According to the latest report by IMARC Group, titled "Enterprise Application Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global enterprise application market reached a value of US$ 249.9 Billion in 2021. Enterprise applications refer to software platforms that are mainly used to facilitate coordination and cooperation of work across the organization. They integrate core business processes, including accounting, sales, finance, inventory, human resources and manufacturing, that help an enterprise in a data-centric decision-making process. Its implementation enables real-time and accurate business information flow across businesses. The demand for enterprise applications is increasing across the globe due to their several benefits, such as standardized business processes, automation of workflow, balanced financial structure, easy tracking of supply chain process and easy accessibility to data archives in a cost-efficient manner.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Enterprise Application Market Trends:
The global market is primarily driven by significant growth in the information technology (IT) sector. Along with this, rapid digitization across the globe has encouraged leading players to heavily invest in the deployment of these solutions. Additionally, the emergence of consulting services among organizations on the global level is providing a boost to the demand for enterprise applications. Moreover, continuous technological advancements and the integration of the internet of things (IoT), artificial intelligence (AI) and machine learning (ML) with these systems are providing an impetus to the market growth. Furthermore, the rapid outbreak of coronavirus disease (COVID-19) and the rising adoption of work-from-home models are considered to be major growth-inducing factors. Other factors, including rapid urbanization, geographic expansion of businesses, intensive business competition, continuous innovation in the software solution, the widespread utilization of connected devices across enterprises and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 403.9 Billion by 2027, exhibiting a CAGR of 8.24% during 2022-2027.
- On the basis of the solution, the market has been segregated into customer relationship management, enterprise resource planning, supply chain management, analytics and business intelligence, human capital management, productivity tools and others.
- Based on the organization size, the market has been categorized into small and medium and large enterprises.
- On the basis of the deployment mode, the market has been classified into on-premises and cloud-based.
- Based on the end-user, the market has been segmented into BFSI, manufacturing and retail, healthcare and pharmaceuticals, IT and telecommunication, government and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Accenture plc, Fujitsu Limited, Infosys Limited, International Business Machines Corporation, iTransition Group, Microsoft Corporation, Oracle Corporation, Pegasystems Inc., Salesforce.com Inc., SAP SE, Software AG and Tata Consultancy Services Limited.
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