solutions that have helped and continue to aid businesses. One of these solutions is the use of cost-effective software-as-a-service (SaaS) or cloud-based applications, which do not require hardware to be installed and is maintained by providers.

The SaaS industry is as steady as the digital transformation growth. In fact, the SaaS market is expected to grow from $121.334 billion in 2020 to $702.19 billion by 2030 at a CAGR of 18.82% (Allied Market Research, 2022). Apart from this, SaaS offers a range of solutions, like different business software that every department of a company might look for. Some of these solutions are project management software (PMS), communications software, customer relationship management software (CRM), accounting software, and human resource (HR) software.

Each type of software will be discussed in detail below. However, to help you gain an overview of their specific markets, we have outlined the following projections for you to consider. These are consequently also tied to the increase in the SaaS and digital transformation markets:

PMS Its market value in 2020 was $5.37 billion and is expected to reach $9.81 billion by 2026 at a CAGR of 10.67% (Research and Markets, 2021).
Communication Software Its 2021 market value was at $816.41 million and is expected to grow up to $ 1.78 billion by 2027 at a CAGR of 11.8% (The Insight Partners, 2020).
CRM The projected value in 2022 is $69.13 billion and is predicted to expand to $120.30 billion at a CAGR of 11.72% by 2027 (Statista, 2022).
Accounting Software In 2020, its value was at $11.9 billion and will grow to $70.2 billion at a CAGR of 19.6% by 2030 (Allied Market Research, 2022).
HR Software Its 2020 value of $15.59 billion is projected to balloon to $33.57 billion at a CAGR of 10.10% by 2028 (Verified Market Research, 2022).

The projected stability of these types of business software assures that investments made in them are greatly returned, not only because of its advantages during the pandemic but also after and beyond it. Moreover, closely related solutions like driver management software, inventory management systems, and business intelligence solutions add further value to an organization’s tech stack.

As businesses start to face a winding down of post-pandemic stress, what consumers are looking for right now is a software system that provides resilient and efficient solutions to keep their businesses thriving in a digital transforming and post-COVID world (McKinsey, 2020).

Business Software Trends

The business software statistics above provide decision-makers with a bird’s eye view of what to expect from the digital market growth soon. Here are some trends that we think could further sway potential buyers into acquiring one:

The growing popularity of various technologies. The digital transformation paved the way for various types of technologies, such as AI, VR, AR, and ML. These have been ingrained into business software as well to streamline and automate processes, such as company name generator apps. In addition, these technologies also provide customers with immersive experiences that could drive sales and boost the productivity of users.
Speedy increase of mobile and social media users. Today, there are around 6.56 million smartphone users and more than 4.26 billion social media users in 2021 (Statista, 2022). These numbers will continue to increase as younger consumers prevail in the market. Business owners need to tweak the way they advertise and how they sell their products and services to cater to these younger clients. Business software that offers smartphone app versions and integrates into ecommerce apps is the best way to face this trend head-on (U. S. Chamber of Commerce, n.d.).
More competitive business dynamics. Now that COVID-19 is not as rampant as it was before, companies have started to invest in digital technologies, which include today’s best construction project management software, as a way to have an edge over their competitors rather than as a survival tool. For instance, after digital transformation was expedited at the height of the pandemic, 51% of companies see investing in digital technologies as a way to differ from fellow competitors. Furthermore, 28% of firms wish to invest in it to keep up with the pace of the industry while only 11% view it as a way to sustain their operations (McKinsey, 2021). These numbers show that now that the pandemic has given businesses a chance to explore these digital technologies, it is high time to utilize them to provide services uniquely.
Post-pandemic resolutions. As businesses shift their operations to the new normal, some features of a business software might need to be improved, tailored to a specific industry or need, or even omitted. Business software that offers versatile solutions to sudden changes like the pandemic will prove effective for businesses. It will help them become resilient in times of distress since they have a solution that not only keeps them afloat but also cushions the blow of stressful situations on the company (The Enterprisers Project, n.d.).

How Businesses Perceive Digital Technology Investments DuringCOVID-19Source: McKinsey51512828111177competitive edgeindustry keep-upmaintenance of current capabilitiesto transform into a tech firmperception050100150

With these business software trends, key decision-makers can have a better view of how they can strategize their daily operations with the use of the right software. Research.com examined a list of 15 software by business type that can provide the right solutions to any kind or size of the company.

List of the Best Business Software

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Project Management Software

A project management software (PMS) provides teams with a complete avenue to plan and track projects in one place. Apart from helping project managers quickly write a project plan, PMS core functions include collaboration tools, time and scheduling services, and task management.

1. Asana

Asana is a versatile project management software that makes collaboration much easier and faster. It displays insights about task assignees, progress, deadlines, and priority levels right on the dashboard. Asana is perfect for any type of project because of its smart automation system. It enables users to auto-change due dates or to reassign tasks and assignees by dragging or with a few clicks. Lastly, it also reroutes tasks created in emails directly into the platform in an instant.

Asana Key Features:

Provides custom templates for to-dos and work request forms
Streamlines workflow by simply assigning policy effectivity to applicable teams
Creates subtasks to describe specifics or additional instructions under the main task
Offers a to-do list view, a calendar view, a board view where tasks can be dragged to sections to update progress, and a
timeline view for easier tracking
Check project updates on the go with the mobile app.

Pricing:

Users can get started using Asana’s free basic plan. It also offers a premium plan ($10.99/user/month), a business plan ($24.99/user/month), and an enterprise plan by quote.

2. Smartsheet

Created in 2005, Smartsheet provides an easy way for users to collaborate even without sheet access. It also reduces repetitive tasks by automating alerts, workflows, and approvals with a few clicks. In addition, Smartsheet keeps an audit trail of proofs and edits for easier progress monitoring and commenting. Lastly, it curates pertinent information, such as project status and key performance indicators (KPI), to display to stakeholders.

Smartsheet Key Features:

Provides grid, card, Gantt, and calendar views to suit user preference
Allows users to share and store unlimited file formats in one secure data hub
Enables users to control accessibility to members to secure sensitive information
Provides admin users with easy access to most used tools from the control console
Highlights branding with customizable workspaces and applies to individual accounts or in emails
Respond to mentions or updates using the mobile app.