Published Date: 30-Nov-2022
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According to a new report, published by KBV research, The Global Enterprise Software Market size is expected to reach $404 billion by 2028, rising at a market growth of 11.1% CAGR during the forecast period.
The Cloud segment is showcasing a CAGR of 11.5% during (2022 - 2028). It is due to the improved collaboration, low subscription, and maintenance price, 24*7 system access, and unlimited storage capacity are some of the key features that a cloud-based enterprise software offers. Companies operating in enterprise software are working to enhance their brand value by shifting to cloud-based solutions.
The Customer Relationship Management segment acquired maximum revenue share in the Global Enterprise Software Market by Type in 2021 thereby, achieving a market value of $100.3 billion by 2028. It is because Customer relationship management (CRM) is used to manage a company’s interaction and relationship with its current and potential customers. A CRM oversees that a company is connected to its customers, and streamlines processes, while also increasing the profit of the company.
The Small & Medium Enterprises segment has shown the growth rate of 12.5% during (2022 - 2028). It is because enterprise software is being widely adopted by SMEs to boost employee productivity, increase the customer base, increase business revenue, and reduce compliance risks. To enhance their brand value developers are creating affordable SMEs-specific enterprise software. SMEs are capable of adjusting to changing needs of the market as they are more centric towards creating new products and services.
The IT & Telecom segment is leading the Global Enterprise Software Market by End-use in 2021 thereby, achieving a market value of $99 billion by 2028. To increase transparency in business operations and for the accelerating product development process, IT and Telecom firms are digitalizing their business processes. Software providers are concentrating on 5G-specific software to get high profits in the IT and Telecom sector.
The North America market dominated the Global Enterprise Software Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $152 billion by 2028.The Europe market is exhibiting a CAGR of 10.6% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 11.6% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of IBM Corporation, Microsoft Corporation, Oracle Corporation, Salesforce.com, Inc., SAP SE, Broadcom Inc. (CA Technologies, Inc.), Hewlett Packard Enterprise Company, Zoho Corporation Pvt. Ltd., Epicor Software Corporation, and SYSPRO.
By Enterprise Size
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