Global Enterprise Software Market: Overview
Enterprise software is increasingly used by organizations across the globe and across most industry verticals for a number of line-of-business operations, including and not limited to human resources, business intelligence, manufacturing, customer relationship management, sales and service, planning, inventory and materials management, purchasing, finance and accounting, and marketing. The primary goal of using enterprise software is to enhance efficiency as well as productivity and gain a significant competitive advantage.
As more and more companies upgrade core functionalities, the global spending on enterprise application software is anticipated to grow, with most spending dedicated toward replacing, modernizing, or functionally expanding current office and business applications. The approval of bigger budgets for IT projects in companies is a positive sign for the overall enterprise software market.
There is a rising need to gather, manage, analyze, and optimally utilize big data to give business processes, both internal and external, a competitive edge. This report is an ideal blueprint for clients looking to gain this advantage over their rivals. Extensive market coverage, in-depth analysis of the structure, scope, and dynamics of the market, and an assessment of the key factors driving and restraining the current scenario have been provided in this comprehensive report.
Global Enterprise Software Market: Major Segments and Key Trends
The shift toward cloud computing is one of the most significant trends that has positively impacted the global enterprise software market. Additionally, enterprise mobility solutions such as the trend of bring-your-own-device (BYOD) have increased the adoption and implementation of enterprise platforms. The growing demand for business intelligence and analytics has also driven the need for enterprise application software programs, thereby propelling the global market.
Some of the key limitations that players in the enterprise software market have to deal with include drawbacks associated with the software itself: customization and flexibility issues, the high cost of support and licensing, and complexities related to the migration of existing data. However, if companies can manage to overcome these issues, the benefits of enterprise software can help an organization thrive in a competitive business environment.
Enterprise software is used for a number of applications, including web conferencing, business intelligence, customer relationship management, project and portfolio management, digital content creation, enterprise resource planning, enterprise content management, and supply chain management. Enterprise software is used by organizations of all sizes – small, medium, and large – in various industry verticals such as manufacturing, media and entertainment, healthcare, retail, public sector, banking, financial services, and insurance, telecom, transportation, energy and utilities, and distribution. The major regions comprising the global enterprise software market are Europe, Asia Pacific, North America, and Rest of the World.
Global Enterprise Software Market: Region-wise Outlook
Countries in North America and Europe have been identified as early adopters of enterprise software such as software as a service (SaaS) and customer relationship management (CRM). Enterprise software penetration rates in these regions are rather high and the adoption of these solutions has become commonplace with companies rapidly utilizing hybrid models of cloud as well as on-premise products. Countries in the Rest of the World, especially those in North Africa and the Middle East, have been reporting a very gradual rise in enterprise software adoption and these countries are still at the very early stages of SaaS penetration. The adoption of enterprise software in these regions is restrained by the lack of data center and network infrastructure, inadequate local-language cloud or SaaS offerings, and government regulations.
However, research indicates that investments in local-language offerings and build-out of data centers by vendors in emerging countries of Asia Pacific and Rest of the World are on the rise. These trends are likely to boost the enterprise software market in these two regions.
The global enterprise software market is dominated by players such as Salesforce.com, SAP, EMC Corporation, Symantec, Oracle Corporation, HP, Microsoft Corporation, IBM Corporation, CA Technologies, and VMware.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.