Press release
Enterprise Application Market Report 2024: Growth Drivers and Future Outlook
Enterprise Application Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $507.49 billion In 2028 At A CAGR Of 8.7% :
The enterprise application market size has grown strongly in recent years. It will grow from $335.4 billion in 2023 to $363.49 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to business process optimization, legacy system upgrades, market competition, regulatory compliance, globalization.
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.
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Enterprise Application Market Major 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 Driver - 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.
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Prominent Trend - 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.
Enterprise Application Market Players
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.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the enterprise application market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global enterprise application market report during the forecast period. The regions covered in the enterprise application market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Enterprise Application Market Report Structure
3. Enterprise Application Market Trends And Strategies
4. Enterprise Application Market - Macro Economic Scenario
5. Enterprise Application Market Size And Growth
…..
27. Enterprise Application Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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