Enterprise Software Market Overview:
According to the findings by Forbes, 53% of companies are leveraging big data analytics to solve the problems of their business, thereby inculcating a seamless business process management. Now, these organizations work in varied domains and have different needs for business analytics, which requires customized software. This is a major factor which is opening up the enterprise software market which already had a global market size of over $360 billion in 2018 according to IndustryARC analyst. Furthermore, with the burgeoning demand for the same will be bolstering the enterprise software market growth which will grow at a remarkable CAGR of 6% during the forecast period of 2019-2025.
According to the U.S. Small Business Administration, there are 30.2 billion small businesses in the country. This attributes to the increase in the number of small and medium-sized businesses in North America, the region that tops the regional enterprise market share with almost 25% according to IndustryARC’s market analyst.
Enterprise Software Market Outlook:
Enterprise software are in-demand for a gamut of applications like enterprise content management (ECM), IT service management (ISM), customer relationship management (CRM), enterprise resource planning (ERP), and business intelligence. Basically, enterprise software reduce the time consumption for the aforementioned tasks and increase the overall productivity of an organization. According to the analyst of IndustryARC, the application CAGR of enterprise software market in marketing/CRM will be 5%.
Enterprise Software Market Growth Drivers:
The Rise in the Need for Good Customer Experience
According to a report by Bain & Company , their focus on customer experience has enhanced the customer retention rate by 5% and profit by 25% to 95%. Additionally, the company claims that the improvement in customer relationship helps in cost-cutting. Now, this majorly attributes to the use of enterprise software which largely helps in solving the problems of customer relationship management. Similarly, a myriad of companies is striving to improve the customer journey for which they are using personalized software, which is further propelling the enterprise software market size.
Enterprise software also help companies in marketing for the tasks like identifying their prospective customers, building relationship with them, and retention.
The Emergence of e-Commerce In Every Sector: A Boon to Enterprise Software Market
Consumers International predicts that e-Commerce is growing with a staggering pace, and the global e-Commerce sales were valued $1.9 trillion, and the projections show a growth up to $4.06 trillion by 2020. This chiefly attributes to the growing number of digital buyers worldwide.
In the contemporary world, each product is available online and even the small brands, and restaurants prefer to have their own e-Commerce website to minimize the supply chain time and have a direct business relationship with the end-users. Now, each of these organizations needs customized enterprise software, which further widens the global enterprise software market size.
Enterprise Software Market Challenges:
The major challenges are the ever-changing requirements in businesses and a tangible shift of software to the mobile platform. Now, this gives rise to the opportunities to companies that provide customized software on mobile platforms simplifying the organizational operations.
Enterprise Software Market Key Players Perspective:
SAP, which is one of the leading market player, acquired Qualtrics on January 23, 2019. SAP and Qualtrics will be creating enterprise software for the organization to help them in delivering exceptional customer, employee, product, and brand experiences.
Other key players crusading for greater market share are Oracle, Microsoft, Infor, Kronos, IBM, Adobe, SalesForce, Amazon, Dassault Systemes, FIS, and Dell EMC.
Enterprise Software Market Trends –
The Dizzying Growth Cloud Computing –
With so many data centers in the world, cloud computing is gaining grounds, and many organizations are leveraging the same. The enterprise software market leader SAP attributes cloud subscription as the major driving factor in their 2017 revenue as mentioned in their annual report. Furthermore, Forbes predicts that 80% of the enterprise workload will move to Cloud by 2025. This is a major market disruption which is leading to substantial opportunities in the enterprise software market.
Enterprise Software Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the enterprise software market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of enterprise software market, and their specific applications in different types of vehicles.
Enterprise Software Market Report: Industry Coverage
Apart from enterprise software, SaaS is another product offering type by the market players, whereas application-wise, the market can be segmented into supply chain, customer service, and others. Based on development, the market can be bifurcated into Proprietary software, ASP, and others.
The Enterprise Software market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia