PORTLAND, Oregon., January 19, 2022 /PRNewswire/ — Allied Market Research recently released a report titled “Enterprise Application Market by Component (Solution and Services), Solution Type (Customer Relation Management, Enterprise Resource Planning, Supply Chain Management, Business Intelligence, Business Process Management, Content System management, enterprise asset management, web conferencing, and others), deployment mode (on-premises and cloud), organization size (large enterprise and small-medium enterprise), industry vertical (manufacturing, BFSI, healthcare Healthcare, Retail, Telecom & IT, Government, Aerospace, Defense and Others): Global Opportunities Analysis and Industry Forecast, 2021-2030”. According to the report, the global enterprise application industry was taken into account $238.36 billion in 2020, and should reach $527.40 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.
Key Drivers of Market Growth
Growing adoption of customer-centric approach by businesses, competitive advantages over other software, and adoption of cloud and mobile applications have boosted the growth of the global enterprise application market. However, the high cost associated with implementing and maintaining enterprise application solutions, the use of the open source application in small and medium enterprises, and the rise of security and privacy issues among open source application companies are hampering the growth of the market. On the contrary, rapid changes in business model software and cloud technology trends in enterprise application software are expected to open up new opportunities in the future.
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- Due to the Covid-19 pandemic, online banking has seen growth. This has led to an increase in the adoption of enterprise application software for different applications such as customer retention and optimizing customer needs.
- The pandemic has increased the use of the web platform to perform various tasks including online banking and online shopping. This increased number of online customers made it difficult to effectively manage corporate data. This has led to the adoption of enterprise application solutions and services.
Get a detailed analysis of the impact of COVID-19 on the enterprise applications market:
The solutions segment dominated the market
By component, the solution segment held the largest share in 2020, accounting for more than two-thirds of the global enterprise application market, owing to the rise in adoption of enterprise solutions such as SCM software, ERP, BI and CRM and other technologies such as machine learning and internet of things. However, the services segment is expected to register the highest CAGR of 9.2% during the forecast period, owing to the increase in the adoption of consulting services by organizations to build enterprise applications. efficient and resilient according to their specific needs.
Retail and e-commerce segment to exhibit highest CAGR through 2030
By vertical, the retail and e-commerce segment is expected to show the highest CAGR of 12.2% from 2021 to 2030, driven by the increase in the use of smartphones and tablets and the rise of digital platforms. However, the IT and telecommunications segment held the largest share in 2020, contributing almost one-fifth of the global enterprise application market, owing to the increase in the use of mobile devices among people. individuals.
North America held the lion’s share
By region, the global enterprise application industry across North America dominated in 2020, accounting for more than two-fifths of the market, owing to increased investment in emerging technologies to implement streamlined work processes and increased adoption of enterprise applications to improve company performance. However, the market through Asia Pacific is expected to register the highest CAGR of 10.9% during the forecast period, owing to the strong economic growth and the continuous development of field services and inventory management.
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Main market players
- IBM Corporation
- SAP SE
- Hewlett Packard Enterprise (HPE)
- QAD inc.
- IFS AB
- Epicor Corp software.
- Salesforce Inc.
- Microsoft Corporation
- Oracle Corporation
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