Press release
Enterprise Application Market in Cloud Deployment Segment is Projected to Dominate Industry Share by 2024 | Leading players are Epicor Software, Hewlett Packard Enterprise, IBM, IFS, Infor, Microsoft, Oracle, SAP, QAD
Enterprise Application Market
Enterprise Application Market is expected to surpass USD 280 billion by 2024. Rising need for interconnecting business processes will drive the industry in the forecast time frame. High adoption of enterprise application by industries such as retail, BFSI, manufacturing, and telecom will further propel the industry growth. This increased implementation is attributed to its user-friendly features that assist the organizations to enhance the consumer experience. Moreover, it facilitates enterprises and organizations to remain proactive and offers a competitive advantage over an open source application that further fuels the rate of its adoption.
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Healthcare is expected to grow at 8.5% CAGR during the forecast time frame. This growth can be attributed to the increasing need for data transparency. Enterprise application solutions for healthcare handle digitized data from various sources. Moreover, software vendors that include Oracle, SAP, Infor, and few others provide the solutions that enhance cost-efficiency, patient safety, and the overall performance. The retail sector is anticipated to showcase an exponential growth rate during the forecast timeline owing to rapid implementation of these solutions for enhancement of the customer experience and value proposition.
Customer relationship management (CRM) is projected to dominate the enterprise application market with a 25% market share. It is attributed to the rising consumer awareness regarding customer engagement. ERP segment is anticipated to witness an exponential growth and grow at above 8% CAGR in the forecast time span. This growth is attributed to the rising need for real-time flow of information and need for back office automation. Content management system (CMS) is expected to grow at a CAGR of 13.5% and account for USD 8.5 billion during the forecast time frame owing to increasing demand for content management for websites.
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North America enterprise application market is predicted to dominate the industry with 30% of the revenue in the forecast timeline. It can be attributed to organizations’ increasing customer centric approach and dynamic structure. Rising focus toward the reduction of operational costs will further fuel the regional growth. Asia Pacific is expected to grow at a CAGR of 9.5% and will account for USD 75 billion during the forecast time frame. Moreover, the development of innovative devices and increasing technological advancements will propel the growth of the enterprise application market in the region.
Global enterprise application market worth USD 150 billion in 2015, is forecast to register a CAGR of 7.6% over the period of 2016-2024. The North America market size is estimated to account for 30% of the overall revenue by 2024, driven by modern organizational structure and customer-centric approach of the companies across this region. The Asia Pacific market is anticipated to record a CAGR of 9.5% over the coming eight years, hitting USD 75 billion by 2024. Technological advancements coupled with cloud-based solution demand by SMBs is likely to drive the regional demand.
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Novel IT developments like Big Data and Internet of things will bring immense growth opportunities for the market players. The participants will spend largely on R&D to develop innovative products and solutions in order to meet growing technological needs and most importantly to sustain competition. Startups and small scale industries will also share decent business space over the coming timeframe. Key market participants are IBM, Oracle, , Microsoft, SAP, Epicor Software, IFS, Infor, Hewlett-Packard, and QAD.
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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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