Enterprise Software Market to Generates Sales Worth $348.3 Billion by 2028 | 47% of Companies to Achieved Full Business Agility Through Digitizing Processes
Global Enterprise Software Market was valued to be USD 236.1 billion in 2021, and it is expected to reach USD 348.3 billion by 2028 at a CAGR of 7.93% over the forecast period 2022–2028.
Westford,USA, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Enterprise Software Market is becoming increasingly important as businesses strive for greater efficiency and flexibility. Businesses of all sizes are turning to enterprise software to streamline operations and increase efficiency. In fact, a 2021 study by SkyQuest found that enterprise software will account for more than two thirds of total software spending in 2025. This growth is driven by the need for businesses to modernize their operations, reduce costs, and increase agility.
One of the primary factors driving the growth of the enterprise software market is its ability to drive efficiency and adapt to changing needs. These products can help businesses automate processes, consolidate data, and merge multiple systems into one cohesive platform. They can also provide enhanced security and compliance features, boosting the overall performance of an organization.
As per SkyQuest, the demand for enterprise software market is primarily influenced by price, features, ease of use, and support options. However, there is no one answer that fits every business.
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The days of large businesses being the only ones who need software are coming to an end. Small businesses are realizing that they need software to improve efficiency and effectiveness. Additionally, the rising cost of essential IT services means that small businesses in the global enterprise software market can no longer afford to neglect software needs. As a result, there is growing demand for enterprise software. This means that there are more opportunities for businesses of all size to find the right solution for their needs.
SkyQuest’s report provides a detailed overview of the current state of the enterprise software market and looks at key trends that are shaping the future of the market. The report also includes a comprehensive analysis of the competitive landscape, including profiles of major players in the market.
47% of Companies to Achieved Full Business Agility through Digitizing Processes
Global spending on enterprise software market is going up, as companies take advantage of advancements in technology to make their operations run more efficiently. In 2021, SkyQuest projected that software spending on the enterprise will grow at a rate of 7.93% per year until 2028. This increase is being driven by two main factors: an increase in the sophistication of business processes and an increasing need for organizational agility.
Looking further into 2028, SkyQuest predicts that 47% of companies in the global enterprise software market will have achieved full business agility through digitizing processes, up from 33% in 2016. In order to achieve this level of agility, organizations will need to invest in a range of enterprise software solutions including cloud-based SaaS offerings (62%), customer relationship management (CRM) toolsets (49%), artificial intelligence (AI) tools (48%), and video processing solutions (47%). These investments will help organizations modernize their customer experiences, automate customer interactions, detect fraud earlier, and manage large video files.
Here are four ways that enterprises are putting money into enterprise software market improve their bottom lines:
1. Improving Business Processes: Expanding use of automation and processes such as lean manufacturing has led to increased efficiencies in many industries, and the same trend is happening in business software. By automating routine tasks, organizations can free up personnel to focus on more important tasks, and they can also eliminate inaccurate or slow tasks from the workflow. Additionally, by using process mapping tools to track workflows and assets throughout the organization, enterprises can identify problems earlier and find solutions more quickly.
2. Reducing Operating Costs: Technology has made it possible for organizations in the enterprise software market to reduce operating costs by eliminating duplicate processes and consolidating resources into fewer locations. Enterprises are looking for ways to save money, and one way they're doing that is by investing in cost-effective software. This type of software typically has a lower price tag than its enterprise counterparts, but still offers the same or similar functionality.
3. Customer relationship management (CRM) software: CRM software helps enterprises manage their customer relationships more effectively. With features like contact management, sales force automation, and marketing automation, CRM systems can help businesses increase sales and improve customer satisfaction.
4. Big data analytics: As more companies amass large amounts of data, they're turning to big data analytics tools to help them make sense of it all. These solutions can provide valuable insights into customer behavior, market trends, and other areas that can be used to make better business decisions.
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Top Players 6 Players Generates 65% Revenue of Global Enterprise Software Market
The top players in the enterprise software industry are hammering out deals like never before. IBM, Microsoft, and Oracle are all actively searching for value-added partners, while others like SAP and Salesforce are expanding their portfolios with new products and services.
While incumbents IBM, Microsoft, and Oracle continue to consolidate their lead in the enterprise software market, they're also aggressively expanding their footprints into new markets. For example, IBM is entering the cloud computing market with its Bluemix platform while Microsoft is working on building an artificial intelligence platform called Dynamics 365. Oracle is also turning its attention to the public sector with its recent acquisition of Veritas.
While these big players have been focusing on developing innovative products and services, some competitors have been emphasizing better customer experiences. For example, SAP is focusing on performance enhancements through its HANA platform while Salesforce is investing in innovations such as customer relationship management (CRM) solutions.
Why do these companies succeed where others are lagging? As per SkyQuest analysis, a significant factor is the attention to detail these firms devote to their products. They obsess over tiny details that can make a big difference in how users use their software, and they rigorously test new features before releasing them to the public. Their dedication to quality has helped them build customer bases that are extremely loyal.
SkyQuest published a report on the global enterprise software market, which is rapidly evolving, with new entrants and established vendors alike jockeying for position. This report provides an in-depth look at the current state of the enterprise software market, including a detailed analysis of key players and trends. With so much at stake, it's important to stay up-to-date on the latest developments in the market. This report can help you do just that.
In addition to providing an overview of the current state of the enterprise software market, this report also offers insights into future trends. This information can help you make informed decisions about your own enterprise software strategy.
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Top Players in Global Enterprise Software Market
Microsoft Corporation (US)
Salesforce (US)
VMware Inc. (US)
CA Technologies Inc. (US)
IBM Corporation (US)
HP (US)
Symantec Corporation (US)
Oracle Corporation (US)
EMC Corporation (US)
Com Inc. (US)
SAP SE (Germany)
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