Enterprise Application Market - By Product (Customer Relationship Management, Enterprise Resource Planning, Supply Chain Management, Business Intelligence, Enterprise Asset Management), By Deployment (On-premise, Cloud), By Industry Vertical & Forecast, 2022-2028
Report ID: GMI701
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Published Date: April 2022
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Report Format: PDF
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Base Year: 2021
Companies covered: 22
Tables & Figures: 3509
Countries covered: 28
Pages: 1420
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Enterprise Application Market
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Enterprise Application Market size
Enterprise Application Market size exceeded USD 200 billion in 2021 and is set to grow at a CAGR of over 5% from 2022 to 2028.
The enterprise application market growth is attributed to the growing importance of business-oriented enterprise applications, which can be customized for critical business requirements and deployed on various platforms across corporate networks. Enterprise application solutions coupled with machine learning models enable enterprises to decrease uncertainty and make data-driven business decisions. Enterprise application is highly suited for promoting easier communication, improving business efficiency, and creating new opportunities for market expansion.
Enterprise application is software deployed to integrate all the aspects of a firm's operations and processes such as accounting, finance, human resources, inventory control, manufacturing, marketing, sales, distribution & resource planning. Advanced enterprise applications provide linkages with customers, business partners, and suppliers to optimize revenue while ensuring high customer satisfaction.
The enterprise application market has witnessed rapid amplification during the ongoing COVID-19 pandemic. As enterprises realize the importance of the latest & updated business software, which depict the most recent impact of COVID-19 on supply chains and demand, the demand for enterprise application has risen sharply across the globe. The importance of enterprise application in the healthcare industry has become even more paramount, considering that multiple strains of COVID-19 have evolved.
Enterprise Application Market Analysis
In the UK, the CRM product segment held over 30% enterprise application market share in 2021, owing to the increasing uptake of CRM enterprise applications for the implementation of AI, big data, IoT, and connected devices. CRM solutions boost employee productivity, enhance customer engagement & retention, and offer various other business benefits.
Based on product by industry vertical, the healthcare sector will account for a significant share of the CRM segment by 2028. Healthcare providers deal with a massive number of private and confidential datasets of their customers, thus requiring reliable CRM solutions for management. These solutions also help providers access customer data quickly, reducing the chances of casualties. The ongoing COVID-19 pandemic has considerably augmented CRM use in healthcare facilities. The adoption of cloud CRM in healthcare is increasing due to the heightened use of connected medical devices.
The cloud segment dominated around 55% Japan enterprise application market share in 2021, due to an increase in the usage of cloud services to reduce the cost of ownership across various industries. Cloud-based deployment helps enterprises to manage their business operations during the pandemic and allows users to work remotely & execute day-to-day operations.
The hybrid cloud computing service model makes use of both public and private clouds, which are bound together by technology to share data and applications. It provides deployment options, flexibility to businesses, and lets them optimize their existing security compliance & infrastructure. This flexibility in business operations is one of the major factors impelling the market expansion.
In the U.S. enterprise application market, the manufacturing segment is poised to witness a substantial growth rate of 5% during the forecast period, as automotive manufacturers in the region are transitioning toward leveraging enterprise applications to streamline production and shift toward Industry 4.0 practices.
Within the manufacturing segment, the heavy metals & machinery segment is expected to gain nearly 10% through 2028. Machine & equipment manufacturing companies deploy EAM solutions to monitor and support efficient operations of modern automated production lines.
Europe enterprise application market is anticipated to reach USD 80 billion in revenue by 2028. The European market is characterized by the surging adoption of lean manufacturing practices by several organizations and increasing focus on providing cloud-based EAM solutions to satisfy customer demands across the energy & utility landscape. Moreover, the market growth is strongly supported by regulatory developments within the European power sector that continues to shift toward green methods.
Enterprise Application Market Share
Some of the key players operating in the industry are
The global enterprise application market remains substantially consolidated with the top five players accounting for nearly half of the market share in terms of revenue. Prominent players operating in the market are placing an ever-growing emphasis on delivering advanced enterprise application solutions and widening their product capabilities through acquisitions.
The market has also witnessed several strategic alliances between key players to launch new products with added functionalities and maintain revenue share & profitability. For instance, in August 2021, Wipro collaborated with HERE Technologies to deliver location-based asset management solutions suited for multiple industry verticals.
The enterprise application market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2028 for the following segments:
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Market, By Product
Market, By Deployment Model
Market, By Industry Vertical
The above information has been provided for the following regions and countries: