The global enterprise platform market is expected to witness significant growth due to High penetration of cloud applications in several modern enterprises and the increasing adoption of enterprise resource planning (ERP) and customer relationship management (CRM) in over 70% of businesses.
Increasing investments in cloud software owing to greater affordability, robustness, and return on investments (ROI) by numerous small and medium-sized enterprises (SME) has also fostered market development, which, in turn, has fuelled the demand for applications and software such as ERP and CRM across several organizations.
Increasing automation across numerous end-use industries is also crucial for market growth. Cloud-based enterprise applications such as Panama are drawing the highest attention across the global industry, providing evidence of the growing consumer interest in such automated business processes.
Enterprises are no longer compelled to update and upgrade software manually, eliminating the need for repetitive enhancement packages. Automation also assists businesses by streamlining processes & operations, ultimately boosting productivity. It also helps with task allocation and project management, thereby reducing administrative costs.
Proper scaling using automation also has a positive impact on daily business activities, although it is more applicable when used by large enterprises that have complex business targets and handle significant data. Enterprise platforms thus increase overall returns owing to greater productivity and efficiency, leading to high market growth.
Recent trends indicate that the increase in direct revenues from enterprise platform app stores is declining while supplier demand for real mobility solutions is anticipated to grow at an exponential pace. Cloud enterprise platforms are the most popular segment since they help refocus resources from costly infrastructure investments onto operational expenditure, which ultimately helps businesses gain cost advantages.
Moreover, a majority of this investment is expected to build and enhance next generation technologies such as software as a service (SaaS). High SaaS demand from numerous startup ventures is further projected to fuel enterprise platform demand over the forecast period.
Enterprise platform also includes the internet of things (IoT) which is another important driver for the global market. IoT is dragging wearables along with it. This means the nature of cloud-based technologies being distributed can fit into smaller spaces. The IoT phenomenon has garnered significant attention on account of its importance among various industry verticals.
IoT alone is expected to boost enterprise platform market growth by more than 50% over the forecast period. High application relevance of IoT in freight tracking and other business applications which depend on sensor usage has boosted segment growth by creating new cost-effective models.
The significant rise in the growth of the profitable models, in turn, has helped businesses to analyze large volumes of data by creative means of acquiring and processing. Wearables are also catching up with IoT, and it is also expected to drive the enterprise platform market growth.
According to Gartner, modernization and digitalization of projects are the keys to the growth of enterprise platform market. Key trends affecting investments in enterprise platforms include the upgrading of core enterprise applications, rise of digital business related market dynamics, and the transition to new consumption business models.
Growing replacement of human capital management with SaaS, purchase of application will be towards “build” and not “buy”, cloud office market saturation, the shift of CRM to cloud and adoption of advanced analytics technologies are also expected to boost market growth.
Enterprise platform and cloud are supposed to make the business operations more convenient; however, security and privacy risks, coupled with growing concerns among enterprises & IT experts regarding an inappropriate application by employees are expected to restrain market growth. The enterprise platform used for Vanilla Cloud application faces the maximum data breach and reduced data access control.
The global enterprise platform market is segmented based on the end user, applications, and geography. Geographic segmentation includes the region such as North America, Asia Pacific, Europe, Latin America and the Middle East and Africa. Recently, North America occupied the highest market share, and the trend is expected to continue over the forecast period.
The key players in enterprise platform market include Salesforce, Kaltura, Voxeo, TigerText, Unify, IBM, SAP, and others. Market participants are increasingly indulging in strategic alliances, R&D efforts, and product launches to gain higher market share in the global enterprise platform industry.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.