The Enterprise Application Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Enterprise Application Global Market Report 2024, The enterprise application market size has grown strongly in recent years. It will grow from $335.4 billion in 2023 to $363.49 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to business process optimization, legacy system upgrades, market competition, regulatory compliance, globalization.
The enterprise application market size is expected to see strong growth in the next few years. It will grow to $507.49 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to digital transformation initiatives, data security concerns, remote work trends, scalability requirements, customer experience enhancement. Major trends in the forecast period include low-code and no-code development platforms, blockchain integration for security and transparency, remote collaboration and communication tools, predictive analytics for business insights, industry-specific customization.
Increasing e-commerce websites are expected to propel the growth of the enterprise application market going forward. E-commerce websites are online platforms that let users buy and sell tangible objects, services, and digital goods through the internet as opposed to at actual stores. An e-commerce website is built with the help of enterprise application software to meet the complex requirements of a large business, so an increase in e-commerce websites will propel the market’s growth. For instance, in November 2022, according to the report published by the United States Census Bureau, a US-based producer of data about people and economies, the U.S. retail e-commerce sales for the third quarter of 2022 were estimated to be $265.9 billion, an increase of 3.0 percent over the second quarter of 2022. These sales were adjusted for seasonal fluctuations but not for price changes. The e-commerce forecast for the third quarter of 2022 climbed 10.8% from the third quarter of 2021. Therefore, the increasing number of e-commerce websites is driving the growth of the enterprise application market.
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The enterprise application market covered in this report is segmented –
1) By Component: Solution, Service
2) By Deployment Mode: On-premise, Cloud
3) By Type: Business Intelligence, Supply Chain Management, Web Conferencing Collaboration, Customer Relationship Management, Enterprise Resource Planning, Other Types
4) By Enterprise Size: Large Enterprise, Small And Medium Enterprise
5) By End User: BFSI, IT and Telecom, Healthcare, Retail, Government, Manufacturing, Other Users
Major companies operating in the enterprise application market are increasing their focus on introducing automated management applications to gain a competitive edge in the market. Automated management applications are software systems designed to streamline and optimize various managerial tasks and processes within an organization. For instance, in November 2023, Microsoft Corporation, a US-based technology company, developed Intune Enterprise App Management, which streamlines and consolidates the application update process by providing a comprehensive view of all apps that require an update. It enables IT and security operation teams to simplify the lifecycle of managing first-party and third-party applications with a secure, prepackaged catalog of apps. Some of the benefits of app management in Microsoft Intune include data protection, a wide range of app support, access control, app configuration and updates, and app management on personal devices.
The enterprise application market report table of contents includes:
1. Executive Summary
2. Enterprise Application Market Characteristics
3. Enterprise Application Market Trends And Strategies
4. Enterprise Application Market – Macro Economic Scenario
5. Global Enterprise Application Market Size and Growth
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31. Enterprise Application Market Other Major And Innovative Companies
32. Global Enterprise Application Market Competitive Benchmarking
33. Global Enterprise Application Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Enterprise Application Market
35. Enterprise Application Market Future Outlook and Potential Analysis
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