The global enterprise application market is expected to reach $US213.43 billion by 2020, registering a CAGR of 7.4 per cent during 2014 - 2020.
Amidst such industry growth, new findings from analyst firm Allied Market Research reports that tech giants Oracle, SAP and Microsoft will be amongst the frontrunners for market share.
“Enterprise application facilitates an easy flow of internal and external business information,” the report states.
“Furthermore, the integration of business processes is effectively rendered through implementation of enterprise application. Thus, these benefits lead to a large adoption of enterprise applications among customers.”
Findings claim that CRM and ERP application would drive the enterprise application market significantly by year 2020, together contributing to around 2/5th of overall market revenue.
Consequently, the CMS application would grow rapidly in future, as it finds increasing use in converting unstructured data into structured information and allows a non-technical user to manage content on a website easily.
“There is a paradigm shift in the deployment methods from on-premise to cloud based models due to emergence of cloud technology in the market,” the report adds.
“Cloud enabled application considerably reduces the investments required in alternative IT resources.
“Thus, customers are shifting from on-premise to cloud enabled applications. Access of enterprise application from mobile devices would gain a surge, in terms of adoption.”
The report suggests retailers have adopted enterprise application to monitor and control their business processes.
The healthcare industry would highly adopt enterprise applications to gain data transparency in real time. This allows the entire value chain involved in the healthcare industry to provide a patient-centric system.
Realising the business potential, market players such as Oracle, SAP and Infor are in the process of developing enterprise application for the healthcare industry.
Leading vendors such as Oracle, SAP and Microsoft are launching applications, which can be delivered through on-premise as well as cloud models.
Further, they are also developing integrated mobile applications with cloud to enhance the mobility of customer.
As a result, the report claims the market is “increasingly witnessing a shift towards cloud service.”