DUBLIN--(BUSINESS WIRE)--The "Enterprise Architecture Tools Market by Component (Solutions and Services (Managed Services and Professional Services)), Deployment Type, Organization Size, Vertical (BFSI, IT, Manufacturing), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The publisher estimates the global enterprise architecture tools market size would grow from 989 million in 2020 to USD 1,283 million by 2026, at a Compound Annual Growth Rate (CAGR) of 4.4% during the forecast period.
Key factors that are expected to drive the growth of the market are the increasing adoption of the business-driven enterprise architecture approach for strategic business transformation and an increasing need to align enterprise information technology architecture with business strategy.
The services segment is expected to grow at a higher CAGR during the forecast period
The services segment of the enterprise architecture tools market includes managed services and professional services. Services are an important part of any solution's deployment life cycle. Therefore, various vendors offer services associated with enterprise architecture tool solutions to help companies effectively implement their enterprise architecture strategies. Enterprises require active support from skilled professionals to minimize their downtime during pre- and post-installation processes of solutions. These services provide the necessary support to uphold the efficiency of business processes, increase enterprise growth, and reduce unwanted operational expenses.
BFSI industry vertical to hold the highest market share in 2020
The BFSI industry needs to change its supporting IT to cope up with the challenging transformational change. Due to the inter-dependency of operations and IT in the BFSI vertical, there is a need for a planned and guided-integrated approach. BFSI institutions are adopting enterprise architecture tools at a high rate as it is a key to enabling such change initiatives to stay ahead of the curve.
APAC to grow at the highest CAGR during the forecast period
Growing industrialization, coupled with an increase in competition, has proved to be one of the biggest drivers for the enterprise architecture tools market in this region. The region has seen an increase in the deployment of enterprise architecture tools by industries to enhance efficiency and streamline their business processes. Due to these factors, the region is projected to grow at the highest CAGR during the forecast period.
Market Dynamics
Drivers
- Increasing Adoption of Business-Driven Enterprise Architecture Approach for Strategic Business Transformation
- Increasing Need to Align Enterprise Information Technology Architecture with Business Strategy
Restraints
- Increasing Data Thief Activities and Data Security Concerns
Opportunities
- Adding Big Data Capabilities to Enterprise Architecture Tools
- Increasing Need to Adopt Application Rationalization Practice
Challenges
- High Cost and Lack of Technical Expertise
- Structuring the Repository with Usable Information
Companies Mentioned
- Aplas
- Ardoq
- Avolution
- Bettercloud
- Bizzdesign
- BOC Group
- Clausmark
- Codelogic
- Erwin
- Facility Planning Arts
- Fios Insight
- Keboola
- Leanix
- Mega International
- Monofor
- Ninjarmm
- Orbus Software
- Planview
- Qualiware
- Software Ag
- Sparx Systems
- Unicom Global
- Valispace
- Valueblue
For more information about this report visit https://www.researchandmarkets.com/r/6c3foq
