Enterprise Software Market 2020 Covid-19 Analysis, Future Plans, Technological Advancement, Target Audience, Growth Prospects Predicted by 2023
With the role of softwares expanding for the functioning of enterprises, it is common for enterprises to use software to manage their operations and improve their efficiency. Market Research Future (MRFR) has published a research report about the global enterprise software market that anticipates extension for this market at 8% CAGR (Compound Annual Growth Rate) between 2017 and 2023. By value, the market has been figured to be worth the US $ 634 bn by the end of forecast period.
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Advantages that lead to market growth include improved performance, replacement of old legacy systems, system integration by enterprises across diverse locations, the possibility of real-time monitoring & streamlining process. However, the high cost of licensing and flexibility, issues regarding the migration of existing data, and lack of standardization are likely to hamper the market growth.
The key players in the global Enterprise Software Market include CA Technologies Inc. (USA), EMC Corporation (USA), Hewlett Packard (HP) (USA), IBM Corporation (USA), Microsoft Corporation (USA), Oracle Corporation (USA), Salesforce.Com, Inc. (USA), Sap Se (Germany), Symantec Corporation (USA), and VMware Inc. (USA).
The global enterprise software market has been segmented on the basis of organization size, type, vertical, and lastly, region. Based on organization size, this market has been segmented into small & medium enterprises (SMEs), and large enterprises. By type, the market can be segmented into business intelligence (BI), customer relationship management (CRM), enterprise resource planning (ERP), supply chain management (SCM), web conferencing collaboration, and others.
On the basis of vertical, the market has been segmented into banking, financial services & insurance (BFSI), energy & utilities, healthcare, IT & telecommunication, manufacturing, media & entertainment, retail, transportation, and others.
The regional segmentation of the global enterprise software market segments the market into the regional markets known as Europe, North America, Asia Pacific, and the rest of the world (RoW). North America is the most vital regional market due to increasing demand for cloud computing applications in this region, technological advancement, and the presence of many key market players. In this region, the important country-specific markets are USA and Canada.
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Europe is the second largest regional market. The main reason for market growth in Europe is the technological advancement that is second only to North America. The prominent country-specific markets in this region are France, Germany, Italy, and the UK, followed by the remaining countries of Europe.
In the Asia Pacific region, the market is driven by high demand for business analytics from the growing economies like China, India, Japan, and South Korea. During the forecast period, this regional market is expected to witness relatively faster adoption of enterprise software and rise that fastest growing regional market.
Latest Industry News
According to Rimini Street Inc., a global provider for enterprise software products & services, and the leading third-party support provider for Oracle and SAP software products, over ten Australian federal and state government agencies have switched their enterprise software support to Rimini Street from Oracle and SAP. 28 JAN 2019
Amazon is set to enter the enterprise software market. 24 JAN 2019
LIST OF TABLES
TABLE 1 ENTERPRISE SOFTWARE MARKET, BY TYPE
TABLE 2 ENTERPRISE SOFTWARE MARKET, BY ORGANIZATION SIZE
TABLE 3 ENTERPRISE SOFTWARE MARKET, BY VERTICAL
TABLE 4 ENTERPRISE SOFTWARE MARKET, BY REGIONS
TABLE 5 NORTH AMERICA ENTERPRISE SOFTWARE MARKET, BY TYPE
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LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 ENTERPRISE SOFTWARE MARKET, BY TYPE (%)
FIGURE 3 ENTERPRISE SOFTWARE MARKET, BY ORGANIZATION SIZE (%)
FIGURE 4 ENTERPRISE SOFTWARE MARKET, BY VERTICAL (%)
FIGURE 5 ENTERPRISE SOFTWARE MARKET, BY REGIONS (%)
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