Enterprise Software Market to Grow with a CAGR of 11.47% Globally through to 2028
Enterprise Software market is increasing due to the
growing demand for digital transformation and the need for businesses to
enhance efficiency in the forecast period, 2024-2028.
According to TechSci Research report, “Global Enterprise
Software Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028 Global Enterprise Software market has witnessed
tremendous growth in recent years, reaching a valuation of USD 218.65 billion
in 2022. The market is projected to continue its strong upward trajectory,
posting a CAGR of 11.47% from 2024 to 2028. The enterprise software market is experiencing
significant growth driven by rising adoption among organizations worldwide.
Companies recognize that enterprise software solutions are strategic for
optimizing non-core operations, managing costs effectively and enhancing
customer experiences. Many businesses are partnering with leading enterprise
software providers to streamline back-office processes, drive efficiencies and
scale business functions. Technologies like automation, analytics and
artificial intelligence have given software companies advanced capabilities to
deliver customized solutions. This is helping enterprises gain competitive
advantages through data-driven insights, improved agility and reduced
turnaround times. Adoption is also fueled by corporate strategies
prioritizing the optimization of non-revenue activities. Enterprises now
understand software's strategic value across finance, procurement, human
resources, customer support and more. This shift is driving demand as companies
seek to free up capital and management bandwidth.
Continued innovation in cloud, robotic process
automation and big data analytics is further propelling the market. Companies
can develop customized, insights-driven and adaptive outsourcing models
tailored to their industry and processes.
As businesses discover new ways to leverage enterprise
software, long-term growth prospects remain positive. Software has become
critical for operational efficiency, cost optimization and risk mitigation
globally. The market is poised to grow strongly as adoption increases across
industries and regions.
Browse over 26 market data Figures spread
through 91 Pages and an in-depth TOC on "Global Enterprise Software Market.”
The global enterprise software market is segmented
based on deployment mode, service type, and end-user industry. Based on
deployment mode, the market is segmented into on-premises and cloud-based. The
on-premises segment currently dominates due to security and customization
benefits. However, the cloud-based segment is expected to grow at a higher CAGR
during the forecast period due to benefits such as scalability, low costs, and
no upfront infrastructure costs.
By service type, the market covers enterprise resource
planning (ERP), customer relationship management (CRM), business intelligence
(BI), supply chain management (SCM), content management systems (CMS), human
capital management, and other enterprise software. ERP currently dominates as
it forms the core of digital transformations. CRM is also a major segment due
to the focus on customer experience. BI and analytics are expected to grow
rapidly due to the generation of huge volumes of data and the need for
real-time business insights.
The end-user industries utilizing enterprise software
include banking, financial services, and insurance (BFSI), retail,
telecommunications, technology, manufacturing, healthcare, and others. The BFSI
industry dominates due to stringent regulations and the need to optimize
operations. The healthcare industry is poised to grow substantially during the
forecast period due to increasing digitization initiatives and the need to
manage large and complex data in this domain. Retail and e-commerce are also
growing segments due to the rise of omnichannel shopping and the need to
enhance customer experience.
In summary, the global enterprise software market is
led by on-premises deployment, ERP services, and the BFSI industry. However,
cloud-based solutions, BI & analytics, and healthcare are emerging as high
growth areas in this expanding market.
Major companies operating in Global Enterprise
Software Market are:
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- International Business
Machines Corporation
- VMware, Inc
- salesforce.com, inc
- Adobe Inc.
- Cisco Systems, Inc
- Symantec Corporation
- HP Inc
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“The global Enterprise Software market is poised for
strong growth backed by advancements in digital technologies. Breakthrough
innovations in areas such as artificial intelligence, cloud computing, robotic
process automation, big data analytics and Internet of Things have
significantly enhanced the capabilities of Enterprise Software vendors.
These digital solutions allow Enterprise Software
providers to generate predictive insights, automate complex workflows, offer
personalized recommendations, and manage business processes at a scale for
their customers. Organizations across all industries now recognize Enterprise Software
as strategic enablers that can transform and optimize both core and non-core
operations.
By collecting and analyzing vast amounts of data,
Enterprise Software platforms powered by advanced analytics enable enterprises
to deeply customize outsourcing models, manage compliance requirements and
enhance customer experiences. This level of customized outsourcing is
revolutionizing how businesses leverage external expertise to focus on their
core competencies. Adoption of Enterprise Software is no longer limited to just
large enterprises, with even small and medium businesses partnering with
Enterprise Software vendors to streamline operations, reduce costs and
strengthen compliance controls. Enterprise Software companies continue to
invest heavily in research and development to develop industry-specific
solutions and address the evolving needs of diverse sectors. Regulatory
authorities are also developing frameworks to ensure data privacy and security
standards are maintained, fostering innovation in the Enterprise Software
domain. Driven by ongoing technological progress, growing acceptance of
data-driven outsourcing strategies and continuous innovation, the global
Enterprise Software market is well-positioned to witness sustained growth in
the coming years.
As digital technologies become core capabilities for
organizations, Enterprise Software solutions are cementing their role as
indispensable tools to optimize business processes across all enterprise sizes
and industries. The future outlook for the Enterprise Software industry remains
very promising.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Enterprise Software Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, , Segmented by Deployment Modes (On-Premises, Cloud-Based) By Service
Types (Enterprise resource planning (ERP) software, Customer relationship
management (CRM) software,
Business intelligence (BI) software, Supply chain management (SCM) software,
Content management software (CMS),
human capital management software,
Other enterprise software), By End-User Industry (Banking, Financial Services,
and Insurance (BFSI), Retail, Telecommunications and Technology, Manufacturing,
Healthcare, Others), By Region, By Competition”, has evaluated the future growth potential of Global
Enterprise Software Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Enterprise
Software Market.
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