Flexible and fast process automation and development are at the bosom of any digital transformation initiative. Enterprises usually have some frequent needs, such as asset tracking and management, information processing and sharing, client or customer management, protection of business knowledge, resource planning and others.Enterprise software is a term, used to refer all software involved in maintaining these frequent needs of an enterprise. The prime objective of utilizing an enterprise software is to develop efficiency and productivity through business logic support functionality and acquire a feasible competitive advantage. Huge investment and relentless innovation are the factors driving the growth of the global enterprise software market during the forecast period.
Modernizing, replacing and spending huge money on enterprise application software by many companies, creates a huge demand and high growth opportunity for this market in the next few years. Moreover, new data sources and competitive pressures are generating new necessities, which is further estimated to propel the enterprise software market growth over the next eight years. Expansion of cloud services across the globe is also a major factor augmenting the growth of the enterprise software market over the projection period. Additionally, increasing investments by major IT industries in-order to bring modernization in the IT infrastructure is further anticipated to offer apositive impacton the enterprise software market over the next few years. In addition to this, further improvements in cloud computing coupled with developments in interconnectivity and mobile solutions are further expected to make the market demanding in the upcoming years.Further down, increasing adoption rate of enterprise application software and cloud in financial institututions, therefore, makes the financial industry witness the highest market growth during the forecast period. Moreover, growing IT budgets in companies and increasing technology-focused projects are anticipated to offer positive avenues to the global enterprise software market in the next eight years.
The major end-users of enterprise software mentioned in the report include BFSI, media & entertainment, transportation, telecommunication, healthcare & life sciences, energy & utilities and others. The enterprise software market in the report is segmented by types which include Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Supply Chain Management, Business Intelligence (BI), Enterprise Content Management (ECM), and Web Conferencing and Collaboration. Moving forward, on the basis of solutions the enterprise software market is analyzed as cloud virtualization, SDN switching and SDN controllers. The global enterprise software market has been moreover segmented geographically into North America, Europe, Asia-Pacific, Middle East and Africa and Latin America.
Recently, the North-America and Europe enterprise software market are witnessing a massive growth owing to the early adoption of enterprise application software coupled with therapid use of hybrid cloud models by major companies present in countries like the United States, Canada, Germany,France, and others.Moving forward, increasing number of IT companies in India and their continuous focus on improving productivitymakes the Asia-Pacific region the fastest growing enterprise software market. Moreover, increasing expenditure on infrastructure software and application by end-users in China and India further creates a high growth opportunity for this market in the Asia-Pacific region.Further down,implementation of recent trends such as BYOD or (Bring-Your-Own-Device)in enterprises across Middle East & Africa to upgrade employee flexibility, is a major driving factor of the enterprise software market in this region.Additionally, the Latin-America region is witnessing a steady market growth, owing to the rapid growth of small and medium enterprises in countries like Argentina, Brazil,and Chile. Development of cloud-based solutions by vendors present in the Latin-America region is further expected to influence the enterprise software market growth in the near future.
However, lack of standardization and increasing security concerns are some of the major factors expected to hinder the enterprise software market growth over the projection period.
Some of the major players in the global enterprise software marketinclude Oracle Corporation, Microsoft Corporation, IBM Corporation, EMC Corporation, VMware, Symantec, and SAP SE among others.
Global Enterprise Software Market: By Types
Global Enterprise Software Market: By Solutions
Global Enterprise Software Market: By End-Users
Global Enterprise Software Market: By Geography