Enterprise Application Market Expected to Reach USD 287 bn by 2024: Leading Companies are Epicor Software, Hewlett Packard Enterprise, IBM, IFS, Infor, Microsoft, Oracle, SAP and QAD

Enterprise application market is expected to witness substantial growth owing to rising need to connect business process. This solution aids in enabling better quality management, supply chain management, and customer engagement. Mounting awareness regarding IT connectivity amongst company management, growing need for better internet infrastructure and swift cloud computing adoption by developed organizations will give a fillip to enterprise application market share over the forecast timeline.

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BFSI, manufacturing, healthcare, retail, airspace & defense, media, chemicals, telecom & IT, oil & gas and hospitality sector are likley to contribute towards swift industry growth over the forecast period. SCM and business process management aid industries in tracking production and inventory management from procurement to delivery. Avaialbility of open source solutions along with high implementation & maintenance costs associated with the servers and operating systems may hinder growth over the forecast period. Some available open source solutions are ProcessMaker, FriFrans, CitrusBD and Magnolia.

ERP and CRM are expected to be the prime product segments over the next seven years. Real time flow of information through various connected departments such as sales, production, technical; quality and HR is expected to fuel enterprise application market size through 2024. Transition in business models from traditional to cloud computing is anticipated to offer potential growth opportunities. Furthermore, remote access for employees and growing mobile penetration in business communication sector will also boost revenue.

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Swift business scenario with surging number of startups and small companies opting cloud based services is expected to contribute to substantial revenue generation. U.S. enterprise application market size was valued at over USD 30 billion in 2015 and is expected to record considerable growth rate due to customer centric approach and high focus on reducing operational cost. Rising awareness for adopting modern organizational structure is expected to offer new growth opportunities.

Asia Pacific which is one of the most prominent markets in terms growth prospects is largely influenced by growing adoption of cloud-based solutions in small as well as large-scale companies across this region. China is gaining a prominence in the APAC market owing to the presence of some of the technologically equipped renowned market players such as Huawei and Xiaomi. Asia pacific enterprise application industry is forecast to grow stupendously at a CAGR of 9.5% over 2016-2024, with an estimated revenue of USD 75 billion by 2024.

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U.S., which is the prime revenue pocket for North America enterprise application industry share, accounted for USD 30 billion in 2015 and is expected to cover 30% of the regional market over the coming seven years. The growth projection can be attributed to region’s dynamic organizational infrastructure along with their advanced customer-centric approach.

Key competitors include Oracle, Epicor Software, Huawei, Xiaomi, IBM, SAP, Microsoft, QAD, Hewlett Packard and IFS

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