Enterprise Application Market forecast to grow at 7.6% CAGR from 2016 to 2024: Fractovia.org
The report “Enterprise Application Market Size By Product (CRM, ERP, SCM, Web Conferencing, Business Intelligence [BI], BPM, CMS, EAM), By End-Use (Manufacturing, BFSI, Healthcare1, Retail, Government, Aerospace & Defense, Telecom & IT), By Deployment (On-Premise, Cloud), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Japan, China, India, Mexico, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” by Global Market Insights, Inc. says that global enterprise application market to reach USD 287.7 billion by 2024, and it is to grow at 7.6% CAGR from 2016 to 2024. In today’s fiercely competitive business world, the need to integrate disparate business models is stretching the boundary of enterprise application market. The rising demand to address the requirement of an integrated business process approach by the organizations to enable smooth supply chain operations and optimal efficiency is providing an appreciable push to the enterprise application market. Enterprise application solutions enable real-time information, customer engagement, and better quality management. Increasing awareness of the companies regarding IT connectivity along with growing need to use single data access point is further expected to fillip the overall industry share in the years ahead. Enterprise application software is mainly categorized based on their business functions.
The three types of products prevalent in enterprise application market are ERP (Enterprise resource planning), CMS (content management system), and CRM (customer relationship management). ERP solutions based enterprise application industry is witnessing a widened growth horizon owing to its extensive implementation in back-end systems. This market covered 20% the overall industry share in 2015 and is slated to grow significantly at a lucrative annual growth rate of 7.7% in the coming time frame. Fueled by the primary goal of integrating marketing, sales, and customer support, CRM systems are gaining a popularity in both small and large scale business space. CRM enterprise application industry is estimated to cover one-fourth of the global product landscape by 2024. The companies are heavily deploying these solutions to enhance their customer relationship quality. For instance, Amazon has experienced a 1|Page