Global Enterprise Software Market: Demand Analysis and Growth Forecast
Enterprise software is an effective solution for critical business objectives and to optimize the functionality of diverse issues associated in an entire organization. It increases the efficiency and productivity levels of an employee and thereby leads to incremented profits for an organization. Constant emphasis of organizations to identify and plug areas of opportunities for scalability, robust production, and streamline performance is increasing the demand for this software. Enterprise software customizable, which opens the whole host of new solutions to an existing problem. It also eradicates the barriers to integrate with other software platform and from switching software.
By utilizing enterprise software, organizations can gain an edge over their competitors and as the awareness increases, the companies operating in this market are flourishing. For instance, in 2018, IBM acquired Red Hat for around $34 billion, aiming to boost their Enterprise Linux. SAP is a Germany-based company which acquired Qualtrics for $8 billion in November 2018. This is a reflection of the focus of the company to provide its customers a unique operational and management system, which is a combination of SAP's enterprise resource planning, customer relationship management (CRM), and human capital management operational data with Qualtrics qualitative customer data using a software-as-a-service platform. In January 2018, SAP America’s acquired Callidus Cloud for $2.4 billion, which involves an integration of sales performance management software with existing CRM.
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ABB Ltd. provides ABB Ability Ellipse asset lifecycle management platform which integrates asset performance management, enterprise asset management, and workforce management. It offers various enterprise software solutions such as real-time control and management, energy portfolio management, asset and workforce management, network management, distributed energy resource management system, and intelligent mining solutions. The product is used in different industrial applications for utilities, power generation, transportation, mining, communications, and wastewater treatment. In the mining industry, ABB’s enterprise software provides a solution for operational insight, visibility, and control through the mining value chain, as well as helps to overcome the challenges related to asset management and energy portfolio management involved for the same. Intellectsoft provides enterprise software solutions under product engineering services. It aims to deal with every aspect of an organization that is from automation to employee collaboration.
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Disruptive Drivers and Key Trends
- Eye-catching mergers and acquisitions regarding software development tools by SAP, IBM, and other companies
- Growing awareness among organizations that reduction in operational costs coupled with time management and efficiency can lead to fruitful results
- Communication tools, smart bots, and micro apps are modernizing enterprise software and attracting investments from new end users
- Trending technologies such as artificial intelligence, deep learning, and cyber security along with governmental data protection regulations are stroking positive impact on the growth of the market
Enterprise Software is a solution to optimize efficiency in an organization. Noticing the opportunity of gaining an edge over their competitors by employing enterprise software, organizations are investing for this customizable product and thereby stroking the demand
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