Market Research Future (MRFR) speculates that the global enterprise software market is slated to register 8% CAGR, touching a valuation of USD 634 billion during the forecast period (2017-2023). Increased adoption of enterprise resource planning (EPR) is estimated to favor the market growth. Enterprise software finds its application in organizations of all sizes; right from small to medium and large in several industry verticals such as media and entertainment, manufacturing, retail, healthcare, BFSI, telecom, public sector, energy and utilities, transportation, and distribution. The enterprise software market is poised to reach new heights with augmenting awareness regarding enterprises software and rising global competition.
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The global enterprise software market has been segmented on the basis of type, organization size, and vertical.
By mode of type, the global enterprise software market has been segmented into enterprise resource planning (ERP), business intelligence (BI), supply chain management (SCM), customer relationship management (CRM), web conferencing collaboration, and others.
By mode of organization size, the global enterprise software market has been segmented into large enterprises and SMEs.
By mode of vertical, the global enterprise software market has been segmented into BFSI, healthcare, manufacturing, IT & telecommunication, media & entertainment, transportation, energy & utilities, retail, and others.
The prominent players operating in the global Enterprise Software Market comprises HP (U.S.), Symantec Corporation (U.S.), Salesforce.Com Inc. (U.S.), EMC Corporation (U.S.), CA Technologies Inc. (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Sap Se (Germany), VMware, Inc. (U.S.), and IBM Corporation (U.S.).
Market Potential and Pitfalls
Enterprise software is extensively used by the organizations across industry verticals for some line-of-business operations comprising manufacturing, human resources, business intelligence, customer relationship management, planning, sales and service, inventory and materials management, finance and accounting, purchasing, and marketing. Enterprise software aims to enhance efficiency and productivity in order to gain a significant competitive advantage. With companies upgrading their functionalities, the spending on enterprise application software is estimated to grow with the majority of the spending dedicated to modernizing, replacing, or functionally expanding the current business and office applications. Approval of higher budgets for the IT projects is a positive sign for the overall growth of the enterprise software market.
One of the noticeable advantages of enterprise software is its customizability. It can be customized in order to address the specific requirements of the business. The surging demand for analytics and business intelligence along with the high adoption rate of database management are some of the major factors estimated to fuel the enterprise software market growth during the appraisal period. Moreover, enterprise software is utilized across industries such as aerospace, banking, energy, automotive, insurance, and telecom, which further triggers its demand across the globe. Moreover, the advent of cloud computing is likely to add impetus to the growth of the market. As the cloud model offers increased flexibility and reduces the cost of deployment, the market is estimated to boost during the appraisal period. Additionally, the increased adoption of EPR and customer relationship management has shaped up the enterprise software market globally.
On the contrary, the high cost of flexibility and licensing, lack of standardization, and concerns related to the migration of existing data are some of the top barriers considered to vitiate the market growth in the coming years.
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Geographically, the enterprise software market span across regions namely, North America, Asia Pacific, Europe and Rest-of-the-World (RoW).
Considering the global scenario, the North American region is considered the leading market for enterprise software and is predicted to retain its dominance over the years. The growth is credited to the increased demand for business analytics coupled with business intelligence applications across industry verticals. Moreover, the high concentration of key players in this region is extensively supporting the growth of the market. Moreover, with the rapid technological advancements coupled with augmenting adoption of innovative technologies, the market in this region is considered to flourish.
The Asia Pacific region is predicted to register a significant growth rate and is mainly driven by the accelerating demand for business analytics especially from the developing economies of Japan, China, South Korea, and India. The APAC region is estimated to witness the fastest CAGR and faster adoption of enterprise software in the coming years.
March 11, 2019: The recent M&A market reports from the mergers & acquisitions advisor of international technology, Hampleton Partners, on IT & Business Services and Enterprise Software sectors have unveiled that there has been a consistent growth in the transaction volume and valuations and multiples. Enterprise Software M&A has revealed a deal value of $182.2bn in 2018, which is considered the highest in the last five years.
LIST OF TABLES
TABLE 1 ENTERPRISE SOFTWARE MARKET, BY TYPE
TABLE 2 ENTERPRISE SOFTWARE MARKET, BY ORGANIZATION SIZE
TABLE 3 ENTERPRISE SOFTWARE MARKET, BY VERTICAL
TABLE 4 ENTERPRISE SOFTWARE MARKET, BY REGIONS
TABLE 5 NORTH AMERICA ENTERPRISE SOFTWARE MARKET, BY TYPE
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LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 ENTERPRISE SOFTWARE MARKET, BY TYPE (%)
FIGURE 3 ENTERPRISE SOFTWARE MARKET, BY ORGANIZATION SIZE (%)
FIGURE 4 ENTERPRISE SOFTWARE MARKET, BY VERTICAL (%)
FIGURE 5 ENTERPRISE SOFTWARE MARKET, BY REGIONS (%)
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