Press release
Driving Digital Transformation: Enterprise Application Market to Hit USD 527.40 Billion by 2030 at 8.2% CAGR
Rise in adoption of a customer-centric approach by companies, competitive advantages over other software, and adoption of cloud and mobile applications have boosted the growth of the global enterprise application market. Rapid changes in business model software and trends of cloud technology in enterprise application software are expected to open new opportunities in the future.
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The global enterprise application market size was valued at USD 238.36 billion in 2020, and is projected to reach USD 527.40 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.
The enterprise application industry is segmented into by component, solutions type, deployment, organization size, industry vertical, and region. By component, it is divided into the solution and service. By solutions type, it is bifurcated into customer relation management, enterprise resource planning, supply chain management, business intelligence, business process management, content management system, enterprise asset management, web conferencing, and others. By deployment, it is segregated in to on premise and cloud. By organization size it is bifurcated into large enterprises and small and medium size enterprises. By industry vertical, it is segregated into manufacturing, BFSI, healthcare, retail and E-commerce, IT & telecom, government, aerospace and defense and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Covid-19 Scenario:
โ Due to the Covid-19 pandemic, online banking services witnessed the growth. This resulted in rise in adoption of enterprise application software for different applications such as customer retention and customer requirement optimization.
โ The pandemic increased use of the web-based platform to perform various tasks including online banking and online shopping. This increased number of online customers made it difficult to manage enterprise data effectively. This led to adoption of enterprise application solutions and services.
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By component, the solution segment held the largest share in 2020, accounting for more than two-thirds of the global enterprise application market, due to rise in the adoption of enterprise solutions such as SCM software, ERP, BI, and CRM and other technologies such as machine learning and internet of things. However, the services segment is estimated to register the highest CAGR of 9.2% during the forecast period, owing to rise in the adoption of consulting services among organizations to create and high-performing and resilient enterprise applications according to their specific requirements.
By industry vertical, the retail and e-commerce segment is projected to manifest the highest CAGR of 12.2% from 2021 to 2030, owing to rise of smartphone and tablets usage and increase in digital platforms. However, the IT and telecommunication segment held the largest share in 2020, contributing to nearly one-fifth of the global enterprise application market, due to rise in use of mobile devices among individuals.
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By region, the global enterprise application industry across North America dominated in 2020, accounting for more than two-fifths of the market, due to rise in investment in emerging technologies to implement streamlined work process and surge in adoption of enterprise applications to improve corporate performance. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 10.9% during the forecast period, owing to strong economic growth and ongoing development in field service and inventory management.
Some key market players in the enterprise application market are Epicor Software Corporation, Hewlett Packard Enterprise, IFS AB, Infor, Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, QAD Inc., Salesforce.com, Inc., and SAP SE. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.
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