The global Enterprise Software Industry can touch the approximate valuation of USD 634 Billion by 2023, estimates Market Research Future (MRFR). The market is also set to achieve a CAGR of 8% during the forecast period (2017-2023).
Primary Drivers and Key Barriers
Enterprise software is noting fast-paced adoption across organizations all over the world, and also across many industry verticals for numerous line-of-business operations. These operations include business intelligence, human resources, customer relationship management, manufacturing, planning, sales and service, purchasing, inventory and materials management, marketing and finance and accounting.
The main goal of using enterprise software refers to improve efficiency and productivity and also get a substantial competitive advantage. With more and more companies upgrading their core functionalities, the worldwide spending on enterprise application software is expected to grow, with most of the funds focused on modernizing, replacing, or functionally expanding the existing business applications. Approval of massive budgets for IT projects across companies is touted to be a positive sign as far as the future growth of the overall Enterprise Software Industry is concerned.
Emergence of cloud computing has had a profound effect on the growth of the Enterprise Software Industry. Cloud model helps bring down deployment costs significantly and offers high flexibility. These appealing properties of a cloud model have stimulated the adoption rate of enterprise software, consequently boosting market demand.
The global Enterprise Software Industry has been segmented depending on the type, organization size, and vertical.
The market, considering the type, includes Enterprise Resource Planning (ERP), Business Intelligence (BI), Supply Chain Management (SCM), Customer Relationship Management (CRM), Web Conferencing Collaboration, and others.
With respect to the organization size, the market is considered for small and medium enterprises (SMEs) and large enterprises.
As per the vertical, the market caters to information technology (IT) & Telecommunication, energy & utilities, BFSI, manufacturing, transportation, healthcare, media & entertainment, retail, and others.
Sap Se (Germany), CA Technologies, Inc. (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), EMC Corporation (U.S.), VMware, Inc. (U.S.), HP (U.S.), Salesforce.Com, Inc. (U.S.), Symantec Corporation (U.S.), Oracle Corporation (U.S.), are the leading players in the worldwide Enterprise Software Industry. Mergers and acquisition (M&A) activities are believed to be the favorite marketing hacks adopted by these players in order to outdo their rivals in the market.
Enterprise mobility solutions like the trend of bring-your-own-device (BYOD) have given a boost to the adoption and implementation of various enterprise platforms. The elevated demand for business intelligence as well as analytics, has also augmented the need for enterprise application software programs, which bolsters market growth to a great extent.
Broadcom Inc. recently developed an advanced Digital BizOps Starter Edition, which is being hailed as the industry’s most innovative digital transformation software. This state-of-the-art program offers a huge number of businesses access to solutions across digital business operations free of cost.
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North America, Asia Pacific (APAC), Europe and Rest of the World (RoW) are the main markets for Enterprise Software Industry.
Countries in North America are known for being early adopters of enterprise software like customer relationship management (CRM) and software as a service (SaaS). The penetration rate of the enterprise software in the region is rather high, with the adoption of these solutions becoming commonplace with enterprises. These enterprises are rapidly making use of hybrid models of cloud along with on-premise products.
APAC is anticipated to be the fastest-growing market for enterprise software. Researches indicate that the manufacturing industry dominates the APAC Enterprise Software Industry and this trend can continue even during the forecast period. This trend has gained momentum in the region, given the surge in number of entrants in automotive, pharmaceutical, consumer electronics, and garment manufacturing markets. In addition, high adoption of cloud solutions, as well as growing focus on accumulation of customer data, triggers market growth. Rising adoption of cloud-enabled deployment model in aerospace & defense sector is proving to be quite opportunistic for market expansion in the region.
In Europe, high concentration of esteemed players backs the massive growth of the market. The regional market also banks on frequent technological advancements and increasing adoption of sophisticated technologies.
LIST OF TABLES
TABLE 1 ENTERPRISE SOFTWARE INDUSTRY, BY TYPE
TABLE 2 ENTERPRISE SOFTWARE INDUSTRY, BY ORGANIZATION SIZE
TABLE 3 ENTERPRISE SOFTWARE INDUSTRY, BY VERTICAL
TABLE 4 ENTERPRISE SOFTWARE INDUSTRY, BY REGIONS
TABLE 5 NORTH AMERICA ENTERPRISE SOFTWARE INDUSTRY, BY TYPE
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LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 ENTERPRISE SOFTWARE INDUSTRY, BY TYPE (%)
FIGURE 3 ENTERPRISE SOFTWARE INDUSTRY, BY ORGANIZATION SIZE (%)
FIGURE 4 ENTERPRISE SOFTWARE INDUSTRY, BY VERTICAL (%)
FIGURE 5 ENTERPRISE SOFTWARE INDUSTRY, BY REGIONS (%)
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