The global enterprise software market is entitled to witness significant gains during the forecast period on account of strong advancements in the small-medium sized businesses. Technological developments and advancement of new software are expected to be conducive for the market growth, as no new software is significant as Supply Chain Management (SCM) and Customer Relationship Management (CRM). Additionally, competitive pressures and new data sources are creating new necessities, which are also estimated to boost market growth over the next seven years. Growing technology-focused projects and increasing IT budgets in organizations are anticipated to provide positive avenues to the enterprise software market over the next few years. The technological shift towards enhancing data portability, business standards, and rules are anticipated to put more focus on data-centric solutions and further expected to fuel the enterprise software market over the forecast period. The growing need for mobility is also expected to be conducive for market growth over the next seven years.
The proliferation of cloud services is furthermore estimated to fuel market growth over the next few years. Additionally, increasing network complexity is also anticipated to provide positive avenues to market growth over the forecast period. The market is projected to favorably impact growth as these solutions offer flexibility by helping companies meet their data security needs. Additionally, enterprise software makes large companies gain easy and quick access to the unstructured database. Increasing security concerns as the software enable the access of data by anyone may hamper the market growth over the forecast period. Lack of standardization may also restrain the enterprise software market over the next few years. Growing investments by large-scale IT industries pertaining to modernization and consolidation of IT infrastructure are anticipated to provide positive avenues for the enterprise software market over the next seven years.
The enterprise software market is segmented based on end-users and solutions. End-users include cloud service providers, retail, Banking, Financial Services, and Insurance (BFSI), enterprises, academia and government, healthcare and life sciences, and telecommunication service providers. Solutions include SDN switching, Cloud virtualization, and SDN controllers.
Fuelled by high demand from the U.S., North America is expected to emerge as a key regional market. Increasing demand in China and growing popularity in India are expected to play a pivotal role in Asia Pacific shaping it up as a lucrative market.
The key players in the enterprise software market include Oracle, SAP, Red Hat, Mentor Graphics, Symantec, Microsoft, and IBM. The market participants are focusing on various strategies such as collaboration, merger & acquisition, entering into a new market, new product development, and technological advancements for maintaining a foothold in the market. IBM and Microsoft are working together to provide their enterprise software on IBM Cloud and Microsoft Azure. Software available on Microsoft Azure includes MQ, Websphere Liberty, DB2, and IBM Pure Application Service. Windows Server and SQL Server will be available on the IBM Cloud.
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In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.