The enterprise application market comprises enterprise resource planning (ERP), customer relationship management (CRM), supply chain management (SCM), and other application software that are used by various organizations to manage business processes efficiently. Enterprise applications help organizations to streamline operations, enhance customer experience, manage finances and budgets, optimize supply chain operations, and gain insights to facilitate improved decision making. The availability of these enterprise applications on cloud platforms has simplified deployment and reduced upfront costs. This has increased cloud adoption among Small and Medium Enterprises (SMEs).
The Global enterprise application market is estimated to be valued at US$ 298.76 Bn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Enterprise Application Market Companies are Adobe, Inc., Epicor Software Corporation, Hewlett Packard Enterprise, IBM Corporation, Infor, Inc., IFS AB, Microsoft Corporation, Oracle Corporation, QAD Inc., Salesforce.com, Inc., SAP SE, ServiceNow, Inc., Sisense, Workday, Inc., and Zoho Corporation. These players are focusing on new product launches and partnerships to enhance their market share.
The key opportunities in the enterprise application market include growing demand from SMEs and shift towards cloud-based applications. The availability of cloud-based enterprise applications has simplified deployment and reduced costs for SMEs.
Technological advancements such as analytics, AI, automation, and Internet of Things (IoT) are gaining traction in enterprise applications. Integration of analytics helps organizations gain insights to improve business performance. AI and automation are transforming business processes by streamlining operations. IoT integration enables organizations to optimize equipment usage and monitor asset performance.
Market Drivers
The increasing adoption of cloud-based applications is a key driver propelling the Enterprise Application Market Size. The cloud-delivery model lowers upfront costs, simplifies maintenance, enables collaboration, and provides scalability. It has increased SME adoption of enterprise applications. This has boosted the demand and driven the market size.
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