USD 196.4 billion
Report ID: SQSG45E2034 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 97 | Figures: 76
Global Enterprise Software Market size was valued at USD 196.4 billion in 2021 and is poised to grow from USD 219.3 billion in 2022 to USD 531.1 billion by 2030, growing at a CAGR of 11.5% in the forecast period (2023-2030).
The enterprise software market is projected to have significant development opportunities due to the growing usage of cloud-based services in small and medium–sized businesses. Enterprises are operating in a highly competitive environment, which is resulting in new requirements and the creation of novel software solutions. Throughout the projected period, this feature will provide the enterprise software market tremendous growth potential.
For a variety of line-of-business operations, including but not limited to business intelligence, human resources, manufacturing, sales and service, planning, materials and inventory management, customer relationship management, purchasing, finance and accounting, and marketing, organizations around the world and in the majority of industry verticals are increasingly using enterprise software. Using corporate software is mostly done to increase productivity and efficiency while gaining a sizable competitive advantage.
The global spending on corporate application software is predicted to increase as more businesses upgrade essential functionality, with the majority of spending going toward replacing, modernizing, or functionally extending existing office and business applications. The approval of larger spending for IT initiatives in businesses is encouraging for the enterprise software sector as a whole.
US Enterprise Software Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 196.4 billion
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The Global Enterprise Software Market is segmented based on type, enterprise size, end-user and region. Based on Type, Enterprise Software Market is categorized into Business Intelligence (BI), Supply Chain Management (SCM), Web Conferencing Collaboration, Customer Relationship Management, Enterprise Resource Planning (ERP), and Others. Based on Enterprise Size, Enterprise Software Market is categorized into Small & Medium Enterprises and Large Enterprises. Based on End-user, Enterprise Software Market is categorized into Energy & Utilities, Healthcare, Transportation, IT communication, Cloud Service Provider, Banking, Financial Service & Insurance (BFSI), and Others. Based on region, Enterprise Software Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Enterprise Software Market Analysis by Type
On the basis of type, the supply chain management segment is expected to lead the global enterprise software market over the forecast period. Due to the adoption of cloud-based supply chain management (SCM) solutions by businesses to enable new digital format business models in improving their supply chains and accelerating profitability growth through cost reduction, supply chain management is expected to grow at the fastest rate during the forecast period. Applications for supply chain management (SCM) in the cloud are designed to adapt and grow to the demands of partners and suppliers who are dispersed around the globe, enabling the company to react to market demands more quickly.
Enterprise Software Market Analysis by Enterprise Size
On the basis of enterprise size, the large enterprise segment is expected to lead the global enterprise software market over the forecast period. When compared to the other two organization sizes, small and medium enterprises, the large enterprises are the segment that is growing the fastest for global enterprise software. This is because large-scale IT enterprises are investing more in the development and centralization of IT infrastructure, which is anticipated to lead to the creation of profitable pathways for the market for enterprise software during the anticipated period.
Enterprise Software Market Analysis by End-user
On the basis of end-user, the BFSI segment is expected to lead the global enterprise software market over the forecast period. Due to increasing communication costs throughout the anticipated period, the banking, financial services, and insurance segment of the worldwide enterprise software market is expanding at the highest rate. When compared to other global enterprise software vertical sectors over the forecast period, businesses and BFSI segments are associated with cloud service providers.
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Based on the region, the North American region currently dominates the global enterprise software market. North American and European countries have been characterized as early adopters of enterprise software, including software as a service (SaaS) as well as customer relationship management (CRM). These regions have relatively high rates of enterprise software adoption, and businesses are increasingly relying on hybrid models that combine cloud and on-premise goods. The rest of the world, particularly North Africa and the Middle East, has seen a very slow increase in the use of enterprise software, but SaaS penetration is still relatively low in these regions. Government rules, a lack of local-language cloud or SaaS solutions, a lack of data center and network infrastructure, and other factors limit the adoption of corporate software in these areas.
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Enterprise Software Market Drivers
Enterprise Software Market Restraints
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The market for enterprise software is highly fragmented. Industry participants are concentrating on a variety of strategies such as partnerships, acquisitions and mergers entering new markets, developing new products, and technological advancements in order to maintain a position in the market. Due to increased demand from a variety of industries, including healthcare, manufacturing, IT, telecom, and BFSI, they are increasing the amount they invest.
Enterprise Software Market Top Players Company Profiles
Enterprise Software Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the analysis, the global enterprise software market is currently led by countries in the North America region, due to the relatively high rates of enterprise software adoption in this region. Along with this, the large enterprise segment is projected to lead the market over the forecast period because large-scale IT enterprises are investing more in the development and centralization of IT infrastructure.
|Market size value in 2021||USD 196.4 billion|
|Market size value in 2030||USD 219.3 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Enterprise Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Enterprise Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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