Enterprise Application Market size expected to reach USD 287.71 billion by 2024
Enterprise Application Market size was valued at USD 150 billion in 2015, and is anticipated to grow at 7.6% CAGR from 2016 to 2024; according to a new research report by Global Market Insights, Inc.
Enterprise application market is expected to witness substantial growth owing to rising need to connect business process. This solution aids in enabling better quality management, supply chain management, and customer engagement. Mounting awareness regarding IT connectivity amongst company management, growing need for better internet infrastructure and swift cloud computing adoption by developed organizations will give a fillip to enterprise application market share over the forecast timeline.
BFSI, manufacturing, healthcare, retail, airspace & defense, media, chemicals, telecom & IT, oil & gas and hospitality sector are likely to contribute towards swift industry growth over the forecast period. SCM and business process management aid industries in tracking production and inventory management from procurement to delivery. Availability of open source solutions along with high implementation & maintenance costs associated with the servers and operating systems may hinder growth over the forecast period. Some available open source solutions are ProcessMaker, FriFrans, CitrusBD and Magnolia.
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ERP and CRM are expected to be the prime product segments over the next seven years. Real time flow of information through various connected departments such as sales, production, technical; quality and HR is expected to fuel enterprise application market size through 2024. Transition in business models from traditional to cloud computing is anticipated to offer potential growth opportunities. Furthermore, remote access for employees and growing mobile penetration in business communication sector will also boost revenue.
Swift business scenario with surging number of startups and small companies opting cloud based services is expected to contribute to substantial revenue generation. U.S. enterprise application market size was valued at over USD 30 billion in 2015 and is expected to record considerable growth rate due to customer centric approach and high focus on reducing operational cost. Rising awareness for adopting modern organizational structure is expected to offer new growth opportunities.
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, Healthcare1, Retail, Government, Aerospace & Defense, Telecom & IT), By Deployment (On-Premise, Cloud), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Japan, China, India, Mexico, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
- Content management system market share will grow at 13.5% CAGR over the forecast timeline. Features such as capability of converting unstructured data into structured is likely to aid in easy website content management and in turn drive growth. Benefits offered such as up-selling and cross-selling opportunities, customer behaviour insights and improved efficiency is likely to drive the business intelligence market over the forecast period.
- On-premise enterprise application market size was over USD 100 billion in 2015, cloud based services are set to gain revenue share in the coming years.
- Healthcare applications occupied more than 10% of the overall industry share in 2015. These applications effectively handle digitized data from multiple sources and in turn enable organizations to gain real-time transparency and process optimization.
- Asia Pacific enterprise application market will grow at 9.5% CAGR. Rising demand for cloud-based solutions amongst medium and small scale industries are the major growth drivers.
- Key competitors include Oracle, Epicor Software, IBM, SAP, Microsoft, QAD, Hewlett Packard and IFS. The enterprise application market share is characterized by frequent strategic partnerships and mergers & acquisitions.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.