Improved safety requirements across industries will drive the non-destructive testing (NDT) equipment market, inflating the demand for integrated software, according to Frost & Sullivan’s recent analysis of the global NDT software industry.

The International Data Corporation (IDC) Worldwide Semiannual Software Tracker finds strong revenue results for the global software industry among fears of inflation and the ongoing Russia-Ukraine war. Current geopolitical and macroeconomic turmoil is not expected to have a decisive impact on software growth as businesses push for more automation and digitalization to save costs and improve supply chains across the globe.

The worldwide market for artificial intelligence (AI) software will expand to $98.8 billion by 2025, rising by a factor of six from $16.4 billion in 2019, despite the varying effects of the COVID-19 pandemic across different industries, according to research from Omdia.

The Indian software market grew by 16.0% year over year (YoY) in 2H19 (July- December of 2019), compared to 2H18 (July- December of 2018). However, the YoY growth is estimated to fall to 3.8% in 2H20, with a CAGR of 7.6% from 2019 to 2024.

While E-commerce and digital marketing have proven to be effective platforms, Virtual Reality (VR) is the next innovative technology that will improve and impact the retail and marketing sectors.  ABI Research forecasts that VR in retail and marketing sectors is expected to generate $1.8 billion in 2022.