Ottawa, June 08, 2023 (GLOBE NEWSWIRE) -- According to Precedence Research, the global enterprise software market size is expected to be worth around USD 610.09 billion by 2032. The enterprise software industry is influenced by increased end-user enterprise expenditure on improving their digital infrastructure and advancements in cloud analytical tools. Furthermore, enterprise software provides unstructured and structured data analysis, assisting businesses in identifying current market trends and gaining actionable insights, thereby supporting industry growth.
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Due to stringent safety measures enforced by most governments, the significant spread of the COVID-19 virus in early 2020 harmed the market in the first two quarters of 2020. However, beginning in 2020, enterprise software will see an increase in demand due to shifting the focus of the end-use companies toward digitalizing their business model to provide remote working facilities to their employees.
Covid 19 impact on the enterprise application market:
The growing demand among businesses for a unified solution to help them solve business problems drives the enterprise application market's expansion. Enterprise application software, which integrates various applications such as customer relationship management (CRM), business intelligence, supply chain management, and e-commerce systems and can be customized for specific business needs and deployed across corporate networks on various platforms, is used by businesses. As businesses expand, they require business-oriented enterprise applications that encode corporate policies, rules, and processes and are built to meet specific business requirements. With the increased use of mobile devices in the workplace, these apps can help employees perform better. This also helps to improve communication, increase corporate efficiency, and uncover new revenue-generating market opportunities.
Regional landscape:
Over the review period, the North American region is expected to dominate the global market for enterprise software. The region's leading growth contributors are the United States and Canada. The trend related to big data analytics is the primary factor causing an increase in the growth of the regional market. Furthermore, adopting cloud computing services is a crucial factor supporting the regional market's growth over the review period. Moreover, factors such as the introduction of new technology, the rise of improved and well-established facilities, and rapidly expanding cloud computing programs are expected to drive regional market growth in the coming years.
Over the review period, the Asia-Pacific regional market for enterprise software is expected to grow the fastest. The high demand for business analytics is the primary driver of the regional market's expansion. Furthermore, the need for intelligence applications is another factor driving the regional market's growth over the review period.
Report Highlights:
- North America region has accounted revenue share of 41% in 2022.
- Asia Pacific is growing at a CAGR of 13.79% from 2022 to 2032.
- Based on Software, the CRM segment has captured 26% of the revenue share in 2022.
- By Software, the ERP segment is poised to grow at a CAGR of 10.91% between 2023 and 2032.
- By Deployment, the on-premises segment has accounted revenue share of over 51% in 2022.
- By Deployment, the cloud segment is expected to reach at a CAGR of 13.90% from 2023 and 2032.
- By Enterprise Size, the large enterprise segment has accounted for a revenue share of 60.49% in 2022.
- By Enterprise Size, the SMEs segment is expected to hit at a CAGR of 13.72% from 2023 to 2032.
- By End-use, the I.T. and telecom segment has captured 22% of the revenue share in 2022.
- By End-use, the healthcare segment is poised to hit at a CAGR of 14% from 2023 to 2033.
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Scope of the report
| Coverage | Details |
| Market Size in 2030 | USD 488.62 billion |
| CAGR | 11.74% from 2023 to 2032 |
| Cloud Segment Share | 49% in 2022 |
| Small & Medium Enterprise Segment Share | 39.51% in 2022 |
Market Dynamics:
Drivers: Increase demand for software boosting the market growth
The growing demand for enterprise software encourages industry players to invest in software research and development to create new products and boost brand value. To improve their service offerings, these companies are implementing various business strategies such as mergers and acquisitions. For instance, in July 2022, IFS AB, an enterprise software company, expanded its software products portfolio with the addition of Ultimo Software Solutions, an enterprise asset management (EAM) company, for an undisclosed sum. The expertise of Ultimo Software Solutions in cloud-based EAM products will help IFS AB improve its customer base and brand positioning.
Restrains: high costs restrain the market growth
The high initial costs of enterprise software and the increasing digital threats are significant factors impeding industry growth. To improve the efficiency and reliability of the software, key players must invest in R&D, raising the cost of the software. Furthermore, rising cyber-attacks, such as viruses, Distributed Denial-of-Service (DDoS), ransomware, and Corporate Account Takeover (CATO), influence enterprise software sales. To address these issues, market participants are collaborating with various security technology providers to improve the security of their enterprise software. Furthermore, these companies are focusing on providing customized enterprise software based on their clients' needs to reduce the software's initial costs.
Opportunities: Technological advancement future of the enterprise market
Artificial Intelligence (AI), Machine Learning (ML), cybersecurity, Blockchain, cloud computing, and Robotic Process Automation (RPA) are all creating robust market opportunities for enterprise software. Incorporating these technologies into enterprise software improves software efficiency and adaptability, resulting in a more favorable market outlook. Key players are focusing on releasing enterprise software incorporating cutting-edge technologies such as Blockchain and AI. For example, Microsoft partnered with Lotion, a Blockchain technology solutions company, in March 2020 to integrate Blockchain technology into the Microsoft Azure cloud platform. The incorporation of Blockchain aided Microsoft Corporation clients in improving the transparency and security of their businesses.
Segmentation landscape
In 2022, the customer relationship management (CRM) segment held more than 25.0% of the largest share. CRM software collects consumer analytics, improves customer retention, creates a centralized client information database, generates automatic sales reports, forecasts sales, and streamlines internal communications.
Deployment insight: In 2022, the on-premises segment will have the largest market share. The ability of on-premises software to provide enhanced data security and consistent services without an internet connection is driving the segment. From 2022 to 2032, the cloud segment is expected to grow at the fastest rate. The benefits of cloud-based enterprise software include low subscription and maintenance fees, 24*7 system access, improved collaboration, and unlimited storage capacity.
Enterprise insight:
In 2022, the large enterprise segment held the largest share of more than 60%. Large corporations use enterprise software to manage their business operations, such as finance, marketing, sales, talent management, production, and inventory management. These businesses are focusing on automating their various tasks to reduce human intervention and workforce costs, driving demand for ML and AI-enabled enterprise software.
Recent development in the enterprise software market:
- In 2021, DP World launched CARGOES Logistics which allows instant online cargo booking, tracking of the cargo, and selecting the mode of transport, for the first phase, the booking of cargo will be allowed from UAE to India and from India to other destinations.
- In 2021, PCMS an established retail company extended a partnership with Redpanda software by adding sales and implementation to the already existing partnership between the two companies. The red panda has worked on the software development of their product in the past and can redefine it for new and existing clients.
Key players operating in the market
- Broadcom Inc. (CA Technologies, Inc.)
- Epicor Software Corporation
- Hewlett Packard Enterprise
- IBM Corporation
- Microsoft Corporation
- Corporation
- Salesforce.com, Inc.
- SAP SE
- SYSPRO
- Zoho Corporation Pvt. Ltd.
Market segmented as:
Software outlook
- Enterprise Resources planning (ERP) software
- Business intelligence software
- Content Management Software
- Supply chain management software
- Customer Relationship Management Software
Deployment Outlook
- On-premises
- Cloud
Enterprise Size Outlook
- Large Enterprise
- Small & Medium Enterprise
End-use outlook
- BFSI
- Retail
- Healthcare
- IT & Telecom
- Government & Education
- Manufacturing
By Region:
- North America
- Europe
- Asia Pacific
- LAMAEA
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