The global enterprise application market is anticipated to grow at a CAGR of 7.42% for the forecast period of 2019-2027. The major factors driving the market growth include the rising demand for real-time data access, growing adoption of cloud and mobile-based applications, and the fact that organizations are increasingly adopting customer-oriented approach because of the improved productivity and efficiency of an enterprise application. These applications facilitate the organization to integrate resources with a business function, supplier & customer.
The global enterprise application market is segmented on the basis of end-user, delivery model, and solution. The end-user for the market include telecom, banking, financial services and insurance (BFSI), manufacturing and services, healthcare, government, retail, aerospace and defense, and others. The delivery models for enterprise application are on-premise and cloud. The solution segment includes CRM, supply chain management (SCM), enterprise resource planning (ERP), business intelligence, content management system, business process management, web conferencing, enterprise asset management and others. The content management system (CMS) is anticipated to be the fastest growing segment over the forecast period 2019-2027 as it can be beneficial for not only editorial activities but also other management work like the ability to store news documents, video & images & to convert unstructured information into structured data.
The global enterprise application market is geographically segmented into regions like Asia-Pacific, North America, Europe and the rest of the world. The North American market is predicted to hold the biggest share of the market over the forecast period. The presence of global software vendors such as Oracle, IBM Corp., Microsoft Corp., HP, SAP, etc. is highly aiding the North American market expansion. Also, the Asia-Pacific market is projected to exhibit a significant growth over the forecast period. This growth can be majorly attributed to the increasing number of emerging start-ups in the region.
Most of the players in the market are implementing organic and inorganic strategies to gain an edge in the competitive market. Some of these top players include Industrial & Financial Systems, AB (IFS), SAP SE, Microsoft Corporation, Oracle Corporation, QAD, Inc., Salesforce.Com, Inc., Hewlett Packard Enterprise Company, International Business Machines Corporation (IBM), Infor, Inc. and Epicor Software Corporation.