Asia Pacific Enterprise Application Market to Be Valued USD 75 Billion by 2024: Global Market Insights, Inc.

ERP segment in enterprise application market is poised to register around 7.7% growth to 2024 propelled by rising need to automate back office and need for real-time information flow.

Enterprise Application Market Study by Product, End Use, Deployment Model, Region 2024

Enterprise application market in the Asia Pacific region is forecast to grow at 9.5% CAGR and is projected to be valued over USD 75 billion by 2024 owing to surging number of startups accompanied by existence of massive number of small-scale industries coupled with emergence of cost-effective Chinese manufacturers such as Xiaomi and Huawei. Technological advancements and development of innovative, lightweight, and compact, devices are likely to offer potential growth avenues.

U.S. enterprise application market was valued at over USD 30 billion in 2015, with the North American industry likely to account for more than 30% of the revenue by 2024. Growth in the region can be credited to dynamic organizational structure paired with companies’ customer centric approach.

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Rising demand for efficient IT infrastructure and rapid adoption of cloud computing are fueling enterprise application market size considerably. More medium and large-scale enterprises are looking to implement solutions such as business intelligence to empower business processes, management and track customer behavior. This provides companies accurate and better knowledge in terms of changing preferences of customers and lifestyle.

Numerous economic and process benefits through enhanced product offerings like ERP, CRM and online conferencing are anticipated to propel enterprise application market trends over the next few years. Mounting demand for smartphones and other portable devices, along with rising internet connectivity are some of the substantial factors in boosting the adoption of enterprise applications.

Increasing expenditure on cloud-based enterprise software and services is projected to drive on-cloud deployment of applications owing to several cost advantages as well as enhanced process outcomes. With increased adoption of cloud platforms across several end-use industries such as healthcare, BFSI, manufacturing, oil & gas, retail, media, airspace & defense, and telecom & IT, enterprise application industry share is poised to witness substantial momentum in the near future.

Nowadays, cloud-based applications are gaining immense popularity due to absence of cost involved in building and maintaining a physical infrastructure, along with rising availability and accessibility of key security solutions. Intensifying competition across sectors like manufacturing and retail along with increasing deployment of IoT technologies is expected to positively impact enterprise application market outlook.

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In terms of product landscape, ERP market had accounted for 20% of the overall enterprise application share in 2015 and is expected to register a commendable growth rate by 2024. Considerable results in delivering engaging digital experiences to vast majority of people will promptly help augment the demand for content management systems, as they are prominent tools for organizations in driving business growth.

With growing awareness regarding the importance of customer engagement across different sectors, CMS segment will account for over USD 8.5 billion of enterprise application market share by 2024.

Healthcare segment in global enterprise application industry is projected to grow at 8.9% CAGR from 2016 to 2024. Surging deployment of IoT and medical devices across the healthcare sector, along with increased number of cloud-based solutions demand by healthcare providers are likely to expand enterprise application market size over the forecast timespan.

Notable advancements in healthcare sector have emerged in conjunction with the recent boom in digital innovations that help in delivering transparency, connectivity and real-time information to providers and health systems. These solutions help in optimizing care delivery and improving quality of care, while controlling costs.

Key players comprising the competitive landscape of enterprise application market include international companies such as Microsoft, Oracle, Epicor Software, Hewlett Packard, IBM, SAP, QAD, and IFS. Innovative developments like Internet of things (IoT) and Big data will bring tremendous growth opportunities for industry players.

Browse key industry insights spread across 95 pages with 67 market data tables & 47 figures & charts from the report, “Enterprise Application Market By Product (CRM, ERP, SCM, Web Conferencing, Business Intelligence [BI], BPM, CMS, EAM), End-Use (Manufacturing, BFSI, Healthcare, Retail, Government, Aerospace & Defense, Telecom & IT), Deployment (On-Premise, Cloud), Regional Outlook, Competitive Market Share & Forecast 2024” in detail along with the table of contents:

Table of Contents (ToC) of the report:

Chapter 3.    Enterprise Application Industry Insights

3.1.    Industry segmentation

3.2.    Industry Size and forecast, 2013 - 2024

3.3.    Industry ecosystem analysis

     3.3.1.  Vendor matrix

3.4.    Industry Impact forces

3.4.1.  Growth drivers    Cloud computing adoption    Competitive edge    Escalating multimedia device demand

3.4.2.  Industry pitfalls & challenges   Substantial maintenance and implementation cost   Open source application availability

3.5.   Growth potential analysis

3.6.   Porter’s analysis

3.7.   Key competitor landscape

3.8.   PESTEL analysis

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Source: Global Market Insights, Inc.