Enterprise Application Global Market Report 2024

Enterprise applications are large software systems designed to operate in corporate environments such as businesses or government entities. Integrated computer systems, governed by enterprise application software, manage all operational stages of a company. These applications facilitate cross-company collaboration and task coordination.

The key components of enterprise applications include solutions and services. A solution involves the application of information and technology within a specific system to support a set of technical or business capabilities, addressing one or more business issues. Deployment options for solutions include on-premise and cloud environments. Various types of enterprise application solutions encompass business intelligence, supply chain management, web conferencing collaboration, customer relationship management, enterprise resource planning, and others. These solutions find applications in both large enterprises and small and medium enterprises (SMEs), serving diverse end-user sectors such as BFSI (Banking, Financial Services, and Insurance), IT and telecom, healthcare, retail, government, manufacturing, and others.

The enterprise application market research report is one of a series of new reports from The Business Research Company that provides enterprise application market statistics, including enterprise application industry global market size, regional shares, competitors with an enterprise application market share, detailed enterprise application market segments, market trends and opportunities, and any further data you may need to thrive in the enterprise application industry. This enterprise application market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The enterprise application market size has grown strongly in recent years. It will grow from $335.4 billion in 2023 to $363.49 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth during the historical period can be credited to factors such as optimizing business processes, upgrading legacy systems, facing market competition, adhering to regulatory compliance, and adapting to globalization.

The enterprise application market size is expected to see strong growth in the next few years. It will grow to $507.49 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The anticipated growth in the forecast period can be linked to initiatives in digital transformation, concerns about data security, trends in remote work, scalability requirements, and the enhancement of customer experiences. Significant trends expected in the forecast period encompass the use of low-code and no-code development platforms, integrating blockchain for security and transparency, adopting remote collaboration and communication tools, leveraging predictive analytics for business insights, and implementing industry-specific customization.

The enterprise application market is anticipated to experience growth propelled by the increasing number of e-commerce websites. E-commerce websites serve as online platforms that enable users to buy and sell tangible objects, services, and digital goods over the internet rather than at physical stores. These websites often rely on enterprise application software to meet the complex requirements of large businesses. The surge in e-commerce websites is expected to contribute significantly to the market's expansion. As an illustration, a report published by the United States Census Bureau in November 2022 revealed that U.S. retail e-commerce sales for the third quarter of 2022 were estimated at $265.9 billion, indicating a 3.0 percent increase over the second quarter of 2022. This growth in e-commerce sales, with a 10.8% increase from the third quarter of 2021, underscores the impact of the rising number of e-commerce websites on driving the growth of the enterprise application market.

The growth of the enterprise application market is expected to be propelled by the increasing adoption of cloud technology. Cloud computing involves a network of remote servers hosted on the internet, which store, manage, and deliver data, applications, and services to users and organizations. In enterprise applications, cloud adoption enhances scalability, accessibility, and cost-effectiveness by providing a centralized platform for storage, processing, and deployment. This, in turn, facilitates seamless collaboration and supports the dynamic needs of modern businesses. For example, as of December 2023, Eurostat, a UK-based intergovernmental organization, reported that 45.2% of EU enterprises purchased cloud computing services, primarily for hosting email systems, storing electronic files, and performing various tasks. The purchase of cloud computing services by EU enterprises increased by 4.2 percentage points in 2023 compared to 2021. Cloud infrastructure or hosting services are utilized by approximately 44% of traditional small businesses, while 66% of small tech companies and 74% of enterprises make use of cloud services. Consequently, the rising adoption of cloud technology is a key factor driving the growth of the enterprise application market.

Technological advancements represent a significant trend gaining traction in the enterprise application market. Major companies operating in this market are actively engaged in developing new technological solutions to enhance their market position. For instance, in November 2022, SAP SE, a Germany-based developer of enterprise software focusing on managing business operations and customer relations, introduced SAP Build, a robust offering designed to drive the next wave of business transformation. SAP Build is a unique solution that includes a low-code component, granting business users secure access to end-to-end processes, context, and data. This innovation enables businesses to construct enterprise applications, design business sites, and automate processes with minimal technical expertise. Moreover, it empowers users to intelligently monitor, analyze, and automate processes without the need to transfer data into an external system. This example illustrates how companies such as SAP are at the forefront of technological advancements, contributing to the evolution of the enterprise application market.

Major companies in the enterprise application market are increasingly emphasizing the introduction of automated management applications to enhance their competitive position. Automated management applications refer to software systems designed to streamline and optimize various managerial tasks and processes within an organization. As an example, in November 2023, Microsoft Corporation, a US-based technology company, introduced Intune Enterprise App Management. This application streamlines and consolidates the application update process by providing a comprehensive view of all apps requiring updates. It allows IT and security operation teams to simplify the lifecycle management of both first-party and third-party applications through a secure, prepackaged catalog of apps. Some of the benefits of app management in Microsoft Intune include data protection, broad app support, access control, app configuration and updates, and app management on personal devices. This exemplifies how major companies are leveraging automated management applications to gain a competitive edge in the dynamic enterprise application market.

In July 2022, IFS AB, a Sweden-based enterprise software company specializing in the development and delivery of enterprise software, acquired Ultimo Software Solutions for an undisclosed amount. This strategic acquisition is anticipated to enhance IFS's position in the enterprise asset management (EAM) software sector by leveraging the combined resources of both companies. The collaboration aims to extend and strengthen IFS's leadership in terms of product capabilities and customer base within the EAM software space. Ultimo Software Solutions, Inc., the acquired company, is based in the United States and is known for providing and developing cloud-based enterprise asset management (EAM) software.

Major companies operating in the enterprise application market report are Amazon.com Inc., Google LLC, Microsoft Corporation, Dell Technologies Inc., IBM Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, Broadcom Inc., Hewlett Packard Enterprise Co., Saleforce.com Inc., Adobe Inc., VMware Inc., ServiceNow Inc., Workday Inc., Twilio Inc., Atlassian Corporation plc, DocuSign Inc., Okta Inc., Slack Technologies Inc., Dropbox Inc., Epicor Software Corporation, Software AG, TIBCO Software Inc., Zoho Corporation Inc., Qlik Technologies Inc., Infor Inc., IFS AB, QAD Inc., Red Hat Inc.

North America was the largest region in the enterprise application market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global enterprise application market report during the forecast period. The regions covered in the enterprise application market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the enterprise application market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The enterprise application market consists of revenues earned by entities by providing services such as payroll management, email, and incident management. The market value includes the value of related goods sold by the service provider or included within the service offering. The enterprise application market also includes sales of marketing automation software and content management systems which are used in providing enterprise application services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Enterprise Application Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on enterprise application market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for enterprise application ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The enterprise application market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Component: Solution; Service
• 2) By Deployment Mode: On-Premise; Cloud
• 3) By Type: Business Intelligence; Supply Chain Management; Web Conferencing Collaboration; Customer Relationship Management; Enterprise Resource Planning; Other Types
• 4) By Enterprise Size: Large Enterprise; Small and Medium Enterprise
• 5) By End User: BFSI; IT and Telecom; Healthcare; Retail; Government; Manufacturing; Other Users
• Companies Mentioned: Amazon.com Inc.; Google LLC; Microsoft Corporation; Dell Technologies Inc.; IBM Corporation
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.