Cloud Enterprise Application Software Market

Market Overview:

The global cloud enterprise application software market size reached US$ 136.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 313.2 Billion by 2028, exhibiting a growth rate (CAGR) of 13.3% during 2023-2028.

Cloud enterprise application software (EAS) refers to advanced business solutions that organizations integrate to perform various operations with enhanced productivity and efficiency. It involves enterprise resource planning (ERP), supply chain management (SCP), sales force automation (SFA), customer relationship management (CRM), business intelligence (BI), and web conferencing solutions. These applications manage enterprise assets, help with contact center operations management (CCOM), enhance customer relations, track inventory, and predict future product demand. Apart from this, cloud EAS aids in automating business procedures and interpreting reported data and visuals. Consequently, the solution is used by various end-users to mitigate business inconsistencies, communicate, manage content, and optimize the overall workflow. 

Cloud Enterprise Application Software Market Trends:

The increasing demand for cloud-based computing and the shifting user inclination toward a customer-centric approach have facilitated the widespread adoption of cloud EAS across small and medium-sized enterprises (SMEs). This can be further attributed to rapid industrialization, escalating internet penetration, and the growing organizational need for enhanced business management solutions. In line with this, the extensive adoption of software as a service (SaaS) cloud computing service model that helps reduce information technology (IT) infrastructural costs and synchronizes, updates, and stores documents, is acting as another growth-inducing factor. Additionally, the large-scale integration of big data analytics, security interface, social media applications, and mobile app development platforms to perform complex cloud-based applications and optimize existing security compliances are impelling the market growth. Moreover, the implementation of bring-your-own-device (BYOD) and work-from-home (WFH) models, especially during the COVID-19 pandemic, has further supplemented the need for hybrid cloud computing enterprise applications for asset management. Apart from this, strategic collaborations amongst key players to launch product variants with additional features are creating a positive outlook for the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global cloud enterprise application software market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on solution and industry vertical.

Breakup by Solution:

• Customer Relationship Management (CRM)
• Enterprise Resource Planning (ERP)
• Supply Chain Management (SCM)
• Web Conferencing
• Business Intelligence (BI)
• Business Process Management (BPM)
• Content Management System (CMS)
• Enterprise Asset Management (EAM)
• Others
   

Breakup by Industry Vertical:

• Manufacturing and Services
• Banking, Financial Services and Insurance (BFSI)
• Healthcare
• Retail
• Government
• Oil and Gas
• Telecom
• Others
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Accruent LLC (Fortive Corporation), Epicor Software Corporation, Hewlett Packard Enterprise Development LP, IFS AB, Infor Inc. (Koch Industries Inc.), International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, QAC Inc., Salesforce Inc. and SAP SE.

Report Coverage: