Rising adoption of cloud-based mobile applications is driving the growth of the global enterprise application market.
PORTLAND, PORTLAND, OR, USA, Sept. 7, 2022 /EINPresswire.com/ — Asia-Pacific enterprise application market trends are expected to show the highest growth during the forecast period, owing to the strong economic growth and ongoing development in enterprise application and inventory management, which is driving organizations to invest heavily in the enterprise application market to sustain growth and improve productivity.
In addition, factors such as a major shift towards digital transformation, cloud deployment and technological advancements among small and medium enterprises, and the continued modernization of workforce management strategy in economies emerging markets contribute in particular to the growth of the market.
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According to a recent report by Allied Market Research, the global enterprise application market size was valued at $238.36 billion in 2020 and is expected to reach $527.40 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.
Advances in industrial-grade digital technology, an increase in the inclination towards cloud-based enterprise application software, and an increase in the need for improved supply chain and customer relationship management contribute primarily to market growth. However, lack of IT infrastructure in underdeveloped countries and increasing security and privacy concerns are hampering the growth of the enterprise application market.
On the basis of components, the solution segment dominated the overall enterprise application industry in 2020 and is expected to continue this enterprise application market trend during the forecast period. This is attributed to the increase in the adoption of enterprise application solutions by companies to gain strategic advantage as well as competitive advantage and strong customer loyalty over their competitors.
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Additionally, these solutions save time and money, leverage existing data investments, and enhance image analysis capabilities, all with a single software application. Which provides lucrative opportunities for market growth.
the services segment is expected to experience the highest growth in the enterprise application market, as the services segment of the enterprise application industry provides effective coordination between software vendors and enterprise application software users. company by providing services such as implementation, training, consulting services and management services.
Adoption of this software accelerates customer satisfaction across various verticals such as BFSI, IT & Telecom, and Healthcare, which maximizes the value of existing customers by optimizing their needs and minimizing operational costs. This further fuels the adoption of the services needed to properly manage the software.
According to the mode of deployment, the on-premises segment dominated the enterprise application market share in 2020 and is expected to continue this trend during the forecast period. This is attributed to the many advantages provided by this on-premises deployment, such as a high level of security and data safety.
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However, the cloud segment is expected to see the greatest growth in the coming years. Since cloud deployment requires no investment in IT infrastructure as all data is stored in a cloud server, which increases the demand for enterprise application software in small and medium enterprises.
This report gives a detailed profile of some key enterprise application market players 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 estimates to determine impending pockets of investment.
Main benefits for stakeholders
• The study provides an in-depth analysis of the enterprise application market share along with current trends and future estimates to elucidate impending investment pockets.
• Information on major drivers, restraints and opportunities and their impact analysis on the Enterprise Application market size is provided.
• Porter’s Five Forces analysis illustrates the power of buyers and suppliers operating in the enterprise applications market.
• The quantitative analysis of the enterprise application market share from 2020 to 2030 is provided to determine the enterprise application market potential.
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Finally, this report provides market insights in the most comprehensive way. The structure of the report has been kept to provide maximum business value. It provides essential insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those looking to enter the market.
1. Cloud enterprise application software market
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