Enterprise Application Market size is set to surpass USD 350 billion by 2028, according to a new research report by Global Market Insights Inc.
The market growth is supported by the growing trend of leveraging AI technologies for making data-driven business decisions. The exponential growth in digital data is propelling the market demand for enterprise applications. It is estimated that approximately 3.3 megabytes of new data will be created every second by 2022 and rise at an annual growth rate of 40% by 2030. This growth is credited to the increasing usage of big data technologies and IoT devices along with the rising popularity of cloud platforms among enterprises, which is encouraging the market adoption of enterprise applications.
Growing investments in AI-infused enterprise software to gain a competitive edge will boost the market value
The enterprise application market is witnessing rapid growth in the acceptance of big data and machine learning algorithms as enterprises are preparing themselves for the next wave of digital disruption. In 2021, the fintech sector showcased around 68% increase in investments across the globe compared to 2020. Moreover, the integration of the AI toolchain in various digital services has also accentuated the industry demand for AI-powered enterprise applications.
The increasing popularity of Customer Relationship Management (CRM) has accentuated the demand for enterprise applications. Businesses are heavily relying on CRM solutions to gain a better understanding of the customers, product segmentation, marketing campaign management, appropriate targeting, maintenance of long-term profitability, and mutually beneficial relationships with customers.
Browse key industry insights spread across 1,420 pages with 3,473 market data tables and 36 figures & charts from the report, “Enterprise Application Market Size, By Product (Customer Relationship Management [CRM], Enterprise Resource Planning [ERP], Supply Chain Management [SCM], Business Intelligence [BI], Enterprise Asset Management [EAM]), By Deployment (On-premise, Cloud), By Industry Vertical (Manufacturing [Semiconductor & Electronics, Heavy Metals & Machinery, Chemicals & Pharma, Defense, Automobile, Food & Beverage, Textile, Lumber & Wood], BFSI [Banking, Fintech, Insurance], Healthcare [Healthcare Facilities, Medical Devices & Equipment, Pharmaceutical Distribution, Healthcare Services], Retail [E-commerce, Supermarket/Hypermarket, Specialty Stores, Warehouses], Telecom & IT [Telecom Sector, IT Sector]), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Rising need for operational efficiency and transparency in business processes to bolster the industry share of ERP enterprise applications
The ERP enterprise application market accounted for 25% of the revenue share in 2021, which is attributed to the increasing deployment of centralized ERP solutions to manage various business processes, such as finance and accounting, sales & marketing, and procurement & supply chain. ERP guarantees timely delivery of accurate financial information and improved financial performance, resulting in an increased affinity of enterprises toward advanced ERP solutions. As enterprises strive to make quick data-driven decisions and more dependable operating performance, the ERP industry growth is slated for a substantial surge.
On-premise deployment model market is accentuated by the increasing stress on keeping strict control over confidential data
The on-premise segment is predicted to observe a 5% CAGR till 2028 owing to the extensive usage of proprietary enterprise application software deployed in-house by specialized IT development teams. Organizations prefer on-premise software deployment as the security of enterprise data & applications is their top concern. The enterprise application software stores business-critical information, such as the company financials, corporate trade secrets, and employee information, making it necessary for them to have full control over the software and ensuring that the information remains secure.
High focus on automated patient diagnosis and market competitiveness is accelerating the industry progression across the healthcare sector
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Healthcare enterprises are increasingly adopting enterprise applications for handling volumes of data sourced from patient medical records, leading to improved AI-based diagnosis and medical care. Business analytics solutions with medical image/video data can assist healthcare institutes in implementing advanced AI technologies, which can provide approximate medical conclusions without any direct human input from medical experts.
Growing number of AI startups to foster the market expansion in North America region
North America will value at over USD 150 billion in the global enterprise application market in 2028 due to the surging adoption of modern enterprise technologies by the regional industry. The market growth is driven by the presence of leading AI & ML corporations such as Oracle, Salesforce.com, Microsoft, and SAS. These enterprises are leveraging enterprise applications to develop and sell AI as a core product along with integrating AI technologies into their business operations for complementing the value chain.
Focus on strengthening core software competencies to augment the market share
Some of the key players operating in the market include Adobe, Inc., Epicor Software Corporation, Fiserv, Inc., Genesys Telecommunications Laboratories, Inc., Hewlett Packard Enterprise Co., IBM Corporation, IFS AB, Infor, Inc., JDA Software (Blue Yonder), Microsoft Corporation, MicroStrategy Incorporated, NetSuite, Inc., Oracle Corporation, Qlik Technologies, Inc., SAGE Group Plc, Salesforce.com, Inc., QAD Inc., SAP SE, Tableau Software, LLC, Total Soft S.A., TIBCO Software, Inc., and Zoho Corporation.
These participants are emphasizing on forging strategic alliances and improving their research capabilities to offer new solutions & provide regular software updates, thus strengthening their market position and gaining a competitive edge.