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Enterprise Software Buying Insights Market Size
Key Takeaways
- Enterprise Software Buying Insights platforms, like Gartner Peer Insights, are often called IT Software Review Platforms, Software Peer-Reviewed Sites, or Crowd-Sourced IT Review Sites.
- Gartner Peer Insights competitors and leaders in the IT Software Peer Review Platforms market include Forrester, Capterra, G2 Crowd, SpiceWorks, IT Central Station, Software Advice, and TrustRadius, with a calculated combined market size of $4.663 billion.
- In 2020, the Global IT Enterprise Software market size was $415.4 billion. Based on our calculation, the market size generated by the top competitors in the IT Software Peer Review Platforms or Buying Insights represented 1.12% of the overall IT Enterprise Software Market that year.
Introduction
While the market size for the IT Enterprise Software Buying Insights Market was available publicly, we used the combined market size of its top competitors to estimate its market size value. We used this to calculate the market size of the different product categories of the IT Enterprise Software market. Our findings, calculations, and research strategy are included below.
Enterprise Software Market Size
- The overall Global IT Enterprise Software market size is expected to reach $599 billion in 2021, growing 13.2% from its $415.4 billion value in 2020.
- Between 2020 and 2027, it will grow at a 6.6% CAGR, reaching a market size of $650.2 billion by the end of that period.
Enterprise Software Buying Insights Market
- Gartner Peer Insights is a software review platform driven by peer feedback or crowd-sourced reviews focused on enterprise IT solutions. Its catalog includes over 3,000 vendors and more than 300 technology markets.
- Forrester, Capterra, G2 Crowd, SpiceWorks, IT Central Station, Software Advice, and TrustRadius are Gartner Peer Insights competitors in the IT Software Peer Review Platform market.
- According to Zoominfo's reports, Forrester's annual revenue is $450 million, Gartner's is $4 billion, G2 Crowd's is $77 million, IT Central Station's $19 million, SpiceWorks' is $55 million, Software Advice's $42 million, Capterra's is under $5million, and TrustRadius' is $15 million.
- Verified Market Research estimated that the Consumer Ratings and Reviews Software market maintain a growing trend between 2020 and 2027. The drivers are the growth of B2C companies and the e-commerce sectors, an increasing need from B2B companies to invest in review platforms to understand their customers' feedback, and a need to make investment decisions for advanced technology and innovations based on feedback and ratings.
- Research Reports World determined that the Technology Review Platforms market will grow during 2021 and 2025.
Main Product Categories — Global Market Size
- Application Development Software Market: Businesswire estimates its market size at $168.6 billion in 2020.
- If the Buying Insights Platforms represents 1.12% of the market, then the Buying Insights Platforms market size in the Application Development Software Market was $1,888,320,000 in 2020.
- Integration Software Market: Verified Market Research estimated its global market size at $269.66 billion in 2019. Growing at a CAGR of 11.64%, we calculated its market size at $301,048,424,000 or $301 billion in 2020.
- If the Buying Insights Platforms represents 1.12% of the market, then the Buying Insights Platforms market size in the Integration Software Market was $3,371,742,348.8 in 2020.
- Project Management Software Market: Mordor Intelligence estimated its global market size at $5.37 billion in 2020.
- If the Buying Insights Platforms represents 1.12% of the market, then the Buying Insights Platforms market size in the Project Management Software Market was $60,144,000 in 2020.
- Cloud Computing: Grandview Research determined its global market size at $274.79 billion in 2020.
- If the Buying Insights Platforms represents 1.12% of the market, then the Buying Insights Platforms market size in the Cloud Computing Market was $3,077,648,000 in 2020.
- Data Center: PR Newswire estimates its market to be worth $519.35 billion by 2025. Growing at a CAGR of 18.30% between 2020 and 2025, we calculated its market size at $224,144,481,286.02 in 2020.
- If the Buying Insights Platforms represents 1.12% of the market, then the Buying Insights Platforms market size in the Data Center Market was $2,510,418,190.40 in 2020.
- Data Center IT Infrastructure: Businesswire expects it to grow to $270.51 billion by 2024. Growing at a CAGR of 18% between 2020 and 2024, we calculated its market size at $139,526,048,617.35 in 2020.
- If the Buying Insights Platforms represents 1.12% of the market, then the Buying Insights Platforms market size in the Data Center IT Infrastructure Market was $156,269,1744.51 in 2020.
- IT Operations Management Software: IDC determined that its market size was $11.5 billion in 2019. Growing at a CAGR of 6.9% until 2024, we calculated its market size at $12,293,500,000 in 2020.
- If the Buying Insights Platforms represents 1.12% of the market, then the Buying Insights Platforms market size in the IT Operations Management Software Market was $137,687,200 in 2020.
- Security Solutions: Fortune Business Insights expects its market size to reach $483.62 billion by 2026. Growing at a CAGR of 8.84% between 2019 and 2026, we calculated its market size at $290,919,648,432.23 in 2020.
- If the Buying Insights Platforms represents 1.12% of the market, then the Buying Insights Platforms market size in the Security Solutions Market was $3,258,300,062.44 in 2020.
Additional Product Categories — Global Market Size
- Customer Relationship Management: Grandview Research determined that its market size was $43.7 billion in 2020.
- If the Buying Insights Platforms represents 1.12% of the market, then the Buying Insights Platforms market size in the CRM Market was $489,440,000 in 2020.
- Data & Analytics: Globe Newswire estimates its market size to reach $24.63 billion in 2021. Growing at a CAGR of 25%, we calculated its market size at $19,704,000,000 in 2020.
- If the Buying Insights Platforms represents 1.12% of the market, then the Buying Insights Platforms market size in the Data & Analytics Market was $220,684,800 in 2020.
