Fort Collins, Colorado, April 21, 2024 (GLOBE NEWSWIRE) --
The rise in business needs to propel the enterprise application industry growth.
The enterprise application software industry segment is dedicated to developing and delivering applications tailored to meet the unique requirements of large organizations and businesses. These applications are crucial in streamlining operations, enhancing productivity, and supporting essential business functions across diverse departments, including finance, human resources, sales, and customer relationship management. The global enterprise application market is propelled by the rising adoption of digital technologies and the imperative for businesses to optimize their processes.
Many enterprise applications are specifically engineered to address the demands of various industries, such as healthcare, retail, manufacturing, and financial services. Increasingly, enterprise applications integrate mobile capabilities and artificial intelligence tools to augment user experience, facilitate decision-making, and drive automation. Moreover, the market is witnessing a shift from traditional licensing models to subscription-based offerings, offering businesses greater flexibility and cost predictability, further propelling market growth.
The emergence of industry- and department-specific solutions is poised to drive further market demand. Enterprise application service providers offer bespoke applications tailored to the size and objectives of their client organizations. This customization trend is fueling demand within the enterprise application market and is projected to continue driving growth during the forecast period.
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Segmentation Overview:
The enterprise application market has been segmented into solution type, deployment mode, organization size, industry, and region.
CRM accounted for a leading market share in 2023
- Based on solution type, the market segmentation includes customer relationship management, enterprise resource planning, supply chain management, enterprise asset management, business process management, and others. Customer Relationship Management holds a significant share of this segment and has become essential for businesses to manage and analyze customer interactions and data throughout the customer lifecycle.
Manufacturing accounted for a significant share in 2023
- The market is segmented by industry into BFSI, manufacturing, healthcare, retail, and government. The manufacturing sector holds a substantial share of the segment. The manufacturing industry has been at the forefront of adopting enterprise applications to streamline operations, improve efficiency, and reduce costs.
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Enterprise Application Market Report Highlights:
- The enterprise application market growth is anticipated at a CAGR of 7.3% by 2032.
- The rise in the adoption of cloud-based solutions drives the enterprise application industry.
- Asia-Pacific is expected to grow in the forthcoming years owing to the increasing adoption of cloud-based solutions and demand for digital transformation.
- Some prominent players in the enterprise application market report include SAP, Oracle, Microsoft, IBM, Salesforce, Workday, Adobe, Infor, ServiceNow, Sage, IFS, and others.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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