Enterprise Application Market surpass USD 287.7 billion by 2024, healthcare sector to prominently drive the industry growth

Enterprise Application Market is expected to surpass USD 280 billion by 2024. Rising need for interconnecting business processes will drive the industry in the forecast time frame. High adoption of enterprise application by industries such as retail, BFSI, manufacturing, and telecom will further propel the industry growth. This increased implementation is attributed to its user-friendly features that assist the organizations to enhance the consumer experience. Moreover, it facilitates enterprises and organizations to remain proactive and offers a competitive advantage over an open source application that further fuels the rate of its adoption.
Availability of an open source application in many enterprises and high implementation and maintenance cost is likely to hinder the enterprise application market growth in the forecast time span. Moreover, the requirement of more staff will pose a challenge to the industry growth. International software vendors such as Oracle, Microsoft, and SAP charge more as compared to domestic software vendors. This will pose a threat to the enterprise application market growth in the forecast time frame.
The advent of smartphones and shifting preference toward remote access is expected to surge VAS and data usage that results in increased industry demand. Moreover, availability of cost-effective and multi-functional products will have a positive impact on the revenue growth. Shifting preference of consumers toward multimedia devices along with the growing number of mobile devices will open growth opportunities for the enterprise application market.
Customer relationship management (CRM) is projected to dominate the enterprise application market with a 25% market share. It is attributed to the rising consumer awareness regarding customer engagement. ERP segment is anticipated to witness an exponential growth and grow at above 8% CAGR in the forecast time span. This growth is attributed to the rising need for real-time flow of information and need for back office automation. Content management system (CMS) is expected to grow at a CAGR of 13.5% and account for USD 8.5 billion during the forecast time frame owing to increasing demand for content management for websites.
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Healthcare is expected to grow at 8.5% CAGR during the forecast time frame. This growth can be attributed to the increasing need for data transparency. Enterprise application solutions for healthcare handle digitized data from various sources. Moreover, software vendors that include Oracle, SAP, Infor, and few others provide the solutions that enhance cost-efficiency, patient safety, and the overall performance. The retail sector is anticipated to showcase an exponential growth rate during the forecast timeline owing to rapid implementation of these solutions for enhancement of the customer experience and value proposition.
Cloud based enterprise application, which accounted for 30% of the overall share in 2015, is gaining popularity among various sectors, particularly manufacturing and retail, due to increasing focus on cost optimization, growing internet connectivity and demand for enhanced accessibility. Also, on-premise deployment model is projected to witness a CAGR of 4.5% over the period of 2016-2024.
North America enterprise application market is predicted to dominate the industry with 30% of the revenue in the forecast timeline. It can be attributed to organizations' increasing customer centric approach and dynamic structure. Rising focus toward the reduction of operational costs will further fuel the regional growth. Asia Pacific is expected to grow at a CAGR of 9.5% and will account for USD 75 billion during the forecast time frame. Moreover, the development of innovative devices and increasing technological advancements will propel the growth of the enterprise application market in the region.
Microsoft, SAP, Oracle, IBM, Infor, Epicor Software, IFS, and HP are a few prominent vendors in the enterprise application market. Industry players are making heavy investments to set their foothold in this field.