In this article, we will be taking a look at the 25 biggest software companies in the US. If you want to skip our detailed analysis of the software industry, you can go directly to see the 5 Biggest Software Companies in the US.
An Overview of the Global Software Industry
The software industry has become an integral part of our modern world. It creates the programs that run our computers and devices, from smartphones to complex medical equipment. The software market plays a crucial role in countless industries, from healthcare and finance to entertainment and transportation. The software market has experienced remarkable growth in recent years. According to a report by Grand View Research, the global software market was estimated to have reached a value of $583.47 billion in 2022. The software market is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2023 to 2030 to reach a value of $1.39 trillion by the end of the forecast period. In 2022, the North American region dominated the market.
The rapid development of emerging technologies such as Artificial Intelligence (AI), cloud computing, and blockchain is enabling new software solutions and driving market growth. Businesses across all sectors are increasingly reliant on digital tools and processes to operate efficiently. This is leading to an increase in investments in software solutions that automate tasks, manage data, and facilitate communication. Moreover, the amount of data generated globally is continuously rising and the software industry plays a key role in storing, analyzing, and extracting insights from this data. The demand for cloud-based software solutions is expected to significantly surge in the coming years. The shift towards cloud-based software offers several advantages, including scalability, affordability, and easier access.
The Biggest Names in the Software Industry
Software companies are at the forefront of innovation, developing solutions that enhance productivity, streamline processes, and revolutionize the way we interact with technology. Some of the most prominent names in the industry are Salesforce Inc. (NYSE:CRM), Oracle Corporation (NYSE:ORCL), and Microsoft Corporation (NASDAQ:MSFT).
Microsoft Corporation (NASDAQ:MSFT) is one of the largest and most influential software companies in the world. It develops, licenses, and supports a wide range of software products and services including Microsoft Office, Windows operating system, and Microsoft Azure, which is an intelligent cloud computing platform. Microsoft Corporation (NASDAQ:MSFT) is one of the largest companies in the world by market cap in 2024. On January 30, Microsoft Corporation (NASDAQ:MSFT) reported strong earnings for the fiscal second quarter of 2024. The company reported earnings per share (EPS) of $2.93, surpassing EPS estimates by $0.16. The company’s revenue for the quarter grew by 17.58% year-over-year and amounted to $62.02 billion, ahead of market consensus by $890.68 million. Here are some comments from Microsoft Corporation’s (NASDAQ:MSFT) Q2 2024 earnings call:
“We are integrating the power of AI across the entire data stack. Our Microsoft Intelligent Data Platform brings together operational databases, analytics, governance, and AI to help organizations simplify and consolidate their data estates. Cosmos DB is the go-to database to build AI-powered apps at any scale powering workloads for companies in every industry from AXA and Kohl’s to Mitsubishi and TomTom. KPMG, for example, has used Cosmos DB including its built-in native vector search capabilities along with Azure OpenAI service to power an AI assistant, which it credits with driving an up to 50% increase in productivity for its consultants. All-up, Cosmos DB data transactions increased 42% year-over-year and for those organizations who want to go beyond in-database vector search, Azure AI search offers the best hybrid search solution.
OpenAI is using it for retrieval augmented generation as part of ChatGPT. And this quarter, we made Microsoft Fabric generally available, helping customers like Milliman and PwC go from data to insights to action, all within the same unified SaaS solution. Data stored in Fabric’s multi-cloud data lake, OneLake increased 46% quarter-over-quarter.”
Software companies are continuously innovating and Artificial Intelligence (AI) remains a key area of focus. Salesforce Inc. (NYSE:CRM) is a cloud-based software company that is best known for its customer relationship management (CRM) software and applications focused on customer service, marketing, e-commerce, analytics, and application development. On March 6, Salesforce Inc. (NYSE:CRM) announced the launch of Einstein 1 Studio, a set of low-code tools that allow Salesforce admins and developers to customize the company’s conversational AI assistant, Einstein Copilot, and seamlessly embed AI across any app. Einstein 1 Studio includes Copilot Builder which allows users to create custom AI actions to accomplish specific business tasks. The Prompt Builder tool in the Einstein 1 studio helps with the building and activation of custom prompts that can be integrated into the flow of work. The Model Builder tool helps users build or import a variety of AI models. The new Einstein 1 Studio allows admins and developers to customize AI across every Salesforce app and workflow to create the next generation of AI applications.
Oracle Corporation (NYSE:ORCL) is an American multinational computer technology company that specializes in database management systems, cloud computing, and enterprise software products. On March 19, Oracle Corporation (NYSE:ORCL) announced the launch of Java 22, the latest version of the world’s most widely used programming language and development platform. This update prioritizes developer efficiency by introducing thousands of improvements to performance, stability, and security. Java 22 delivers enhancements to the Java language, its application programming interfaces (APIs), and the developer tools included in the Java Development Kit (JDK). These enhancements are aimed at helping developers increase productivity, drive innovation, and accelerate growth across their organizations.
