Press release
Enterprise Application Market to reach USD 287.71 billion by 2024| Key Companies are Epicor Software, Hewlett Packard Enterprise, IBM, IFS, Infor, Microsoft, Oracle, SAP, QAD
Enterprise Application Market
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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.
Growth drivers: -
• Cloud computing adoption
• Competitive edge
• Escalating multimedia device demand
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Epicor Software
2. Hewlett Packard Enterprise
3. IBM
4. IFS
5. Infor
6. Microsoft
7. Oracle
8. SAP
9. QAD
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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.
Content management system market share will grow at 13.5% CAGR over the forecast timeline. Features such as capability of conveting unstructured data into structured is likely to aid in easy website content management and in turn drive growth. Benefits offerd such as up-selling and cross-selling opportunities, customer behavior insights and improved efficiency is likley to drive the business intelligence market over the forecast period.
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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U.S. market was valued at over USD 30 billion in 2015, with the North American industry likely to account for more than 30% of the revenue by 2024. Growth in the region can be credited to dynamic organizational structure paired with companies’ customer centric approach.
Asia Pacific is forecast to record substantial growth prospects owing to surging number of startups accompanied by existence of massive number of small scale industries across the region. It is forecast to grow at 9.5% CAGR from 2016 to 2024 and is projected to be valued over USD 75 billion by 2024. This can be credited to emergence of cost-effective Chinese manufacturers such as Xiaomi and Huawei. Technological advancements and development of innovative, lightweight, and compact, devices are likely to offer potential growth avenues.
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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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