Dublin, Jan. 05, 2023 (GLOBE NEWSWIRE) — “Global Enterprise Software Market Size, Share and Industry Trends Analysis Report Enterprises, by Deployment (On-Premises and Cloud), Type, and Company Size (Large Enterprises and SMBs) , By End-use, By Regional Outlook and Forecast, 2022 – 2028 report added of ResearchAndMarkets.com Recruitment.
The global enterprise software market size is expected to reach $404 billion by 2028, rising at a CAGR of 11.1% during the forecast period.
Market growth factors
Enhance software and business processes
The industry is seeing efficiency gains as the use of techniques such as automation and lean manufacturing increases. This is also seen in business software. Routine tasks are automated so employees can focus more on other important tasks. Organizations can also eliminate time-consuming or inaccurate tasks from their workflows. By using process mapping tools to track assets and workflows across the organization, companies can now pinpoint problems and solutions early on.
Major players in the market are competing with various innovative products to remain competitive in the market. The chart below shows the percentage of revenue for the leading players in the market. Major players in the market are adopting different strategies to meet the demand from different industries. An important development strategy in the market is acquisition.
Increased use of customer relationship management software and big data analytics
CRM more accurately oversees the management of the company’s relationship with its customers. CRM has features such as sales automation, contact management, and marketing automation that help businesses with customer satisfaction and sales. As these organizations begin to process vast amounts of data, more companies are moving to big data analytics tools to provide solutions. These solutions provide valuable insight into market trends and customer behavior, thus helping you make better business decisions.
Market restraining factors
High software implementation and adoption costs
Enterprise software is a huge investment of capital, time, and skill. Project planning, installation, system configuration, and training typically lengthen the implementation process and increase the cost of enterprise software. In addition, organizations may also need to install updated network equipment, new hardware, and security software, which also add cost. Employee requirements and system maintenance also increase expenses.
Type Outlook
Based on type, the enterprise software market is segmented into customer relationship management, business intelligence, content management, enterprise resource planning, human resources management, supply chain management, and others. The supply chain management segment captured a significant revenue share in the enterprise software market in 2021. The supply chain creates finished products from raw materials that are delivered to customers. It comprises a complex system of activities and organizations such as manufacturers, raw material suppliers, distributors, customers and retailers.
Deployment prospects
By deployment, the enterprise software market is classified into cloud and on-premises. The on-premises segment will capture the largest revenue share in the enterprise software market in 2021. This is because we can provide consistent service and enhanced data security without an internet connection. Additionally, on-premises software provides flexible system access for multiple users without impacting data transfer speeds. Organizations have more control, including data security, while using on-premises software.
company size outlook
Based on enterprise size, the enterprise software market is divided into large enterprises and small and medium enterprises. The large enterprise segment captured the highest revenue share in the enterprise software market in 2021. Businesses such as marketing, talent management, sales, inventory management, and production of large companies are overseen by enterprise software. To reduce labor costs and human intervention, these companies are automating various business processes, increasing demand for enterprise software with machine learning (ML) and artificial intelligence (AI).
End-use prospects
Based on end use, the enterprise software market is segmented into BFSI, Government & Education, Healthcare, IT & Telecom, Manufacturing, Retail, Transportation, and Others. The government and education sector recorded a prominent revenue share in the enterprise software market in 2021. Growth is being seen in the government and education sectors due to the need to automate administration to run business processes. Demand for these solutions is also increasing due to advances in management modules.
Regional outlook
By region, the enterprise software market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region will capture the highest revenue share in the enterprise software market in 2021. This is due to the increased use of cloud-based enterprise software solutions due to their low maintenance and high efficiency. End-use companies have increased their investment as they have chosen to digitize their business. Strategic partnerships between industry players and technology providers will increase to generate revenue from the market.
major market players
List of companies profiled in the report:
- IBM Corporation
- microsoft
- Oracle Corporation
- Salesforce.com, Inc.
- SAP SE
- Broadcom Inc. (CA Technologies, Inc.)
- Hewlett Packard Enterprise, Inc.
- Zoho Corporation Pvt.
- Epicor Software Co., Ltd.
- syspro
Main topics:
Chapter 1 Market Scope and Methodology
Chapter 2 Market Overview
Chapter 3 Competitive Analysis – Global
Chapter 4 Global Enterprise Software Market by Deployment
Chapter 5 Global Enterprise Software Market by Type
Chapter 6 Global Enterprise Software Market by Company Size
Chapter 7 Global Enterprise Software Market by End Use
Chapter 8 Global Enterprise Software Market by Region
Chapter 9 Company Profile
companies mentioned
- IBM Corporation
- microsoft
- Oracle Corporation
- Salesforce.com, Inc.
- SAP SE
- Broadcom Inc. (CA Technologies, Inc.)
- Hewlett Packard Enterprise, Inc.
- Zoho Corporation Pvt.
- Epicor Software Co., Ltd.
- syspro
For more information on this report, please visit https://www.researchandmarkets.com/r/9lla69.
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