Enterprise Application Market: Development, Current Analysis and Estimated Forecast to 2026| Epicor Software, Hewlett Packard Enterprise, IBM, IFS, Infor, Microsoft, Oracle, SAP, QAD
In addition, the constantly expanding enterprise size and complexity have been making it difficult for them to handle the IT infrastructure, generating the requirement of enterprise application software. The software combines all features and functionalities of multiple other applications used at the enterprise premises which brings everything under a centralized control, thus enhancing the overall enterprise operations.
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The growing deployment of cloud-based enterprise application software is another factor driving enterprise application market trends owing to high scalability and cost-benefits associated with it. The enterprise application market encompasses a host of technology providers that are involved in offering innovative solutions to the meet the rising customer demand. The implementation of the product not only improves the service delivery but also simplifies the workflow by offering all in one management solution for different industry verticals.
Escalating product demand across the industries including BFSI, healthcare, manufacturing, retail, airspace &defense, chemicals, media, oil & gas, telecom &IT, and hospitality sector will boost the industry outlook over the study timeframe. According to research report by Global Market Insights, Inc., Enterprise Application Market size is projected to surpass USD 250 billion by 2024.
The Major Key Players in the Market are as follows:
1. Epicor Software
2. Hewlett Packard Enterprise
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Europe has been witnessing the presence of a rising number of SMEs along with growing inclination toward cloud platform, signaling the regional growth. Several SMEs have been adopting the enterprise applications to control their business processes. As per the data from European Commission, SMEs belonging to EU non-financial sector held two-thirds of the total EU employment in 2016.
Europe enterprise application market is anticipated to amass significant gains during the forecast period - estimates claim that the region will account for over 25% of the global enterprise application industry share by 2024.
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