Enterprise Application Market revenue to cross USD 350 Bn by 2028: Global Market Insights Inc.
APAC enterprise application market is estimated to attain a 10% CAGR by 2028 due to the extensive adoption of digital technologies by regional business corporations.
SELBYVILLE, Del., May 3, 2022 /PRNewswire/ -- The enterprise application market size is expected to record a valuation of USD 350 billion by 2028, according to the most recent study by Global Market Insights Inc.
The market growth is attributed to the rising enterprise BYOD policies, digitization, and penetration of connected devices. The extensive adoption of cloud-based technologies and a widespread presence of technological enterprises usher in new growth opportunities for the market expansion.
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The SCM segment in the enterprise application market is anticipated to witness a significant growth during the forecast period as supply chain analytics solutions & services have gained significant demand from industries amid the ongoing COVID-19 pandemic. A rise in demand for supply chain efficiencies and the need to improve operational processes is poised to fuel the industry growth. The rising volume & inclination toward data-based decision-making supports the acceptance of supply chain management solutions across industries.
The cloud enterprise application market is projected to garner substantial revenues, which is driven by its growing usage across SMEs. The increasing demand for Customer Relationship Management (CRM) software supports the adoption of SaaS-based enterprise applications. Low subscription costs and hardware-independent operations have made cloud software a viable option for small & medium enterprises with limited financial resources. All software-related updates, security enhancements, and user addition are handled by SaaS providers, enabling enterprises to reduce their IT spending.
The enterprise application market for retail segment is slated to register exponential growth due to the increasing competition among e-commerce companies along with the growing need to provide a personalized shopping experience to customers. E-commerce companies are utilizing the capabilities of enterprise solutions to personalize the user's shopping experience by analyzing the browsing pattern & on-site content.
Asia Pacific enterprise application market is predicted to observe a 10% growth rate till 2028 owing to the extensive acceptance of digital technologies by regional business corporations. The region has a mature IT industry with several countries including China, India, Japan, and South Korea being regional leaders in the implementation of enterprise applications.
Some of the key participants operating in the enterprise application market are Epicor Software Corporation, Fiserv, Inc., Genesys Telecommunications Laboratories, Inc., Hewlett Packard Enterprise Co., IBM Corporation, IFS AB, Infor, Inc., JDA Software (Blue Yonder), Microsoft Corporation, MicroStrategy Incorporated, NetSuite, Inc., Oracle Corporation, Qlik Technologies, Inc., SAGE Group Plc, Salesforce.com, Inc., QAD Inc., SAP SE, Tableau Software, LLC, Total Soft S.A., TIBCO Software, Inc., Adobe, Inc., and Zoho Corporation.
These companies are focusing on various business growth strategies including investments in new enterprise solutions, strengthening the partner network, and geographical expansion. Through such strategic moves, companies are trying to gain a broader market share and maintain their leadership in the market.
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Some major findings of the enterprise application market report include:
- The growing retail sector and widespread penetration of customer relationship management solutions are contributing to the demand for enterprise applications.
- The IT & telecom sector is estimated to grow significantly during the forecast timeframe. The need to ensure remote accessibility and management of network infrastructure along with workforce productivity is accelerating the industry expansion.
- APAC market is set to grow at a rapid pace from 2022 to 2028 on account of the improvements in the ICT landscape, an abundance of skilled software developers, and increasing awareness of enterprise applications amongst SMEs.
- Amid the ongoing Russia-Ukraine crisis, there has been a halt in software-related developments and exports from Ukraine, which is expected to cause a slight dent in the market progression.
- The industry players are focusing on product innovation & customization to provide unique solutions to existing & potential customers.
Table of Contents (ToC) of the report
Chapter 3 Enterprise Application Market Insights
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.2.1 Strategies by key players to achieve pre-COVID level growth
3.2.2 Impact on industry value chain
3.2.3 Impact on competitive landscape
3.3 Impact of Russia-Ukraine crisis
3.3.1 Impact on technology supply chain
3.3.2 Response of global enterprises
3.3.3 Region-wise impact of Russia-Ukraine crisis
3.4 Evolution of enterprise application
3.5 Enterprise application industry ecosystem analysis
3.5.1 Enterprise application vendors
3.5.2 Cloud service providers
3.5.3 System integrators
3.5.4 Third party service providers
3.5.5 Distributors and resellers
3.5.6 End-users
3.5.7 Shareholder profit margin analysis
3.5.8 Vendor matrix
3.6 Investment portfolio
3.7 Patent analysis
3.8 Technology & innovation landscape
3.8.1 AI powered customer support
3.8.2 Blockchain
3.8.3 Data integration
3.8.4 IoT-enabled enterprise assets
3.8.5 Machine learning
3.8.6 Predictive analytics
3.8.7 Process automation
3.8.8 Two-tier ERP
3.9 Regulatory landscape
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.2 Industry pitfalls & challenges
3.11 Growth potential analysis
3.12 Porter's analysis
3.13 PESTLE analysis
Browse Complete Table of Contents (ToC) at https://www.gminsights.com/toc/detail/enterprise-application-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Global Market Insights Inc.
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SOURCE Global Market Insights Inc.
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