The global Enterprise Application Market is anticipated to reach USD 259.51 billion by the end 2022, according to a new report released by Million Insights. The market is anticipated to grow at a CAGR of 7.8% during the forecast period, 2015 to 2022. This growth is attributed torising demand for customer-centric business models and growing need for data access from single point of control.
CRM and ERP are the product segment that held the largest market share in 2014 owing to growing need for real-time and accurate flow of information and useful insights. Moreover, CMS is projected to attain significant growth over the forecast period owing to rising demand for content management for various websites and blogs.
Changing business models and adoption of emerging technologies to deliver high-end consumer experience and to manage the inter-departmental flow of information are the factors projected to drive the market growth. These solutions help in monitoring and controlling the flow of information starting from procurement of raw materials to delivering the products and services to the end users. Moreover, benefits such as quality management, improved consumer engagement, supply chain management, cost-effectiveness, and inventory management are expected to propel the demand for enterprise application solutions across the globe. However, open source solutions such as Magnolia, FriFinans, CitrusDB, and Process Maker are commercially available which is projected to hamper the market growth. In addition, high cost of maintenance is also expected to affect the growth of enterprise application market over the forecast period, 2015-2022.
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Further key findings from the report suggest:
• The healthcare segment is projected to grow at a CAGR of more than 9.0% over the forecast period owing to rising demand for accurate and real-time flow of useful insights along with data transparency to develop services that are patient-centric.
• The on-premise segment held the largest market share of 67.0% across the global enterprise application market
• The market for enterprise application in North America held a significant market share in 2014 and is projected to attain a steady growth over the forecast period owing to rising adoption of customer-centric business models.
• Europe is projected to attain the fastest growth at a CAGR of 6.0% from 2015 to 2022 and Asia pacific is also anticipated to exhibit significant growth due to rising number of SMEs and startups coupled with rising adoption of cloud-based services in this region
• Leading players in this industry are include Microsoft Corporation; Oracle; Hewlett Packard (HP); QAD Inc.; IBM Corporation; SAP; Infor; Epicor Software Corp.; and IFS AB.
• SAP made an investment of USD 2.54 billion in R&D to expand its product portfolio and enhance its global presence in 2014.
Million Insights has segmented the global enterprise application market based on product, end-use, deployment, and region:
Enterprise Application Product Outlook (Revenue, USD Billion, 2012 - 2022)
• Web Conferencing
Enterprise Application End-use Outlook (Revenue, USD Billion, 2012 - 2022)
• Aerospace & Defense
• Telecom & IT
Enterprise Application Deployment Outlook (Revenue, USD Billion, 2012 - 2022)
Enterprise Application Regional Outlook (Revenue, USD Billion, 2012 - 2022)
• North America
• Asia Pacific