Now that we have discussed what’s going on in the software industry, let’s shift our focus to the 25 biggest software companies in the US.
A supply chain employee using the company’s secure supply chain management software to update their customer’s records.
Methodology
In this article, we have listed the 25 biggest software companies in the US. To find the largest software companies in America, we sifted through various sources including industry reports, rankings available on various websites, and our own rankings, and consulted stock screeners from Yahoo Finance and Finviz. We compiled a list of the top software companies in the US. For companies that are publicly traded, we decided to rank them according to their market capitalization as of March 28, 2024. We used fiscal year revenues for private companies to rank them. Finally, we narrowed down our selection to rank the 25 biggest software companies in the US based on their market capitalization and revenues, which are listed below in ascending order.
25 Biggest Software Companies in the US
25. Global Payments Inc. (NYSE:GPN)
Market Capitalization: $34.09 Billion
Global Payments Inc. (NYSE:GPN) is an American multinational financial technology company that ranks among the 25 biggest software companies in the US. It provides payment solutions, software, and services at scale to businesses, merchants, issuers, and consumers around the world. As of March 28, 2024, Global Payments Inc. (NYSE:GPN) has a market capitalization of $34.09 billion.
24. Veeva Systems Inc. (NYSE:VEEV)
Market Capitalization: $37.37 Billion
Veeva Systems Inc. (NYSE:VEEV) is an American cloud-computing company that provides industry-specific cloud-based software solutions. The company primarily focuses on the pharmaceutical, life sciences, and consumer products industries. Veeva Systems Inc. (NYSE:VEEV) has a market capitalization of $37.37 billion as of March 28, 2024.
23. Datadog Inc. (NASDAQ:DDOG)
Market Capitalization: $41.01 Billion
Datadog Inc. (NASDAQ:DDOG) is one of the biggest software companies in the US. The company offers observability services for cloud-scale applications and monitors servers, databases, and tools with the help of a SaaS-based data analytics platform. As of March 28, 2024, Datadog Inc. (NASDAQ:DDOG) has a market capitalization of $41.01 billion.
22. The Trade Desk Inc. (NASDAQ:TTD)
Market Capitalization: $42.74 Billion
The Trade Desk Inc. (NASDAQ:TTD) is an internet marketing company. The company uses automated software, services, and products to generate personalized digital content for its users. The Trade Desk Inc. (NASDAQ:TTD) has a market capitalization of $42.74 billion as of March 28, 2024.
21. Palantir Technologies Inc. (NYSE:PLTR)
Market Capitalization: $50.91 Billion
Palantir Technologies Inc. (NYSE:PLTR) specializes in software platforms dedicated to big data analytics. The company is particularly famous for three such projects: Palantir Apollo, Palantir Foundry, and Palantir Gotham. As of March 28, 2024, Palantir Technologies Inc. (NYSE:PLTR) has a market capitalization of $50.91 billion.
20. Block Inc. (NYSE:SQ)
Market Capitalization: $52.07 Billion
Block Inc. (NYSE:SQ) ranks among the 20 biggest software companies in the US. It is a financial technology company that offers financial services software for small and medium-sized businesses. The company’s software services enable mobiles to be used as point-of-sale registers for digital credit card payments, inventory, e-commerce, and other banking services. Block Inc. (NYSE:SQ) has a market capitalization of $52.07 billion as of March 28, 2024.
19. Fortinet Inc. (NASDAQ:FTNT)
Market Capitalization: $52.12 Billion
Fortinet Inc. (NASDAQ:FTNT) is a cybersecurity company, based in California. The company develops software for security solutions, such as intrusion detection systems, endpoint security, and firewalls for its clients. As of March 28, 2024, Fortinet Inc. (NASDAQ:FTNT) has a market capitalization of $52.12 billion.
18. Snowflake Inc. (NYSE:SNOW)
Market Capitalization: $54.01 Billion
Snowflake Inc. (NYSE:SNOW) ranks 18th on our list of the biggest software companies in the US. As a cloud computing-based data cloud company, it offers data storage software and analytics service, also known as data-as-a-service, to store and analyze data over its cloud-based software and hardware. As of March 28, 2024, Snowflake Inc. (NYSE:SNOW) has a market capitalization of $54.01 billion.
17. Autodesk Inc. (NASDAQ:ADSK)
Market Capitalization: $55.7 Billion
Autodesk Inc. (NASDAQ:ADSK) is a multinational software corporation that specializes in developing software products and services for the engineering, construction, architecture, and entertainment industries. AutoCAD is the company’s computer-aided design software and Revit is its 3D design software. As of March 28, 2024, Autodesk Inc. (NASDAQ:ADSK) has a market capitalization of $55.7 billion.
