Press release
Soaring Demand Set to Propel Enterprise Application Market to $552.76 Billion by 2029
Enterprise Application Market
What Is the Expected CAGR for the Enterprise Application Market Through 2025?
In the past few years, the enterprise application market size has experienced a significant expansion. It is forecasted to increase from $355.23 billion in 2024 to $378.44 billion in 2025, with a compound annual growth rate (CAGR) of 6.5%. Factors such as business process optimization, legacy system upgrades, market competition, regulatory compliance, and globalization have contributed to this growth in the historic period.
What's the Projected Size of the Global Enterprise Application Market by 2029?
In the foreseeable future, the enterprise application market is projected to experience substantial expansion. Its size is anticipated to reach $552.76 billion in 2029, with a compound annual growth rate (CAGR) of 9.9%. The growth during the forecast period could be due to initiatives around digital transformation, concerns around data security, trends in remote work, requirements for scalability, and enhancement of the customer experience. Noteworthy trends expected during this period are development platforms with low-code and no-code, integration of blockchain for security and transparency, tools for remote collaboration and communication, predictive analytics for business insights, and customization specific to the industry.
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Top Growth Drivers in the Enterprise Application Industry: What's Accelerating the Market?
The rise in e-commerce websites is anticipated to fuel the expansion of the enterprise application market in the future. Online platforms known as e-commerce websites enable consumers to conduct transactions for physical items, services, and digital products via the internet instead of physical stores. Enterprise application software is utilized in the creation of an e-commerce website to cater to the sophisticated needs of a large-scale business, therefore, a rise in these websites will enhance market growth. For instance, in September 2024, The Sellers Commerce, a USA-based e-commerce solutions supplier, published a report indicating that there were 26.6 million e-commerce websites worldwide, showing a 3.83% rise from the previous year. Consequently, the surge in e-commerce websites is propelling the growth of the enterprise application market.
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What Trends Will Shape the Enterprise Application Market Through 2029 and Beyond?
The rise of technological innovations is a notable trend growing in significance in the enterprise application market. Prominent players in this market are keenly focused on launching novel technological solutions to consolidate their market standing. For example, SAP SE, a company based in Germany that produces enterprise software for managing business operations and customer relationships, unveiled the SAP Build in November 2022. This unique offering aims to catalyze the future wave of business transformation. It incorporates a low-code solution that allows business users to securely access comprehensive processes, context, and data. This facilitates the creation of enterprise applications, business site designing, and process automation with little technical expertise required. Additionally, it enables users to smartly observe, evaluate, and automate processes without transferring the data to an external system.
What Are the Main Segments in the Enterprise Application Market?
The enterprise applicationmarket 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
Subsegments:
1) By Solution: Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Supply Chain Management (SCM), Human Resource Management (HRM), Business Intelligence (BI) And Analytics, Content Management Systems (CMS)
2) By Service: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services, Managed Services
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Which Top Companies are Driving Growth in the Enterprise Application Market?
Major companies operating in the enterprise application market include Amazon.com Inc., Google LLC, Microsoft Corporation, Dell Technologies Inc., IBM Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, 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.
Which Regions Will Dominate the Enterprise Application Market Through 2029?
North America was the largest region in the enterprise application market in 2024. 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.
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