Increasing the adoption of cloud-based solutions and realizing competitive advantages through the implementation of enterprise application software.
PORTLAND, PORTLAND, OR, USA, Oct. 4, 2021 /EINPresswire.com/ — The cloud enterprise application software market is in its growth phase and is expected to grow at a CAGR of 14.6% during of the forecast period. Organizations have focused on offering effective and efficient cloud-based enterprise application software for various end users. Currently, innovative and cost-effective solutions are offered by various vendors in the market, which cater to the growing needs for enhanced cloud enterprise application software among end-user industries. North America was the largest shareholder by revenue, while Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
Global Cloud Enterprise Application Software Market was valued at USD 55,988 Million in 2016 and is projected to reach USD 144,111 Million by 2023, growing at a CAGR of 14.6% from 2017 to 2023 The content management systems (CMS) segment is expected to grow at the highest rate during the forecast period.
Rising demand for improved business process management, high internet penetration in Asia Pacific and increasing demand for IoT among end users are expected to provide significant growth opportunities for the global IT market. cloud business application software. However, costs associated with implementation and maintenance and data security issues are expected to hamper the market growth.
North America generated the highest revenue in the global cloud enterprise application software market in 2016 owing to adequate infrastructural development for the adoption of enterprise application software cloud. Asia-Pacific is expected to witness the highest growth over the forecast period, due to the remarkable economic growth and the development of technological infrastructure.
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The growth of the global enterprise cloud application software market is driven by an increase in the adoption of cloud-based solutions and the realization of competitive advantages obtained through the implementation of application software of business. In addition, increasing demand for improved business process management, high internet penetration in Asia-Pacific, and increasing demand for IoT among end users are expected to provide significant growth opportunities for the global cloud enterprise application software market. However, costs associated with implementation and maintenance and data security issues are expected to hamper the market growth.
Profiling of key players: Oracle, IBM, Microsoft, SAP, HP, QAD Inc., IFS AB, Epicor Software Corp., Infor and Salesforce.com.
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