Over the next decade, the digital transformation will grow twice as fast as the worldwide rate. With the growing number of connected devices, the amount of consumer and enterprise data will grow exponentially. Enterprise software is the best solution for critical business process management and to solve problems associated with the entire organization. It deals with the development and distribution of specialized software which has been designed with the purpose of aiding organizations in handling their operations at an optimal level. Some of the operations which enterprise software optimizes include control of inventory, managing orders, production processes, etc. The ultimate purpose of deploying enterprise software is to gain a leading edge over competitors.
The rapid development of big data and cloud computing has brought the new-found demand for end-to-end advanced services in analytics for intelligent data management. This, in turn, is uplifting the enterprise software market. Growing enhancement around the data security, scalability and auditing ecosystem in big data ecosystems is rapidly evolving in new directions. It is being widely commercialized and adopted in enterprises. Its open source will be a vital reason for the new frontier in the enterprise software market.
According to a recent business intelligence report from IndustryARC, enterprise software market was valued over $360 billion in 2018, and it is estimated to grow with a progressive CAGR of 6% during the forecast period 2019-2025. The report titled: “Enterprise Software Market: By Type (Enterprise Software and SaaS), By Development (Proprietary Software, ASP and others), By Application (Supply chain, Customer service, and others), and By Geography- Forecast (2019-2025).”
Enterprise Software Market: Segment Analysis
Marketing/CRM is the leading segment with a major share in the enterprise software market and is estimated to grow at a profitable CAGR of 5% over a forecast period 2019 to 2025. Further, CRM software is attracting the key players to reinforce their inbound sales and contribute huge revenues. Thus holding a dominant place in the enterprise software market.
Based on the geographical analysis provided by the IndustryARC report, North America occupies a maximum share, about 25% in the enterprise software market. This is due to the adoption of SaaS (software as a service) and customer relationship management. The other factors responsible for the growth of the market include technology advancements, a stable economy, and new infrastructure demands.
- Shift towards cloud computing, owing to its huge benefits such as increased efficiency, low-cost, and flexibility; will drive the demand for enterprise application software in the forecast period.
- Increasing investments by large scale IT industries for the modernization of IT infrastructure creates opportunities for enterprise planning software.
- Advanced technologies like artificial intelligence and machine learning are the smart enterprise software solutions, presently holding a huge potential in the enterprise software market.
The enterprise software market consists of several small to medium-sized companies that compete with each other and large enterprises. SAP, Oracle, Microsoft, Infor, Kronos, IBM, Adobe, SalesForce, Amazon, Dassault Systemes, FIS, Dell EMC are some of the key players operating in this market.
The enterprise software market is growing exponentially in end-to-end advanced services in analytics for intelligent data management. Marketing/CRM is the leading segment contributing a major share in the market. Moreover, the global enterprise software market is estimated to witness stocking growth in the near future and will present abundant opportunities to market participants and new market entrants.
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- On-premise Enterprise Application Software Market
- Enterprise Asset Management Market
- Cloud Integration Market