Global Enterprise Software Market Size, Share, Growth Analysis, By Type(Business Intelligence, Supply Chain Management ), By Enterprise Size, By End-user - Industry Forecast 2022-2028

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).

The enterprise software market refers to the collection of software applications, platforms, and tools designed to help large organizations and businesses manage their operations, improve efficiency, and make informed decisions. The enterprise software market is a large and rapidly growing industry, with a wide range of vendors offering solutions for various business needs. The market is expected to continue growing as businesses increasingly rely on technology to streamline operations, improve productivity, and gain a competitive edge.

Top-down and bottom-up approaches were used to estimate and validate the size of Global Enterprise Software Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

The Global Enterprise Software Market is segmented based on type, enterprise size, end-user and region. Based on Type, Enterprise Software Market is categorized into Business Intelligence (BI), Supply Chain Management (SCM), Web Conferencing Collaboration, Customer Relationship Management, Enterprise Resource Planning (ERP), and Others. Based on Enterprise Size, Enterprise Software Market is categorized into Small & Medium Enterprises and Large Enterprises. Based on End-user, Enterprise Software Market is categorized into Energy & Utilities, Healthcare, Transportation, IT communication, Cloud Service Provider, Banking, Financial Service & Insurance (BFSI), and Others. Based on region, Enterprise Software Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.

Driver

The shift towards cloud computing has been one of the major drivers of the enterprise software market in recent years. Cloud-based enterprise software provides a flexible and scalable solution for businesses that allows them to access data and applications from anywhere, at any time. The cloud-based model also allows businesses to avoid the upfront costs of purchasing and maintaining hardware and software, making it a more cost-effective solution in the long run. As a result, more and more businesses are adopting a cloud-based enterprise software solution, which has contributed to the growth of the enterprise software market.

Restraint

One of the primary restraints of the global enterprise software market is the high implementation and maintenance costs associated with deploying enterprise software. Enterprise software solutions require significant investment in technology, infrastructure, and human resources, which can be a significant deterrent for many businesses. Additionally, the complexity of the software and the need for specialized skills and expertise to manage and maintain it can also drive up costs.

Market Trends

Artificial intelligence (AI) and machine learning (ML) are two technologies that are increasingly being integrated into enterprise software solutions. AI and ML algorithms can help businesses automate complex processes, make more accurate predictions, and provide real-time insights. For example, in customer service, AI-powered chatbots can handle simple inquiries and route more complex issues to human agents. In manufacturing, ML algorithms can analyze production data to identify inefficiencies and optimize operations. As a result, enterprise software vendors are investing heavily in AI and ML capabilities to provide more sophisticated solutions to their customers.