Enterprise Application Market Size to exceed $250bn by 2024
Published Date: August 29, 2019 Authors: Ankita Bhutani, Preeti Wadhwani
Enterprise Application Market size is set to exceed USD 250 billion by 2024; according to a new research report by Global Market Insights, Inc.
As enterprises are embracing their journey toward digital transformation, they are leveraging new technologies, which enable them to deliver exceptional customer experience to drive revenues and attract new customers. They are inclining toward enterprise systems to support better control of information flow. As enterprises are growing in size and complexity, it becomes difficult for them to handle their IT infrastructure, thus they need enterprise application integration software, which combines functionality and information of different applications into a single software. Another factor driving enterprise application market growth is the growing implementation of cloud-based enterprise application software due to high scalability and cost-benefits associated with it.
The Business Process Management (BPM) market is expected to grow at a CAGR of above 10% over the forecast timeline. The demand for the BPM application tool is rising rapidly as it allows enterprises to improve process efficiency and provide oversight into how a process is functioning in real-time. The BPM software is gaining traction among large enterprises to improve the orchestration of complex processes and outperform their business objectives with real-time business insights.
The manufacturing sector is expected to show a growth rate of over 5% in the enterprise application market due to the rising need among manufacturing companies to improve operation management through effective implementation of IT. To ensure the success of manufacturing plants, companies need to ensure high process efficiency, precision production controls, and ensure regulatory requirements are met. This facilitates the need for business software, which provides benefits to manufacturers by helping them with product engineering, operations, order management, and procurement. The sector is also witnessing a rise in the implementation of ERP software, which supports systemized management and data analysis for sales function and helps to improve administrative functions.
Browse key industry insights spread across 95 pages with 67 market data tables & 47 figures & charts from the report, “Enterprise Application Market Size By Product (CRM, ERP, SCM, Web Conferencing, Business Intelligence [BI], BPM, CMS, EAM), By End-Use (Manufacturing, BFSI, Healthcare, Retail, Government, Aerospace & Defense, Telecom & IT), By Deployment (On-Premise, Cloud), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, China, Japan, India, Brazil, Mexico, MEA), Growth Potential, Competitive Market Share & Forecast, 2013 - 2024” in detail along with the table of contents:
The cloud deployment model will exhibit the fastest growth rate over the forecast timeline owing to the increased adoption of cloud-based enterprise application software. By deploying cloud-based software, enterprises can leverage benefits such as effective project monitoring, high disaster recovery, and lesser costs associated with the procurement and maintenance of the hardware component.
Europe enterprise application market is projected to hold a market share of around 25% by 2024 due to the rising number of SMEs adopting enterprise applications in the region to control their business processes. According to the European Commission, in 2016, SMEs in the EU non-financial sector accounted for two-thirds of the total EU employment. The rapid inclination toward the cloud platforms and realization of benefits achieved through the implementation of cloud-based application software are also contributing toward market growth. However, issues related to data security may hamper market growth in the region.
The enterprise application market comprises a myriad of technology providers that are engaged in offering innovative solutions to meet the requirements of customers. In September 2016, Vertex Inc. introduced tax solutions for Oracle ERP Cloud subscribers and cover various critical tax needs including, reporting, content, and tax-related calculations. In April 2015, CA Technologies integrated CA Workload Automation Advanced Integration 1.0 for SAP Business Warehouse to improve service delivery. This also allowed users to manage their workflows and simplified how users schedule event-driven tasks.
Some of the major market players include Epicor Software Corporation, Hewlett-Packard Company, IBM, SAP AG, QAD Inc., Oracle, Microsoft, IFS AB, and Epicor Software Corporation.
The enterprise application market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments:
- Web Conferencing
By End Use
- Aerospace & defense
- Telecom & IT
By Deployment Model
The above information has been provided for the following regions and countries:
- North America
- Latin America