How Has The Enterprise Application Market Size Evolved In Recent Years?
The enterprise application market has seen considerable growth due to a variety of factors.
• Over the past years, the enterprise application market has seen impressive expansion. Its size, which is forecasted to be $355.23 billion in 2024, is expected to increase to $380.79 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.2%.
Factors that have contributed to this growth during the historic period include optimization of business processes, upgrades of legacy systems, competitive market conditions, regulatory compliance requirements, and globalization.
What Does the Future Hold for the Enterprise Application Market?
The enterprise application market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of enterprise applications is forecasted to experience significant expansion in the coming years, with projections indicating it will reach $564.27 billion by 2029, courtesy of a compound annual growth rate (CAGR) of 10.3%.
The anticipated growth during this forecast period is largely due to initiatives towards digital transformation, worries about data security, the rise of remote work, scalability needs, and the drive to improve customer experiences. Within the forecasted period, the main trends anticipated include the use of low-code and no-code platforms for development, integrating blockchain for enhanced security and transparency, tools for remote collaboration and communication, predictive analytics for insightful business decisions, and industry-specific customization.
Which Factors Are Boosting Growth In The Enterprise Application Market?
The surge in e-commerce websites is projected to fuel the expansion of the enterprise application market. These online platforms, known as e-commerce websites, allow consumers to purchase and sell physical items, services, and digital products over the internet, instead of in physical stores. To cater to the intricate needs of a large-scale business, e-commerce websites are created using enterprise application software. This implies that a rise in e-commerce sites will subsequently stimulate the growth of the market. The Sellers Commerce, a US-based e-commerce solutions firm, stated in their September 2024 report that the number of e-commerce sites, in the same year, globally was 26.6 million, marking a 3.83% increase from the preceding year. Thus, the proliferation of e-commerce websites is a significant driver for the growth of the enterprise application market.
What Are The Primary Segments In The Global Enterprise Application Market?
The enterprise application market covered in this report is segmented –
1) By Component: Solution, Service
2) By Deployment Mode: On-Premise, Cloud
3) By Type: Business Intelligence, Supply Chain Management, Web Conferencing Collaboration, Customer Relationship Management, Enterprise Resource Planning, Other Types
4) By Enterprise Size: Large Enterprise, Small and Medium Enterprise
5) By End User: BFSI, IT And Telecom, Healthcare, Retail, Government, Manufacturing, Other Users
Subsegments:
1) By Solution: Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Supply Chain Management (SCM), Human Resource Management (HRM), Business Intelligence (BI) And Analytics, Content Management Systems (CMS)
2) By Service: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services, Managed Services
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Which Key Trends Are Driving Changes In The Enterprise Application Market?
The enterprise application market is seeing a growing trend in technological advancements. Major players in this market are concentrating on creating new technical solutions to solidify their market stand. As an illustration, in November 2022, SAP SE, a German enterprise software developer for managing business operations and customer relations, introduced SAP Build. This unique offering is set to spearhead the future of business transformation. It is unique in its inclusion of a low-code solution that allows business users to safely access processes, context, and data from start to finish. It aids businesses in crafting enterprise applications, designing corporate websites, and automating processes with limited technical knowledge. Additionally, it aids users in the intelligent monitoring, analysis, and automation of processes, eliminating the need to move data into an outer system.
Who Are the Key Players in the Enterprise Application Market?
Major companies operating in the enterprise application market include:
• Amazon.com Inc.
• Google LLC
• Microsoft Corporation
• Dell Technologies Inc.
• IBM Corporation
• Cisco Systems Inc.
• Oracle Corporation
• SAP SE
• Hewlett Packard Enterprise Co.
• Saleforce.com Inc.
• Adobe Inc.
• VMware Inc.
• ServiceNow Inc.
• Workday Inc.
• Twilio Inc.
• Atlassian Corporation plc
• DocuSign Inc.
• Okta Inc.
• Slack Technologies Inc.
• Dropbox Inc.
• Epicor Software Corporation
• Software AG
• TIBCO Software Inc.
• Zoho Corporation Inc.
• Qlik Technologies Inc.
• Infor Inc.
• IFS AB
• QAD Inc.
What Is The Most Dominant Region In The Enterprise Application Market?
North America was the largest region in the enterprise application market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global enterprise application market report during the forecast period. The regions covered in the enterprise application market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
