Enterprise software integrate enterprise applications used within organizations to meet security and administrative management requirements

January 09, 2019 - The global enterprise software market is projected to expand at substantial CAGR of around 5.47% by 2022, finds a report available on Radiant Insights, Inc. Growing requirement for advanced software to manage human resources, inventory, purchase, finance and accounting, and customer relationship is anticipated to propel market over the forecast period (2018 to 2022). Enterprise software integrate enterprise applications used within organizations to meet security and administrative management requirements. In addition, they enhance productivity and efficiency of an organization through business logic support and gain significant competitive advantage. This factor is anticipated to boost the adoption in near future.

Growing need to gather, manage, analyze, and optimally utilize big data among organizations to gain competitive edge can fuel market for enterprise software. Continual rise in global spending to modernize current office and business applications is likely to further stimulate market growth. Easy approvals of bigger budgets for information technology projects in organizations can fuel demand for the software. Gradual shift towards cloud computing and enterprise mobility solutions such as Bring Your Own Device (BYOD) is expected to augment market growth during the forecast period.

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To cater to rising demand for enterprise software, most vendors are investing in Research and Development (R&D) activities to develop advanced products. For instance, a team of IT specialists at Mayden recently designed mini enterprise software called Orbit that can drive productivity for budding startups and Small and Medium Enterprises (SMEs). The software can allow multiple teams in an organization to efficiently share information and coordinate on complex projects across different locations using one central hub. In addition, this software can offer team management, Customer Relationship Management (CRM), time management, communications, and invoicing.

The worldwide enterprise software market can be segregated on the basis of software type, application, and region. Based on software type, the market can be categorized into analytics, performance management, audit, and business process management software. Analytics software is expected to dominate the market and account for the largest market share during the forecast period. It is likely to be followed by performance management software, business process management software, and audit software.

Based on application, the market can be classified into business intelligence, web conferencing, customer relationship management, digital content creation, enterprise resource planning, and supply chain management.

Regional segmentation includes Europe, Americas, Asia Pacific, and Middle East and Africa (MEA). In Americas, the market is expected to witness significant growth over the forecast period. This expansion can be attributed to early adoption of Software as a Service (SaaS) and customer relationship management. Europe is likely to witness steady rise during the forecast period owing to high adoption in companies rapidly utilizing hybrid models of cloud and on-premise products.

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Middle East and Africa market is predicted to grow at a tepid pace over the forecast period owing to lack of data center and network infrastructure. In addition, inadequacy of local-language cloud or SaaS offerings coupled with government regulations may restrict regional market expansion.
 

Asia Pacific market is expected to register substantial growth over the forecast period attributed to presence of data centers and rising investments in local-language offerings.

Some of the leading companies operating in the global enterprise software market are Oracle Corporation, EMC Corporation, Symantec, Microsoft Corporation, and IBM Corporation.