Triton Market Research presents their global enterprise application market report segmented by solutions (CRM, business intelligence, content management system, web conferencing etc.); by delivery model (on-premise model and cloud based model); by end-users (manufacturing and services, banking, financial services and insurance, healthcare, retail, government, etc.); and by geographical region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)- discussing Industry Value Chain Analysis, Porter's 5 Force Analysis, Drivers, Restraints, Vendor Profiles, Global Market Size, Forecasts & Analysis (2019-2027).
Triton Market Research expects the global enterprise application market to witness a compound annual growth rate of 10.96% during the forecast period of 2019-2027. The market growth is being propelled by factors like organizations embracing a customer-oriented approach, high demand for real-time data access and increasing adoption of cloud and mobile based applications.
The CRM market solution enjoys much popularity in the market. CRMs provide scalability, stability and security along with SMEs and real time sharing through the online application. IBM estimates that the high CRM adoption and increased real time sharing on social media contributed to around 90% of the total web-based data in the world in the last two years. Over the forecast period, however, the Content Management System (CMS) market is expected to showcase considerable growth. These applications allow enterprises to create, edit, review, publish and remove website content.
Retailers and BFSI have been the major end-users of this market, whereas on-premise is the key delivery model. Enterprise applications help organizations to interact more with their client to understand their requirement. This is aided by the on-premise software which helps maintain IP within the organization, offers end-to-end control of software, and is thus preferred for customization. A major advantage of the on-premise model is that organizations can use and store applications in their own hardware at their premises without any dependency on a third party vendor.
The Asia-Pacific enterprise application market is expected to progress significantly than other regional markets. There are many SMEs starts-up companies in the region which are driving the demand for enterprise applications. Japan and China are the biggest markets for enterprise applications in this region. Growing number of IT Companies and increasing adoption of cloud storage amongst industries is a major driver for this region. Governments in these regions are also introducing policies aimed towards investments in the services sector, further driving the demand for enterprise applications.
The global enterprise application market, in the present condition, is driven by acquisitions. These strategies enhance the technical capabilities of companies, thus helping them serve different industries with industry-specific application offerings. Some of the noted market companies in this region are International Business Machine (IBM) Corporation, SAP, Hewlett Packard Enterprise, Oracle, Epicor Software Corp., Microsoft Corporation, Salesforce Inc, QAD Inc., Infor and IFS AB.
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