Enterprise application software (EAS) is used to cater to the organization’s needs rather than the individual. These organizations can include businesses, companies, schools, clubs, or governments. It offers advantages such as quality management, customer management, and efficient utilization of available resources.
The global enterprise application market is projected to reach USD 259.51 billion by 2022. It had a market value of USD 144.18 billion in 2014. Need for solution that help companies to track their inventory from procurement to delivery will be a major factor driving the market. Software solutions like SCM (supply chain management) and BPM (business process management) enables the flow of real-time and accurate information within the organization. Availability of open-source software will be a hindrance for the market.
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Products in the market are CRM (customer relationship management), ERP (enterprise resource planning), CMS (content management systems), EAM (enterprise asset management), BI (business information), SCM, BPM, and web conferencing. CRM and ERP are the primary products that will experience significant growth from 2015 to 2022 (forecast phase). CRM had a revenue share above 15% of the enterprise application market in 2014. CMS has an estimated growth rate exceeding 13% over the forecast phase. BI offers insights into customer behavior and identifies cross-selling and up selling opportunities. This solution has an expected CAGR of above 8% during the forecast phase.
End-users of the market are healthcare, retail, manufacturing services, government, oil & gas, media & entertainment, chemicals, travel, BFSI (Banking, Financial Services and Insurance), and hospitality sectors. Healthcare sector shows promise with a growth rate above 8.5% over the next 7 years. Real-time data transparency can be the driving factor accounting for growth of this segment.
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On-premise and cloud solutions are the 2 business delivery models used to deploy the software to organizations. On-premise solutions accounted for more than 67% of the global revenue in 2014. But cloud-based solutions are popular among startups and small-scale industries on account of their limited budget.
North America will experience significant growth due to its changing organizational hierarchy and customer-centric approach. Europe accounted a 30% revenue share in 2014. It will experience a 6% CAGR over the forecast phase. Asia Pacific will experience a moderate growth rate on account of small-scale industries adopting this solution.
Prominent companies involved in the enterprise application market are IBM Corporation, Microsoft Corporation, Oracle, SAP, and Hewlett-Packard (HP).
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