- ERP & Corporate Management: Market Research Future expects the ERP market size to reach $66,389.7 million by 2026. Growing at a CAGR of 8.2% between 2020 and 2026, we calculated its market size at $41,374,917,569.71 in 2020.
- If the Buying Insights Platforms represents 1.12% of the market, then the Buying Insights Platforms market size in the ERP & Corporate Management Market was $463,399,076.78 in 2020.
- Internet of Things: Market Data Forecast determined its market size at $330.6 billion in 2020.
- If the Buying Insights Platforms represents 1.12% of the market, then the Buying Insights Platforms market size in the Internet of Things Market was $3,702,720,000 in 2020.
- Enterprise Networking & Communications: Grandview Research estimated its market size at $50.6 billion in 2020.
- If the Buying Insights Platforms represents 1.12% of the market, then the Buying Insights Platforms market size in the Enterprise Networking & Communications Market was $566,720,000 in 2020.
- Office Productivity Solutions: Statista expects its market size to reach $26,153.1 million in 2021. Growing at a CAGR of 5.33% in 2021, we calculated its market size at $24,829,678,154.37 in 2020.
- If the Buying Insights Platforms represents 1.12% of the market, then the Buying Insights Platforms market size in the Office Productivity Solutions Market was $278,092,395.32 in 2020.
- Supply Chain Management: Allied Market Research estimated its market size at $15.85 billion in 2019. Growing at a CAGR of 11.2% between 2020 and 2027, we calculated its market size at $17,625,200,000 in 2020.
- If the Buying Insights Platforms represents 1.12% of the market, then the Buying Insights Platforms market size in the Enterprise Networking & Communications Market was $197,402,240 in 2020.
Research Strategy
For this research on the market size of the IT Enterprise Software Buying Insights market, we leveraged the most reputable sources of information available in the public domain, including data insights and market research databases like Statista, Allied Market Research, Globe Newswire, Industry Arc, Grandview Research, Market Research Future, Research and Markets, Market Watch, etc. These sources gave us the overall market size for the IT Enterprise Software market, but none of the reports have data about the Buying Insights segment that we could use to calculate its market size value. As indicated previously by our team, the data was very limited for the Buying Insights segment in the public domain.
Analysis Through Key Players
We analyzed the example provided, Gartner Peer Insights, and noticed it was described as a "software review platform," "crowd-sourced IT review sites," and "peer review sites." It was never called a "buying insights software." We searched for the market size using those terms through the sources mentioned above and others like Verified Market Research, Datanyze, and Research Reports World. However, while we found similar reports like the Global Consumer Ratings and Reviews Software market, the Online Review Management Software market, and the Technology Review Platforms Market, none of these provided the market size in the IT Enterprise market. Also, every quantitative data was hidden behind a paywall.
From the information provided to us, we understand that the IT Enterprise Software Buying Insights market is a segment of the IT Enterprise Software Market, that the list of product categories provided are part of the IT Enterprise Software Market, and that Gartner Peer Insights is an example of IT Enterprise Software Buying Insights platform.
With this in mind, and based on the information found, our next strategy was looking for Gartner Peer Insights' key competitors and market leaders in IT Enterprise Software Review Platforms, as the Buying Insights market is often called. Our plan was to use their combined annual revenue to approximate the market size. We assumed that as market leaders they might have the largest market shares and would give us an overall look at the market's value. Then, we used this value to calculate the Buying Insights market share in the overall IT Enterprise Software market size. Finally, that market share was used to estimate the market size that Buying Insights has in each IT Enterprise Software market product category.
Calculations
Buying Insights Market Size and Share
We found the competitors of Gartner Peer Insights and leaders in IT Software Review Platforms and their revenues in Zoominfo. Forrester's annual revenue for 2020 is $450 million, Gartner's is $4 billion, G2 Crowd's is $77 million, IT Central Station's $19 million, SpiceWorks' is $55 million, Software Advice's $42 million, Capterra's is under $5million, and TrustRadius' is $15 million.
Their combined annual revenue is ($450 million + $4 billion + $77 million + $19 million + $55 million + $42 million + $5million + $15 million) = $4,663,000,000 or $4.663 billion. We assumed that as the key players, this represents a large part of the Buying Insights or IT Software Review Platforms market size.
Using the Global IT Enterprise Software market size of $415.4 billion in 2020, and assuming that the combined market size generated by the top competitors in the IT Software Peer Review Platforms or Buying Insights represented the majority of the market's revenue, we can say that the Buying Insights was approximately 1.12% of the overall IT Enterprise Software Market in 2020: ($4,663,000,000/$415,400,000,000)*100 = 1.12253 or 1.12%
Buying Insights Market Size in the IT Enterprise Software Product Categories
Then, since the product categories are part of the IT Enterprise Software Market, we assumed that the percentage represented by Buying Insights platforms in the main market is similar across the different product categories within the market.
We searched for the overall global market size for each category and determined the market size of the Buying Insights market in that category using the market share we found before, 1.12%. The formula followed in each category was: Overall Product Category Market Size x 1.12% = Buying Insights market size within that product category.
For consistency in our results, in cases where the market size for 2020 wasn't available, we used the year available and the CAGR to calculate its 2020 revenue with an online CAGR calculator and included the screenshots of every CAGR calculation in a document.
Additionally, for easier access, and because we always used the same formula mentioned above, the results for each market size calculation were included in our findings, next to the overall market size source for that category.
Finally, we tried to obtain the overall market size for 2020 for every product category listed, especially the ones indicated as a high priority. Unfortunately, in some cases, like the IT Infrastructure & Operations Management market, the common name for that category was different from the one provided to us, it wasn't available publicly or was hidden behind a paywall.