16. Roper Technologies Inc. (NASDAQ:ROP)
Market Capitalization: $60.02 Billion
Roper Technologies Inc. (NYSE:ROP) is a diversified technology company. The company has several software subsidiaries such as the CBORD Group Inc, ConstructConnect, Deltek, and Sunquest Information Systems. As of March 28, 2024, Roper Technologies Inc. (NYSE:ROP) has a market capitalization of $60.02 billion.
15. Workday Inc. (NASDAQ:WDAY)
Market Capitalization: $72.05 Billion
Workday Inc. (NYSE:WDAY) ranks among the top 15 on our list of the 25 biggest software companies in the US. The company is an on-demand cloud-based software vendor that specializes in financial management, student information systems, and human capital management. As of March 28, 2024, Workday Inc. (NYSE:WDAY) has a market capitalization of $72.05 billion.
14. CrowdStrike Holdings Inc. (NASDAQ:CRWD)
Market Capitalization: $77.54 Billion
CrowdStrike Holdings Inc. (NASDAQ:CRWD) is a cybersecurity technology company. The company’s cybersecurity software offers cloud workload and endpoint security, cyber attack response services, and threat intelligence. As one of the biggest software companies in the US, CrowdStrike Holdings Inc. (NASDAQ:CRWD) has a market capitalization of $77.54 billion as of March 28, 2024.
13. Cadence Design Systems Inc. (NASDAQ:CDNS)
Market Capitalization: $84.85 Billion
Cadence Design Systems Inc. (NASDAQ:CDNS) is a multinational technology and computational software company. The company develops software and hardware for integrated circuits, printed circuit boards, systems on chips (SoCs), and electronic design automation (EDA). Cadence Design Systems Inc. (NASDAQ:CDNS) has a market capitalization of $84.85 billion as of March 28, 2024.
12. Synopsys Inc. (NASDAQ:SNPS)
Market Capitalization: $87.17 Billion
Synopsys Inc. (NASDAQ:SNPS) ranks 12th on our list of the biggest software companies in the US. It is an electronic design automation (EDA) company that specializes in silicon design and verification, software security, and silicon intellectual property. As of March 28, 2024, Synopsys Inc. (NASDAQ:SNPS) has a market capitalization of $87.17 billion.
11. Palo Alto Networks Inc. (NASDAQ:PANW)
Revenue: $91.80 Billion
Palo Alto Networks Inc. (NYSE:PANW) is a multinational cybersecurity company. The main service and product software developed by the company is an advanced firewall and cloud-based offering that extends firewalls for additional security. As of March 28, 2024, Palo Alto Networks Inc. (NYSE:PANW) has a market capitalization of $91.80 billion.
10. Automatic Data Processing (NASDAQ:ADP)
Market Capitalization: $102.59 Billion
Automatic Data Processing (NASDAQ:ADP) ranks among the top 10 on our list of the biggest software companies in the US. The company provides human resource management software and services to clients across the US. As of March 28, 2024, Automatic Data Processing (NASDAQ:ADP) has a market capitalization of $102.59 billion.
9. ServiceNow Inc. (NYSE:NOW)
Market Capitalization: $156.29 Billion
ServiceNow Inc. (NYSE:NOW) is a software company based in California. The company develops cloud computing software for client companies to manage digital workflows for their operations. ServiceNow Inc. (NYSE:NOW) has a market capitalization of $156.29 billion as of March 28, 2024.
8. International Business Machines Corporation (NYSE:IBM)
Market Capitalization: $175.06 Billion
International Business Machines Corporation (NYSE:IBM), also known as Big Blue, is an American multinational technology company that ranks 8th on our list of the biggest software companies in the US. It is a leading technology innovation company that is advancing AI, automation, and hybrid cloud solutions. The company provides infrastructure, software, and consulting services. International Business Machines Corporation (NYSE:IBM) has a market capitalization of $175.06 billion as of March 28, 2024.
7. Intuit Inc. (NASDAQ:INTU)
Market Capitalization: $181.98 Billion
Intuit Inc. (NASDAQ:INTU) is a multinational business software company. The company specializes in financial software, with products like TurboTax, Mint, and QuickBooks. Intuit Inc. (NASDAQ:INTU) has a market capitalization of $181.98 billion as of March 28, 2024.
6. Adobe Inc. (NASDAQ:ADBE)
Market Capitalization: $226.06 Billion
Adobe Inc. (NASDAQ:ADBE) is a multinational computer software company that specializes in software for content creation and publication through graphics, illustration, and animation. The company’s products include Adobe Illustrator, Acrobat Reader, and Portable Document Format (PDF). Adobe Inc. (NASDAQ:ADBE) has a market capitalization of $226.06 billion as of March 28, 2024. It ranks 6th on our list of the biggest software companies in the US.
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Disclosure: None. 25 Biggest Software Companies in the US is published on Insider Monkey.