The global enterprise application market size is estimated to be worth USD 259.51 billion by 2022, according to a new study by Grand View Research, Inc. Increasing need among organization for single data access point is anticipated to drive industry growth over the forecast period.
Implementation of enterprise application solution enables real time data and information flow along with level running of business process. Use of these solutions enable better customer engagement, inventory management, quality management and supply chain management. Increasing IT budget of the companies is expected to favor industry growth over the next seven years. Availability of open source solution and high maintenance cost may hinder industry growth over the next seven years.
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Further key findings from the report suggest:
- Web conferencing is useful for conducting seminars, business meetings, online presentations, online educations, demonstrations, and offering direct customer support. Companies adopt web conferencing to reduce geographical barrier and enable effective communication across regions. Solution such as Business Process Management (BPM) and Business Intelligence (BI) enables efficient information processing to facilitate organizational development. Business Process Management (BPM) offers benefit such as increased customer satisfaction, improved agility, cost saving, greater team satisfaction and full transparency of all activities across the organization. Content Management System (CMS) is anticipated to grow at a CAGR of around 13% from 2015 to 2022.
- Healthcare sector is estimated to grow at a CAGR of over 8.5% from 2015 to 2022. Increasing need for real time data transparency is anticipated to drive growth over the forecast period. Industries such as BFSI, healthcare, retail, and telecom adopts these solutions to enhance customer experience and value proposition..
- Industry players use on-premise and cloud delivery models for deployment of the software. Cloud-based solution is becoming popular among small scale industries owing to budget limitation and its benefit. In 2014, on-premise cloud solution accounted for around 67% of the overall revenue share. Pay-per-use model and scalability are the main factor driving cloud-based solution growth.
- North America enterprise application market is estimated to be major regional segment owing to changing organizational structure and customer centric approach of the companies. Europe enterprise application market is estimated to grow at CAGR of around 6% over the forecast period in 2014, and accounted for over 30% of the revenue share. Asia Pacific enterprise application market is anticipated to witness growth owing to rising number of start up and presence of large number of small scale industries. Cloud-based solution may witness increase in demand in the region owing to popularity of it among small scale industries.
- The key industry participants include Key players include Hewlett Packard (HP), Oracle, Microsoft Corporation, IFS AB, SAP, QAD Inc., IBM Corporation, Epicor software Corp., and Infor. In 2014, SAP invested USD 2.54 billion in research and development to enhance their offering. In March 2014, SAP announced the acquisition of Fieldglass, a vendor management system provider.
For more information: http://www.grandviewresearch.com