The global enterprise application market size was valued at USD 250.64 billion in 2021, and is projected to reach USD 514.55 billion by 2030, registering a CAGR of 8.32% from 2022 to 2030. Enterprise application implementation facilitates the free flow of business data within and beyond the organisation. Data from various sources, including social media, may be collected and stored using the right tools. Enterprise applications are gaining popularity among organisations since they help reduce costs and increase their market share. They contribute to the company's increased overall efficiency and productivity. Many organisations across various industries are attempting to improve customer service. The expansion of the enterprise application market is fueled by the increased desire for a single solution to help enterprises handle business problems. Enterprise application software integrates several applications, such as customer relationship management (CRM), business intelligence, supply chain management, and e-commerce systems. It can be tailored to satisfy specific business requirements and deployed across corporate networks on several platforms.
As organisations and services have gone digital on a scale never before seen, data breaches and leaks have become more frequent and damaging. Both small and large firms face threats from malicious software, ransomware, DDoS attacks, and cybercrime, such as phishing and other scams. In 2021, security solutions will include hashing protocols, specific machine learning algorithms, encryption, firewalls, access control, and data loss prevention. Progressive Web Applications (PWAs) are mobile applications integrated into a web page or installed on a user's system, altering how individuals consume online content. In addition to being intuitive, linkable, lightweight, and search engine-traceable, they can work across different platforms, attracting an increasing number of users.
Get more information on this report Download Sample Report
Escalating the need for regulatory compliance requirements and audit management
Audits are a miserable necessity for any business. For businesses to yield to government restrictions and mandates such as the Sarbanes-Oxley Act, the stringent security requirements of HIPPA, OSHA, and the Securities and Exchange Commission, businesses are making significant changes to their information technology systems and internal processes. Enterprise content management makes this much simpler because it has built-in audit trails that provide access histories and transactional details for each document. Maintaining numerous kinds of data and records is frequently required by regulations issued by the government, and these requirements might be challenging to understand.
Improved supply chain data and procedure visibility and openness
In the past, a lack of visibility and transparency inside the supply chain has been the most significant obstacle to achieving supply chain objectives. The vast majority of companies lack the supply chain visibility and knowledge necessary to improve their ability to forecast and avoid disruptions and inventory imbalances. This is partly due to an inability to manage a massive quantity of data dispersed across various processes, sources, and systems. The businesses involved in the supply chain are finding it challenging to keep up with the rapid technological improvements and the profound shifts that the digital age is bringing to many industries and marketplaces.
Concerns about data security and privacy
Because they are concerned over security and compliance, businesses worldwide are hesitant to implement new solutions that include managing data or migrating data from one platform to another. The corporate content management process includes collecting data and its transmission from one channel to another. Many businesses are under the impression that using enterprise content management solutions will lead to data theft within their highly abstracted data sets. They consider this the case because they do not have sufficient security standards and implementation information.
The increasing demand for a single solution among businesses
The expansion of the enterprise application market is fueled by the increased desire for a single solution to help enterprises handle business problems. Enterprise application software integrates several applications, such as customer relationship management (CRM), business intelligence, supply chain management, and e-commerce systems. It can be tailored to fulfil specific business requirements and deployed across corporate networks on several platforms. Companies require business-focused enterprise applications that codify corporate policies, regulations, and processes and are developed by specific business requirements as their businesses expand. As the number of mobile users in the workplace increases, these applications can help employees perform better. This also enhances communication, boosts corporate efficiency, and enables the discovery of new prospects to generate income in the market.
It is projected that enterprise resource planning (ERP) and customer relationship management (CRM) would account for a significant portion of the whole market, adding significantly to total revenue. In 2014, the customer relationship management sector contributed 15.0% of the global market's revenue. Automated back-office processes, such as inventory control, order management, production, and accounting, provide accurate and real-time information flow. Due to the increasing demand for online content management, the content management system (CMS) market is indicated to grow at a CAGR of 13% over the forecast period. By converting unstructured data to structured data, CMS solutions provide various benefits. Business Intelligence (BI) solutions contribute to enhanced efficiency, cross-selling opportunities, and customer behaviour insights. The business intelligence (BI) market was valued at USD 15.91 billion in 2014 and is indicated to increase at a CAGR of 8 % over the forecast period.
Based on end-use, the enterprise application market is divided into financial services and insurance (BFSI), telecom and information technology (IT), government, banking, manufacturing services, retail, healthcare, aerospace and defence, travel, and chemicals, oil and gas, and media and entertainment. A CAGR of 8% is anticipated for the healthcare market segment throughout the forecast period. The rapid adoption of enterprise apps in this industry is attributable to the rising demand for real-time data transparency, which enables patient-centric healthcare solutions and systems with evolving business models. Software companies, including Infor, Oracle, and SAP, offer solutions that enhance overall performance, cost-effectiveness, patient safety, and care quality.
The market for corporate apps is divided into two categories, on-premise and cloud, according to the deployment model used. On-premise solutions were responsible for the bulk of the overall revenue in 2014, and it is expected that they will continue to dominate the industry internationally. Cloud-based solutions, on the other hand, are seeing a rise in popularity among smaller businesses. This is because these businesses typically have more limited financial resources, in addition to this platform's numerous advantages. The cloud-based solution segment was predicted to account for 31 % of the market in 2014 and is projected to gain significant momentum throughout the projection year.
It is anticipated that North America will maintain its preeminent position throughout the forecast period, accounting for a large market share.
Regional Growth Insights Request Sample Pages
Changing business models that take a more customer-centric approach and firms focusing on minimising their operational costs are likely to be responsible for the substantial increase seen in the regional market. Changing organisational structures not only creates enormous new growth prospects for using enterprise software but also serves as a primary driver of the regional market. For the period covered by this prediction, it is anticipated that the European enterprise app market will indicate a CAGR of 6 %. The Asia-Pacific region is expected to register significant growth because of the increased demand for cloud-based solutions, driven primarily by the increasing number of start-ups and small and medium-sized businesses (SMEs).
Adobe, Inc., Epicor Software Corporation, Fiserv, Inc., Genesys Telecommunications Laboratories, Inc., Hewlett Packard Enterprise Co., IBM Corporation, IFS AB, Infor, Inc., JDA Software (Blue Yonder), Microsoft Corporation, MicroStrategy Incorporated, NetSuite, Inc., Oracle Corporation, Qlik Technologies, Inc., SAGE Group Plc, Salesforce.com, Inc., QAD Inc., SAP SE, Tableau Software, LLC, Total Soft S.A., TIBCO Software, Inc., and Zoho Corporation.