In this rapidly changing world of technology, enterprise software market is projected to show major growth prospects during the forecast period. Major factor driving the enterprise software market is the increasing adoption of customer relationship management and enterprise resource management software. Growing demand for software solutions is another major factor driving the growth of enterprise software market.
The global Enterprise Software Market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the enterprise software market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of enterprise software market. This is owing to the presence of large number of established key players like IBM Corporation, Microsoft Corporation and Oracle Corporation in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity. Increasing demand for software solutions across different business functions is expected to be one major factor for the growth of enterprise software market. Growing popularity of cloud computing is another major factor driving the growth of enterprise software market in the region.
In the global enterprise software market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, enterprise software market is projected to contribute faster to the growth of revenue backed by increasing demand for business analytics and business analytics in countries such as Japan, China, South Korea and India. This is owning to the presence of key players like SAP SE in the region.
The Enterprise Software Market is growing rapidly over 8% of CAGR and is expected to reach at approx. USD 634 Billion by the end of forecast period.
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Enterprise Software Market Segmentation
The enterprise software market has been segmented on the basis of type, organization size and vertical. The organization size segment is broadly bifurcated into small and medium businesses and large enterprises. Out of which, small and medium businesses segment is expected to grow at a significant rate during the forecast period. Increasing demand for software solutions and growing popularity of cloud computing is majorly driving the growth of enterprise software market.
The prominent players in the enterprise software market are – Microsoft Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Salesforce.Com, Inc. (U.S.), Sap SE (Germany), EMC Corporation (U.S.), Symantec Corporation (U.S.), HP (U.S.), CA Technologies, Inc. (U.S.), VMware, Inc. (U.S.) among others.
Market Research Analysis:
It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in enterprise software market in North America is attributed to technical advancements and increasing demand for cloud computing solutions in that region.
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