Pune, India, November 2018/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Enterprise Software Market.
The Enterprise Software Market is currently going through a rapid diversification. The global enterprise software market is expanding rapidly and is projected to reach USD 634 Bn at a compound annual growth rate of 8% over the forecast period of 2017-2023, asserts Market Research Future (MRFR) in an exhaustive study. The enterprise software market covers products ranging from supply chain management to enterprise resource planning.
The recent years have seen a surge in the implementation of enterprise software as enterprises aim to integrate systems across diverse locations, improve performance and replace old legacy systems. To address the dynamic and changing needs of the current business landscape, organizations are under intense pressure to keep the business operational and going. Enterprise software allows a standardized way of real-time monitoring and streamlining process and equipment’s across various business units.
One of the significant advantages of enterprise software is its superior aspect of customizability. Enterprise software can be customized to address the specific needs of the business.
Enterprise software finds application across various industry verticals such as banking, aerospace, automotive, energy, telecom, insurance, and others which fuels the growth of the market. Growing demand for business intelligence and analytics coupled with the high adoption of database management is a significant driver for the market growth of enterprise software.
The emergence of cloud computing has impacted the global enterprise software market positively. Cloud model reduces deployment costs remarkably and provides increased flexibility which spurs adoption of enterprise software and consequently boosts the growth of the market.
Growing adoption of enterprise resource planning (ERP) and customer relationship management (CRM) have been instrumental in shaping the growth of the global enterprise software market. Other factors catalyzing the growth of the global enterprise software market include expanding IT budgets and growing investment towards modernization of IT infrastructure.
On the downside, lack of standardization, the high cost of licensing and flexibility, and issues regarding migration of existing data are likely to hinder the growth of the market over the forecast period.
The Global Enterprise Software Market has been segmented based on type, organization size, and vertical. By type, the market has been segmented into Enterprise Resource Planning (ERP), Business Intelligence (BI), Supply Chain Management (SCM), Customer Relationship Management (CRM), Web Conferencing Collaboration, and others.
By organization size, the market has been segmented into SMEs and large enterprises.
By vertical, the market has been segmented into IT & Telecommunication,
Energy & Utilities, BFSI, Manufacturing, Transportation, Healthcare, Media & Entertainment, Retail, and others.
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Asia Pacific, North America, Europe and Rest of the World are the critical markets for enterprise software market. North America is the leading market for enterprise software. High demand for business analytics and business intelligence applications across various industry verticals and the presence of multiple key players in the region support the growth of the North America market. In addition, rapid advancements in technology and high adoption of innovative technologies in the region fuel the market growth.
Asia Pacific market is driven by high demand for business analytics from the developing countries of China, India, South Korea, and Japan. The region is expected to witness relatively faster adoption of enterprise software and is slated to be the fastest growing market for enterprise software.
HP (U.S.), Salesforce.Com, Inc. (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), EMC Corporation (U.S.), VMware, Inc. (U.S.), Oracle Corporation (U.S.), Sap Se (Germany), Symantec Corporation (U.S.), CA Technologies, Inc. (U.S.) are the key players in the global enterprise software market. M&A activity levels in the global enterprise software market continue to be strong as they continue to fill strategic gaps in their offerings.
In October 2018, the multinational technology giant, IBM, announced acquisition of Red Hat, an enterprise software company. The acquisition is a $34 billion deal and will bring renewed competition to the cloud computing sector. The deal is expected to close in the latter half of 2019 and post the closure of the deal, Red Hat will join IBM's Hybrid Cloud team.
In October 2018, nOS announced a partnership with Data access Worldwide, an enterprise software company to bring decentralized applications to the enterprise market. Through the collaboration, both the companies aim to reduce the complexity of development and its subsequent costs. Besides, nOS and Data Access are planning to combine blockchain technology with enterprise strategies.