The enterprise application market is anticipated to grow significantly by 2028 due to the rising importance of enterprise data solutions that contribute to business efficiency, solving uncertainty, and managing business decisions. In addition, the need for understanding the supply and demand chain relating to market and customer requirements would likely propel the market growth forward as well.
During the Covid-19 pandemic, the market saw a surge in enterprise application solutions, especially in the healthcare sector, which can be attributed to the greater need to manage vast amounts of patient data.
Major players in the industry have been focusing on emphasizing on innovations in private and public data cloud solutions. For instance, in November 2021, Genesys Telecommunications Laboratories Inc., a leading enterprise application company, partnered up with Google cloud, a computing services suite by google, to bring their suite of customer experience and call center technology to Google cloud.
Similarly, in April 2022, Oracle NetSuite, a cloud computing company, was announced the official cloud application for BARK, a dog-centric company, for creating world's best dog products and experiences for each client. With NetSuite, BARK was able to use an integrated business platform providing financial and inventory management.
To cite another instance, in April 2022, Fiserv, another leading cloud-based computing solutions company, announced a full-fledged acceleration of open finance, enabling collaboration among financial institutions and FinTechs with the AppMarket launch.
The enterprise application market has been bifurcated in terms of deployment model, industry vertical, product, and regional landscape.
The product segment of the enterprise application market has been further divided into supply chain management (SCM), enterprise resource planning (ERP), customer relationship management (CRM), enterprise asset management (EAM), and business intelligence (BI).
Among these, the business intelligence (BI) segment is expected to witness industry growth, recording a CAGR of around 11.9% during the analysis period, due to the rising use of BI and data analytics for data driven decisions.
Additionally, enterprise asset management (EAM) bagged approximately 1.58% market share in 2021, attributing to the increasing adaption of updated EAM solutions for asset tracking. The segment is further foreseen to grow enormously driven by the factor.
In terms of industry vertical, the enterprise application market has been split into retail, health care, BFSI, manufacturing, and IT & Telecom.
The BFSI (Banking, Fintech, Insurance) industry is expected to witness a tremendous segmental growth at a CAGR of over 11.4% through the forecast timeframe on account of the rising use of CRM and customer experience improvement efforts being adopted throughout the banking sector.
Meanwhile, the IT & Telecom segment accounted for 25.37% of the market landscape in 2021 owing to a surge in the use of BI and ERP solutions by the telecom sector.
With respect to region covered, the enterprise application market in Latin America is contemplated to grow at a CAGR of over 10.1% through the projected timeline due to rising digitalization across the region's IT sector and the rapid expansion of the LATAM data center industry.
Meanwhile, the enterprise application market in Middle East & Africa held around 5.28% of the overall market share in 2021 attributing to the robust use of EAM and ERP solutions across smart city projects.