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A Strategic Analysis of the Enterprise Application Market, Uncovering Market Size, Key Players, and Future Growth Opportunities
Enterprise Application Market
The enterprise application market size is expected to see strong growth in the next few years. It will grow to $507.49 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to digital transformation initiatives, data security concerns, remote work trends, scalability requirements, customer experience enhancement. Major trends in the forecast period include low-code and no-code development platforms, blockchain integration for security and transparency, remote collaboration and communication tools, predictive analytics for business insights, industry-specific customization.
Market Overview -
Enterprise application refers to a large software system platform that is typically designed to operate in a corporate environment like business or government. All of a company's operational stages are run by integrated computer systems that are integrated by enterprise application software. They are used to facilitate cross-company collaboration and task coordination.
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Proliferation Of E-Commerce Websites Fuels Growth In The Enterprise Application Market
Increasing e-commerce websites are expected to propel the growth of the enterprise application market going forward. E-commerce websites are online platforms that let users buy and sell tangible objects, services, and digital goods through the internet as opposed to at actual stores. An e-commerce website is built with the help of enterprise application software to meet the complex requirements of a large business, so an increase in e-commerce websites will propel the market's growth. For instance, in November 2022, according to the report published by the United States Census Bureau, a US-based producer of data about people and economies, the U.S. retail e-commerce sales for the third quarter of 2022 were estimated to be $265.9 billion, an increase of 3.0 percent over the second quarter of 2022. These sales were adjusted for seasonal fluctuations but not for price changes. The e-commerce forecast for the third quarter of 2022 climbed 10.8% from the third quarter of 2021. Therefore, the increasing number of e-commerce websites is driving the growth of the enterprise application market.
Competitive Landscape -
Major companies operating in the enterprise application market report are Amazon.com Inc., Google LLC, Microsoft Corporation, Dell Technologies Inc., IBM Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, Broadcom Inc., Hewlett Packard Enterprise Co., Saleforce.com Inc., Adobe Inc., VMware Inc., ServiceNow Inc., Workday Inc., Twilio Inc., Atlassian Corporation plc, DocuSign Inc., Okta Inc., Slack Technologies Inc., Dropbox Inc., Epicor Software Corporation, Software AG, TIBCO Software Inc., Zoho Corporation Inc., Qlik Technologies Inc., Infor Inc., IFS AB, QAD Inc., Red Hat Inc.
Technological Advancements Reshape The Landscape Of The Enterprise Application Market
Technological advancements are a key trend gaining popularity in the enterprise application market. Major companies operating in the enterprise application market are focused on developing new technological solutions to strengthen their market position. For instance, in November 2022, SAP SE, a Germany-based developer of enterprise software that helps to manage business operations and customer relations, launched the SAP Build, a powerful offering to drive the next wave of business transformation. It is one-of-a-kind that includes a low-code solution enabling business users to secure access to end-to-end processes, context, and data. It helps businesses build enterprise applications, design business sites, and automate processes with minimal technical expertise. It allows users to intelligently monitor, analyze, and automate the processes without moving the data into an external system.
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Key Segments -
The enterprise application market covered in this report is segmented -
1) By Component: Solution, Service
2) By Deployment Mode: On-premise, Cloud
3) By Type: Business Intelligence, Supply Chain Management, Web Conferencing Collaboration, Customer Relationship Management, Enterprise Resource Planning, Other Types
4) By Enterprise Size: Large Enterprise, Small And Medium Enterprise
5) By End User: BFSI, IT and Telecom, Healthcare, Retail, Government, Manufacturing, Other Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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