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Cloud Enterprise Application Software Market to Show An Impressive Growth of $144,111 million By 2023
Cloud Enterprise Application Software Market
The global cloud enterprise application software market was valued at $55,988 million in 2016, and is projected to reach $144,111 million by 2023, growing at a CAGR of 14.6% from 2017 to 2023. The content management system (CMS) segment is anticipated to grow at the highest rate during the forecast period.
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The growth of the global cloud enterprise application software market is driven by increase in adoption of cloud-based solutions and realization of competitive advantages achieved through implementation of enterprise application software. In addition, rise in demand for enhanced business process management, high internet penetration in Asia-Pacific, and surge in demand for IoT among end users are expected to offer significant growth opportunities for the global cloud enterprise application software market. However, costs associated with the implementation & maintenance and data security concerns are anticipated to hamper the market growth.
The key players profiled in the study are Oracle, IBM, Microsoft, SAP, HP, QAD Inc., IFS AB, Epicor Software Corp., Infor, and Salesforce.com. These players have adopted competitive strategies such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations to strengthen their foothold in the market.
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North America generated the highest revenue in the global cloud enterprise application software market in 2016 due to adequate infrastructural development for the adoption of cloud enterprise application software. Asia-Pacific is expected to grow at the highest rate during the forecast period, owing to the remarkable economic growth and development of the technological infrastructure.
The manufacturing & services accounted for the highest share of the global cloud enterprise application software industry in 2016, while others segment is expected to grow at the fastest CAGR from 2017 to 2023.
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The others segment among industry verticals generated the highest revenue share in 2016.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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