Authored By: Sarah
11 Feb 2024

Elevating Efficiency: Enterprise Application Software Market to Hit USD 123.32 Billion with a Cloud-Infused Boost from North America through 2023-2027

The enterprise application software market is poised for a robust 7.7% CAGR growth from 2023 to 2027, projecting a USD 123.32 billion increment. The demand is fueled by the advent of cloud-based deployment solutions, responding to a heightened demand for remote accessibility and hosted services. Cloud-based solutions offer scalable IT infrastructure and business agility, circumventing challenges in hardware, licenses, and software administration. Companies recognizing this trend are launching a plethora of cloud-based enterprise applications.

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For example, Oracle Corp.'s Oracle Banking Virtual Account Management Cloud Service streamlines banking services, enhancing cash position access for corporate customers.

Companies strategically employ alliances, partnerships, mergers, acquisitions, and expansions for market dominance. BMC Software Inc., with offerings like BMC Helix Service and Operations Management, Accenture Plc, Broadcom Inc., Capgemini Service SAS, and others, contributes to the vibrant competitive landscape.

Digital Dynamics: North America's 37% Stake in the Global Enterprise Application Software Boom

North America emerges as a key player, contributing a significant 37% to global growth. In this technological tapestry, the US and Canada stand out as pivotal revenue contributors. The adoption of enterprise application software in the region is propelled by a growing demand for business transparency and efficiency through digital transformation.

Dealing with the challenge of maintaining separate databases for various departments, organizations find solace in integrated solutions that pool data, reduce duplication, and enhance accessibility. Cloud-based solutions gain traction, especially in the US, where industries like BFSI and healthcare undergo digital metamorphosis. The presence of major companies like Microsoft Corp., Oracle Corp., and Inc. further propels the region's market growth and exemplifies the market's resilience and adaptability, promising a robust future for North America in the forecast period.

Enterprise Application Software Market's future lies in continuous innovation, enhanced business efficiency, and rising demand for cloud-based solutions, reshaping industries and fostering digital transformation. Download Enterprise Application Software Market Sample Report Now

Enterprise Application Software Market: Key Highlights of the Report for 2023-2027

  • CAGR of the market during the forecast period 2023-2027
  • Detailed information on factors that will drive Enterprise Application Software Market growth during the next five years
  • Precise estimation of the Enterprise Application Software Market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the enterprise application software industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of the Enterprise Application Software Market companies.
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