Global Enterprise Software Market

Global Enterprise Software Market Size, Share, Growth Analysis, By Type(Business Intelligence (BI), Supply Chain Management (SCM)), By Enterprise Size(Small & Medium Enterprises, Large Enterprises), By End-user(Energy & Utilities, Healthcare) - Industry Forecast 2024-2031

Report ID: SQMIG45E2174 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 97 | Figures: 76

Global Enterprise Software Market Insights

Global Enterprise Software Market size was valued at USD 196.4 billion in 2019 and is poised to grow from USD 219.3 billion in 2023 to USD 531.1 billion by 2031, growing at a CAGR of 11.5% in the forecast period (2024-2031).

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.

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FAQs

Global Enterprise Software Market size was valued at USD 196.4 billion in 2019 and is poised to grow from USD 219.3 billion in 2023 to USD 531.1 billion by 2031, growing at a CAGR of 11.5% in the forecast period (2024-2031).

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. 'Microsoft Corporation', 'Oracle Corporation', 'SAP', 'Salesforce', 'Adobe', 'VMware', 'Cisco Systems', 'Dell Technologies', 'HP Inc.', 'CA Technologies', 'HCL Technologies', 'Infosys', 'Intel', 'Red Hat', 'Symantec', 'Toshiba', 'Wipro', 'Citrix Systems', 'EMC', 'IBM Corporation'

Increasing popularity of data analytics and cloud computing: A significant element propelling the growth of the global enterprise software market is the constant rise of data analytics and cloud computing. The market is expected to be driven by factors such as cloud computing, corporate software adoption across multiple vertical markets, expanding information technology (IT) expenditures, and increased demand for business intelligence & data analysis. Additionally, it is anticipated that the growing use of enterprise resource planning (ERP) and customer relationship management (CRM) will accelerate worldwide business growth during the anticipated time. In addition, it is anticipated that during the forecast period, the introduction of new business software, technological innovation and development, an increase in the number of businesses globally, and the entry of new players into the market will all contribute to the growth of the global enterprise software market.

One of the biggest trends that has had a favorable effect on the global enterprise software market is the move toward cloud computing. The acceptance and use of enterprise platforms has also expanded as a result of enterprise mobility solutions, such as the BYOD movement. The requirement for enterprise application software has increased along with the demand for corporate information and analytics, which has boosted the global market.

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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