Global Enterprise Software Market to Reach $348.3 Billion by 2028 at a CAGR of 7.93% - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Enterprise Software Market By type, By enterprise, By end user & By region-Forecast Analysis 2022-2028" report has been added to ResearchAndMarkets.com's offering.

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).

During the assessment period of 2021-2028, the enterprise software market will experience significant growth opportunities due to the growing usage of cloud-based services in small and medium-sized businesses. Enterprises are operating in a highly competitive environment, which is resulting in new requirements and the creation of novel software solutions. Throughout the projected period, this feature will provide the enterprise software market with tremendous growth potential.

Segments covered in this report

The Global Enterprise Software Market is segmented based on type, enterprise size, end-user and region.

Based on Type, it 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, it is categorized into Small & Medium Enterprises and Large Enterprises. Based on End-user, it is categorized into Energy & Utilities, Healthcare, Transportation, IT communication, Cloud Service Provider, Banking, Financial Service & Insurance (BFSI), and Others.

Based on region, it is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.

Drivers

Numerous sectors and industries are embracing cloud services. Using these services is now a requirement rather than a luxury. Enterprise software also improves productivity by accelerating efficiency. The corporate software market will see explosive expansion as a result of all these causes. The COVID-19 pandemic has further boosted the corporate software market's rate of expansion. Numerous businesses were obliged to adopt digitization due to the pandemic's arrival.

Due to the pandemic's increased need for corporate software, investors have provided significant money. These elements are crucial to the expansion of the market for corporate software.

Restraints

One of the key hurdles faced by players in the business software market is the program's inherent drawbacks, which include issues with customization and flexibility, costly support and licensing fees, and difficulties with existing data migration. However, if companies can overcome these challenges, enterprise software's benefits can help a corporation compete successfully in a crowded market.

Trends

SaaS firms are now more necessary than ever to satisfy the growing needs of both businesses and consumers as a result of the digitalization trend. These elements are luring gleaming growth prospects for the market for corporate software. For a variety of line-of-business operations, including but not limited to human resources, business intelligence, manufacturing, customer relationship management, sales and service, planning, inventory and materials management, purchasing, finance and accounting, and marketing, organizations around the world and in the majority of industry verticals are increasingly using enterprise software. Using corporate software is mostly done to increase productivity and efficiency while gaining a sizable competitive advantage.

KEY COMPANY PROFILES

• Microsoft Corporation (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)

For more information about this report visit https://www.researchandmarkets.com/r/i50prt