Enterprise Application Software Market Size to grow by USD 134 billion between 2024-2028
According to a research report “ Enterprise Application Software Market” by Deployment (On-premises, Cloud-based) Solution (Enterprise resource planning, Analytics and business intelligence, Customer relationship management, Supply chain management, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 134 billion, at a CAGR of 7.81% during the forecast period. In today's business landscape, cloud-based enterprise application software has gained significant traction due to its ability to deliver agility and scalability in IT infrastructure. Cloud services, which are IT resources accessible over the Internet, can be deployed via public, private, or hybrid clouds. Oracle Corp., for example, offers the Oracle Banking Virtual Account Management Cloud Service, enabling banks to swiftly provide their corporate clients with a comprehensive suite of banking services for real-time cash position monitoring and working capital management. By eliminating the need for complex hardware, license management, and software, cloud-based solutions offer businesses the flexibility to focus on their core competencies. The growing demand for cloud-based enterprise applications has led to an increasing number of vendors introducing such offerings..
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By Deployment, the On-premises segment is projected to dominate the market size in 2024
The on-premises segment of the enterprise application software market is anticipated to exhibit a slower growth trajectory compared to the global average during the forecast period. This model's adoption necessitates substantial investments in hardware purchases, installation, maintenance, and upgrades. Additionally, organizations must allocate resources for training an in-house IT workforce to manage and support the software's users. Despite these costs, large organizations, primarily those dealing with critical data, prefer the on-premises model due to its enhanced security features. This model's end-to-end quality control and absence of third-party interference make it an attractive choice for these organizations, despite the higher upfront costs.
By Solution, Enterprise resource planning segment is expected to hold the largest market size for the year 2024
Enterprise Resource Planning (ERP) solutions enable businesses to manage their essential operations, including finance, accounting, human resources, manufacturing, supply chain, and customer relationship management, in an integrated and automated fashion. ERP systems streamline processes, enhance communication and collaboration, and provide real-time insights into business performance. This market segment of Enterprise Application Software can be categorized based on industry verticals, such as manufacturing, healthcare, retail, and finance, allowing organizations to select solutions tailored to their unique requirements. ERP systems offer customization and configuration options, ensuring a perfect fit for businesses' specific needs.
North America is forecasted to hold the largest market size by region in 2024
The Enterprise Application Software (EAS) market is a significant segment of the software industry, catering to the unique needs of businesses. These solutions streamline operations, enhance productivity, and improve decision-making through advanced functionalities. Key players in this market include SAP, Oracle, Microsoft, and IBM, offering ERP, CRM, and SCM applications. The market is driven by digital transformation initiatives, increasing adoption of cloud solutions, and the growing demand for automation and analytics.
The Enterprise Application Software Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Enterprise Application Software (EAS) is a critical component of modern business operations, designed to manage and automate complex processes in the corporate environment. EAS includes various applications such as Customer Relationship Management (CRM), Supply Chain Management (SCM), Finance and Accounting, Human Resources, Project Management, Inventory Control, and Business Intelligence (BI). In today's digital age, EAS is evolving to meet the demands of Big Data and IT initiatives. Two popular deployment models are Cloud Deployment and On-premise Deployment. Cloud-based services offer flexibility, scalability, and cost savings, while On-premise deployment ensures data security and control within corporate networks. E-commerce systems and corporate applications like Sales and Service also benefit from EAS. Open-source applications and Licensed applications offer different advantages, depending on the organization's needs and budget. BI tools help organizations gain insights from their data, while Finance, Accounting, and Line-of-business operations applications ensure efficient and accurate financial management. Data security is a top priority in the corporate world, making EAS with robust security features essential. EAS also integrates with various systems, ensuring seamless business processes. In conclusion, EAS plays a vital role in streamlining business operations, enhancing productivity, and providing valuable insights in the corporate environment.
Market Research Overview
The Enterprise Application Software (EAS) market is experiencing significant growth due to the increasing use of mobile devices, particularly smartphones, and the rise of mobile applications. This trend is driven by a customer-centric approach that prioritizes convenience and accessibility. Cloud technology is also playing a major role in the EAS market, enabling Big Data analysis and IT infrastructure improvements for corporate networks, e-commerce systems, and various industries such as banking, transportation, energy and utilities, telecom and IT, aerospace and defense, healthcare, manufacturing, and SMEs. The BYOD movement and enterprise mobility solutions have led to the adoption of cloud-based services, including ERP systems, data analytics, and project management tools. Cloud deployment and on-premise deployment options offer flexibility for businesses of all sizes. The Internet of Things (IoT) and Machine Learning are also transforming enterprise applications, with SCM software, BI tools, and CRM systems integrating data flow and interaction for improved business operations and productivity. Data security remains a top concern for IT departments, with open-source applications and licensed applications offering different cost structures and customization options. Overall, the expectations for enterprise applications continue to evolve, with digitalization, web conferencing collaboration, and business process synchronization becoming essential for success in today's corporate environment.
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