The Business Analytics & Enterprise Software 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 Business Analytics & Enterprise Software Global Market Report 2024, The business analytics & enterprise software market size has grown rapidly in recent years. It will grow from $470.03 billion in 2023 to $531.09 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The growth in the historic period can be attributed to digitization of businesses, competitive pressures, cost optimization, mobile workforce, supply chain optimization.
The business analytics & enterprise software market size is expected to see rapid growth in the next few years. It will grow to $903.88 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to data privacy concerns, augmented analytics, sustainability initiatives, e-commerce growth, quantum computing developments, smart cities initiatives. Major trends in the forecast period include adoption of artificial intelligence (ai) in business solutions, real-time data processing and analytics, cloud-based enterprise software, blockchain integration in business applications, personalization and customization.
Mobility is an integrated component of digital solutions and is transforming businesses on a global scale driving demand for IT services. It is an essential feature for customer experience management and for enhancing interaction amongst strategic partners and suppliers. It also provides greater access to information and services which can be integrated to execute critical business operations. The development and implementation of mobile applications requires IT services. For example, Tieto’s competitive asset in mobility and Tieto’s enterprise mobility solution framework offers customized solutions to companies operating in healthcare, logistics, telecommunications, energy and manufacturing verticals.
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The business analytics & enterprise software market covered in this report is segmented –
1) By Type: ERP Software, BI Software, CRM Software, SCM Software, Other Software
2) By Deployment Model: On-Demand/Cloud, On-Premise
3) By End-User Industry: IT and Telecommunications, BFSI, Manufacturing, Retail, Healthcare, Education, Media, Other End-User Industries
Over the past five years there has been an increasing prevalence of low-cost open-source alternatives. Open source has become a preferred platform for developing new technology. In the past, software product companies would open-source software that was not making money, but now companies are open sourcing software to increase its presence and share in the market. According to Allison Randal, President, Open-Source Initiative, 78% of companies use open-source solutions and 64% participate in open-source projects indicating an increase in open-source software platforms to build applications.
The business analytics & enterprise software market report table of contents includes:
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