Enterprise Application Market Anticipated to grow at 7.6% CAGR from 2016 to 2024 | IBM, Microsoft, Oracle, SAP, Epicor Software, Hewlett-Packard

Enterprise Application Market size was valued at USD 150 billion in 2015, and is anticipated to grow at 7.6% CAGR from 2016 to 2024.

Implementation of these solutions enables real-time flow of information and smooth business processes execution. Effective usage helps in better customer engagement and inventory management. In addition, it also aids in value enhancement through better supply chain management. This in turn is expected to propel global enterprise application market size from 2016 to 2023. Solutions such as business process management and business intelligence empower companies in tracking customer behavior and provide better knowledge regarding customer's changing needs as well as lifestyle. Furthermore, capability to monitor social media such as LinkedIn and Facebook are expected to catapult growth over the next eight years.

Competitive Market Share:
Key industry participants contributing to the market share include IBM, Microsoft, Oracle, and SAP Other prominent industry players are Epicor Software, Hewlett-Packard, IFS, Infor, and QAD.

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Cloud enterprise application industry share is likely to gain prominence owing to low technology infrastructure cost and increased accessibility offered. Growing internet infrastructure is predicted to drive the cloud-based solution adoption over the forecast timeframe. Increasing competition across numerous industry sectors such as retail and manufacturing along with rising focus on expenditure optimization is expected to drive revenue from 2016 to 2024.

Increasing preference for remote access and emergence of smartphones is anticipated to surge data & VAS usage and in turn facilitate industry demand. Furthermore, availability of multi-functional as well as cost-effective products is anticipated to positively impact revenue. Rising consumer preference for multimedia devices coupled with growth in mobile devices is expected to propel demand. Multimedia-enabled devices provide more features with more data security over the Internet. Availability of open source solutions may hinder growth. In addition, it may act as a substitute to applications involving high maintenance and implementation costs. Furthermore, extra staffing requirement is likely to pose a challenge to industry participants.

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Enterprise Application Market, By Product

ERP market accounted for over 20% of the enterprise application industry share in 2015. The segment is forecast to grow at 7.7% CAGR from 2016 to 2024. Rising need to automate back office and need for real-time information flow is predicted to propel growth. CMS (content management system) segment is forecast to witness significant growth prospects owing to escalating demand for website content management. It is predicted to grow at 13.5% CAGR from 2016 to 2024 to be valued at over USD 8.5 billion by 2024.

CRM (customer relationship management) sector has benefitted from escalating awareness regarding customer engagement management. It is estimated to account for over 25% of the market share by 2024.

Enterprise Application Market, By End-Use

The healthcare segment valued at over USD 16.5 billion in 2015 and is projected to grow at 8.9% CAGR from 2016 to 2024. This can be credited to rising need for real-time data transparency across the sector. Retail segment accounted for over 15% of the revenue in 2015. Growth in the sector can be attributed to swift adoption of these solution for enhancing value proposition as well as customer experience.

It is debatable as to which software is more profitable for organizations, and implementation decision is based on customer requirements. For instance, cost saving through open source software implementation may not offset the implementation time and extra staffing.

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Table of Contents:

Report Content
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Enterprise Application Industry Insights
Chapter 4. Enterprise Application Product Insights
Chapter 5. Enterprise Application End-Use Insights
Chapter 6. Enterprise Application Deployment Insights
Chapter 7. Enterprise Application Regional Insights
Chapter 8 Company Profiles

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