Press release
Enterprise Software Market 2017-2023 Estimated to Grow with a Healthy CAGR During Forecasts Period
Market Scenario:
Major giants like IBM Corporation, Oracle Corporation and Microsoft Corporation are the market leaders in the enterprise software market and are investing into enterprise software market due to increasing demand from various industry verticals like healthcare, BFSI, manufacturing, IT & telecommunication among others. Increasing need for real time computing of applications is one major factor fueling the growth of enterprise software market. IBM Corporation has partnered with Salesforce in order to integrate their artificial intelligence platforms to deliver enhanced customer service experience. Salesforce’s in-house artificial intelligence technology called Einstein and IBM’s cognitive computing technology Watson will work together with this partnership.
North America region holds the largest market share of global enterprise software market followed by Europe and Asia Pacific regions. The growth is North America region is mainly dominated by U.S. and Canada and is attributed to the increasing demand for cloud computing applications and in the region. The region also has a well-established infrastructure which allows implementation of advanced technologies.
Enterprise Software Market has been segmented on the basis of type, organization size and vertical. The type segment is further bifurcated into enterprise resource planning (ERP), business intelligence (BI), supply chain management (SCM), customer relationship management (CRM), web conferencing collaboration and others. Out of which, enterprise resource planning and customer relationship management sub segments hold a significant market share owing to its growing number of applications and are also expected to dominate the market share of enterprise software market during the forecast period.
Major factor driving the growth of enterprise software market is the growing trend of big data analytics and analytics and cloud computing. Increasing demand for business intelligence and analytics is another major factor driving the growth of enterprise software market. Increasing adoption of database management systems is another factor driving the growth of enterprise software market.
The Global Enterprise Software Market is expected to grow at approx. USD 634 Billion by 2023, at 8% of CAGR between 2017 and 2023.
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Key Players:
The prominent players in enterprise software market are – Microsoft Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Salesforce.Com, Inc. (U.S.), Sap Se (Germany), EMC Corporation (U.S.), Symantec Corporation (U.S.), HP (U.S.), CA Technologies, Inc. (U.S.), VMware, Inc. (U.S.) among others.
Segments:
Enterprise software market can be segmented on the basis of following:
By Type
• Enterprise Resource Planning (ERP)
• Business Intelligence (BI)
• Supply Chain Management (SCM)
• Customer Relationship Management (CRM)
• Web Conferencing Collaboration
• Others
By Organization Size
• SMEs
• Large Enterprises
By Vertical
• BFSI
• Healthcare
• Manufacturing
• IT & Telecommunication
• Media & Entertainment
• Transportation
• Energy & Utilities
• Retail
• Others
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Regional Analysis:
The regional analysis of enterprise software market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in enterprise software market in North America is attributed to technical advancements and increasing demand for business analytics and intelligence applications across various industry verticals in that region.
Intended Audience
• Technology Investors
• Research/Consultancy Firms
• Infrastructure Providers
• Original equipment manufacturers (OEMs)
• Technology Providers
• Telecommunication companies
• Government Bodies
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