Enterprise Application Market is anticipated to grow at 7.6% CAGR from 2016 to 2024
Date: 2018-09-12   Author: Ronak Bora  Category: #market

Enterprise Application Market is anticipated to grow at 7.6% CAGR from 2016 to 2024

North America enterprise application market is predicted to dominate the industry with 30% of the revenue in the forecast timeline. It can be attributed to organizations’ increasing customer centric approach and dynamic structure. Rising focus toward the reduction of operational costs will further fuel the regional growth. Asia Pacific is expected to grow at a CAGR of 9.5% and will account for USD 75 billion during the forecast time frame. Moreover, the development of innovative devices and increasing technological advancements will propel the growth of the enterprise application market in the region.

Enterprise Application Market is expected to surpass USD 280 billion by 2024. Rising need for interconnecting business processes will drive the industry in the forecast time frame. High adoption of enterprise application by industries such as retail, BFSI, manufacturing, and telecom will further propel the industry growth. This increased implementation is attributed to its user-friendly features that assist the organizations to enhance the consumer experience. Moreover, it facilitates enterprises and organizations to remain proactive and offers a competitive advantage over an open source application that further fuels the rate of its adoption.

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Availability of an open source application in many enterprises and high implementation and maintenance cost is likely to hinder the enterprise application market growth in the forecast time span. Moreover, the requirement of more staff will pose a challenge to the industry growth. International software vendors such as Oracle, Microsoft, and SAP charge more as compared to domestic software vendors. This will pose a threat to the enterprise application market growth in the forecast time frame.

Cloud enterprise application is an emerging trend that is likely to gain prominence in the industry in coming years owing to increased accessibility and low technology infrastructure costs. Moreover, enhanced internet infrastructure is projected to propel the adoption of cloud-based solutions. Rising competition among various industries such as retail and manufacturing coupled with increased focus toward expenditure optimization is anticipated to induce immense potential to the enterprise application market.

The advent of smartphones and shifting preference toward remote access is expected to surge VAS and data usage that results in increased industry demand. Moreover, availability of cost-effective and multi-functional products will have a positive impact on the revenue growth. Shifting preference of consumers toward multimedia devices along with the growing number of mobile devices will open growth opportunities for the enterprise application market.

Customer relationship management (CRM) is projected to dominate the enterprise application market with a 25% market share. It is attributed to the rising consumer awareness regarding customer engagement. ERP segment is anticipated to witness an exponential growth and grow at above 8% CAGR in the forecast time span. This growth is attributed to the rising need for real-time flow of information and need for back office automation. Content management system (CMS) is expected to grow at a CAGR of 13.5% and account for USD 8.5 billion during the forecast time frame owing to increasing demand for content management for websites.

Healthcare is expected to grow at 8.5% CAGR during the forecast time frame. This growth can be attributed to the increasing need for data transparency. Enterprise application solutions for healthcare handle digitized data from various sources. Moreover, software vendors that include Oracle, SAP, Infor, and few others provide the solutions that enhance cost-efficiency, patient safety, and the overall performance. The retail sector is anticipated to showcase an exponential growth rate during the forecast timeline owing to rapid implementation of these solutions for enhancement of the customer experience and value proposition.

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A cloud-based enterprise application is expected to dominate the industry over the forecast time span owing to its features such as disaster recovery, high accessibility, less capital involvement, and effective project monitoring. The on-premise segment is projected to witness a considerable growth rate due to rising adoption of these solutions on company’s on-premise computers.

Microsoft, SAP, Oracle, IBM, Infor, Epicor Software, IFS, and HP are a few prominent vendors in the enterprise application market. Industry players are making heavy investments to set their foothold in this field. For instance, in 2014, IBM invested over USD 8 billion for the acquisition of 18 companies providing cloud-based solutions to enhance its technological capability and offerings.



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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