The global enterprise application market is expected to reach $468.2 billion by 2027, according to a new report from Research and Markets.
A compound annual growth rate (CAGR) of 9.0% is projected for the forecast period, driven by growing demand for regulatory compliance, audit management and the need to improve on-chain data transparency supply chain and procedures to combat data leaks and data breaches.
Among the various enterprise application solutions are business process management (BPM) and software configuration management (SCM), which help organizations manage and control inventory and track production. These applications go a long way towards increasing productivity and efficiency throughout the organization.
Commenting on the impact of the pandemic on the booming growth of the market, Research and Markets notes that the closure of retail stores and shopping malls has led to significant growth in the adoption of enterprise application software for managing web data.
For example, among enterprise application deployment types – on-premises, cloud, and hybrid – the cloud segment accounted for the largest revenue share in 2020. However, data security and privacy concerns are driving factors. market restrictions.
“The collection and transmission of data from one channel to another is part of enterprise content management. Many companies believe that enterprise content management solutions should lead to data theft in their highly abstract datasets due to a lack of sufficient information about security standards and their implementation,” according to the Research and Markets report.
The report also indicates that Microsoft holds the majority of the enterprise application market share. Oracle, IBM and SAP are some of the other major vendors in the market.
Based on the region, Asia-Pacific recorded a promising revenue share, owing to rapid progress in economic growth, globalization, foreign direct investment, smartphone penetration and increased usage internet among the workforce.
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