Europe Business Software - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Europe Business Software Market size is estimated at USD 64.01 billion in 2024, and is expected to reach USD 90.29 billion by 2029, growing at a CAGR of 7.12% during the forecast period (2024-2029).

Key Highlights

• Due to digitization and online data collection, companies' demands for data insights, consumer assessments, and business processes have increased. This development drives demand for Enterprise Software, particularly Business Intelligence (BI). In addition to BI, the Enterprise Software section includes Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Supply Chain Management (SCM) software.
• Business Software facilitates and connects data and processes across the enterprise. It also aids in cloud computing optimization and improves communication with clients, vendors, suppliers, employees, and customers.
• Furthermore, the Business software market is driven by the increasing penetration of artificial intelligence in the workplace to improve organizational productivity and efficiency. Task management with artificial intelligence Software can handle timetables, reminders, and follow-ups effectively and minimize the need for human inputs. They may also save humans time on numerous activities by ensuring nothing is overlooked.
• Global Enterprise Software companies invest in Europe, which results in a rise in demand for the software market. For instance, in July 2021, the German software giant SAP announced a EUR 250 million investment in the post-Brexit UK. The UK investment will likely further expand its market-leading position as a cloud-based solutions and services provider to assist organizations in the UK more efficiently.
• The COVID-19 pandemic accelerated digitalization, resulting in increased data collection and the need to analyze the data collected. It also increased digitalization to cope with the remote-working environment. Europe is at a crossroads in its digital transition with the cloud. The COVID-19 pandemic compelled European businesses to adopt basic cloud migration quickly.

Europe Business Software Market Trends

Customer Relationship Management Software Show Significant Growth in the Market

• The software provider owns and maintains the infrastructure to run a cloud-based CRM system. CRM software is run on computers by organizations using an internet connection. CRM companies keep and secure the organization's data on their premises. This prevents enterprises from incurring large upfront fees for creating the infrastructure required to store and safeguard all that data.
• The Business Software Market in Europe is expanding through Acquisitions. For instance, in June 2022, Eudonet a significant European provider of vertical CRM software for associations, governments and municipalities, higher education, and real estate. It is exciting to announce the purchase of Netanswer. The acquisition is expected to allow Eudonet to increase its investment in the Netanswer solution while providing existing customers with community management and animation tools.
• Cloud CRM enables enterprises to take a more holistic approach that improves customer experience outcomes through enhanced machine learning, sentiment analysis, and the ability to harness the emotional affinity between customers and the brand. Such considerations are expected to drive the use of Cloud CRM for regional businesses.
• Eudonet, in January 2022, a CRM (Customer Relationship Management) solutions publisher and integrator, reported an 11% organic increase in recurring revenue (SaaS) compared to 2020, accounting for 68% of the total income of more than EUR 25 million.
• Moreover, Eudonet also confirmed that Montagu was to become its majority stakeholder, as announced on November 3rd, 2021. This partnership, worth roughly EUR 150 million to Eudonet, continues and accelerates the company's growth strategy by investing in product development, new markets, and worldwide expansion.

Germany is Expected to Witness Significant Growth in the Market

• German enterprise software companies are expanding the market by making Acquisitions. For instance, abas Software GmbH (abas), a leading provider of ERP software to German midmarket manufacturing companies, announced the acquisition of abas System GmbH, a value-added reseller of abas ERP serving northern and central Germany, and the establishment of Forterro Bulgaria Ltd., which will serve as a regional service center for abas ERP customers with operations in Eastern Europe.
• The Enterprise Software section includes all software used to support critical large-scale business activities on computing systems. This software tries to execute activities that only occur in professional B2B environments, such as Enterprise Resource Planning (ERP) or Customer Relationship Management (CRM), as well as Business Intelligence (BI) and Supply Chain Management (SCM).
• The ERP market is once again evolving with the times in the country. SAP, in particular, sees Software-as-a-Service and AI products as the next step in strengthening its stranglehold in European markets. Indeed, with the introduction of its S/4HANA and SAP Leonardo platforms, SAP has properly positioned itself to capitalize on future market trends. This is in addition to its aggressive acquisition strategy, including Gigya, a consumer profile and identity management company, and Altiscale, a start-up focused on big data applications.

Europe Business Software Industry Overview

Europe Business SoftwareMarket is moderately competitive, with significant global and regional companies. These industry participants have a sizable market share and are focused on extending their client base globally. To gain a competitive advantage over the forecast period, these firms are spending on R&D to bring innovative solutions, strategic partnerships, and other organic & inorganic growth methods.

In May 2022, Google Cloud and SAP SE expanded their partnership, revealing new interfaces between Google Workspace and SAP's flagship cloud ERP, SAP S/4HANA Cloud.

In September 2021, HubSpot, the customer relationship management (CRM) platform for scaling businesses, announced that it increased its investment of USD 33 billion in the United Kingdom market by opening its first London office and committing to hiring employees across England, Scotland, Wales, and Northern Ireland, creating 70 new jobs and assisting the communities it serves in thriving post-pandemic.

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