Portland, ore.And Jan 19 2022 /PRNewswire/ – Allied Market Research recently published a report titled “Enterprise Applications Market by Component (Solution and Services), Solution Type (CRM, ERP, Supply Chain Management, Business Intelligence, Business Process Management, Content Management System, and Asset Management) enterprise, web conferencing, etc.), deployment mode (on-premises and cloud), enterprise scale (large enterprise and SMEs), vertical industry (manufacturing, BFSI, healthcare, retail, telecommunications, IT, government, aerospace, defense, etc.) ): Global Opportunity Analysis and Industry Outlook, 2021-2030″. According to the report, the global enterprise applications industry $238.36 billion In 2020, it is expected to reach $527.40 billion By 2030, at a compound annual growth rate of 8.2% from 2021 to 2030.
The main determinants of market growth
The increasing adoption of a customer-centric approach by companies, competitive advantages over other software, and adoption of cloud and mobile applications has fueled the growth of the global enterprise applications market. However, the high cost associated with implementing and maintaining enterprise application solutions, the use of open source applications in small and medium businesses, and the increase in security and privacy concerns among open source application organizations are hampering market growth. On the contrary, rapid changes in business model software and cloud technology trends in enterprise application software are expected to open up new opportunities in the future.
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- Due to the Covid-19 pandemic, online banking has seen growth. This has led to increased adoption of enterprise application software for different applications such as customer retention and customer requirements optimization.
- The pandemic has led to an increased use of the web-based platform to perform various tasks including online banking and online shopping. This growing number of online customers has made it difficult to effectively manage enterprise data. This led to the adoption of enterprise application solutions and services.
Get a detailed analysis of the impact of COVID-19 on the Enterprise Applications Market:
The solutions sector dominated the market
By components, the solutions segment captured the largest share in 2020, accounting for more than two-thirds of the global enterprise applications market, due to the rising adoption of enterprise solutions such as SCM, ERP, BI, CRM and other technologies such as machine learning and the Internet of Things. However, the services sector is estimated to register the highest compound annual growth rate of 9.2% during the forecast period, due to the rise in the adoption of consulting services among organizations to create high-performance enterprise applications that are flexible according to their specific requirements.
Retail and e-commerce sector to capture the highest compound annual growth rate until 2030
According to the industry sector, the retail and e-commerce sector is expected to show the highest compound annual growth rate of 12.2% from 2021 to 2030, due to the rise in the use of smartphones and tablets and the increase in digital platforms. However, the ICT sector captured the largest share in 2020, contributing nearly a fifth of the global enterprise application market, due to the increased use of mobile devices among individuals.
North America He got the lion’s share
By region, global enterprise applications industry across North America It dominated in 2020, accounting for more than two-fifths of the market, due to increased investment in emerging technologies to implement streamlined work processes and increased adoption of enterprise applications to improve corporate performance. However, the market across Asia Pacific It is expected to display the highest compound annual growth rate of 10.9% during the forecast period, due to strong economic growth and continued development in field service and inventory management.
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The main players in the market
- IBM Corporation
- SAP SE
- Hewlett Packard Enterprise (HPE)
- cad company
- IFS AB
- Epicor Software Corp.
- Salesforce Corporation
- Microsoft Corporation
- Oracle Corporation
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