Press release
Cloud enterprise application software market is expected to reach $144,111 million by 2023, growing at a CAGR of 14.6%
The cloud enterprise application software market is in its growth phase, and is expected to grow at a CAGR of 14.6% during the forecast period. Organizations have focused on offering effective and efficient cloud-based enterprise application software for various end users. Currently, innovative and cost-effective solutions are being offered by various vendors in the market, which cater to the growing needs of improved cloud enterprise application software among end-user industries. North America was the highest shareholder, in terms of revenue, while Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
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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.
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.
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The report features a competitive scenario of the global cloud enterprise application software industry and provides a comprehensive analysis of key growth strategies adopted by major players. 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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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.
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