According to study, “Enterprise Software Market Outlook and Forecast (By Segment, Industry Verticals, Geography, Vendors, Recent Developments) – Global Analysis to 2024” some of the major companies that are currently working in the enterprise software market are Amadeus IT group, Adobe systems, Fiserv, HCL technologies, Salesforce, VM ware, CDW, Oracle, SAP and Microsoft.
Enterprise software is computer software used to satisfy the needs of an organization rather than individual users. Such organizations include schools, businesses, interest-based user groups, charities, clubs and governments. The main goal of enterprise software is to improve enterprise productivity and efficiency through business logic support functionality. It provides business-oriented tools such as online payment processing and automated billing systems. It is typically hosted on servers and provides simultaneously services to a large number of users over a computer network.
There are many types of enterprise software, which are; content management system (CMS), customer relationship management (CRM), ecommerce, supply chain management (SCM) and enterprise resource planning (ERP). CMS manages the creation & modification of digital content and supports multiple users in a collaborative environment. It includes web based publishing, history editing & version control, format management, search, indexing and retrieval. CRM covers set of applications designed to help businesses manage many of business processes which includes customer data, employees, customer support, contracts, track leads, support vendor / partner relationships, knowledge & training, customer interaction and assets of resources etc. Ecommerce software enables a business to sell products and services online. Some e-commerce enterprise software widely used are mozu, big commerce, shopify and magento.SCM is the software tools or modules used in executing supply chain transactions, managing supplier relationships and controlling associated business processes. It includes purchase order processing, customer requirement processing, inventory management, sales & distribution, supplier management and good receipt & warehouse management. An ERP develops the collaboration by integrating various systems from different departments including marketing, human resources and warehouse into one solution.
Enterprise software is used for various applications, such as web conferencing, business intelligence, project and portfolio management, digital content creation, enterprise resource planning, enterprise content management, and supply chain management. It is used by organizations of all sizes small, medium, and large various industry verticals such as manufacturing, media and entertainment, healthcare, retail, public sector, banking, financial services, and insurance, telecom, transportation, energy and utilities, and distribution. The major regions comprising the global enterprise software market are Europe, Asia Pacific, North America, and Rest of the World.
There are many benefits of enterprise software, such as reduced cost, saved time, improved communication, eliminated paperwork and increased efficiency, total visibility, improved reporting & planning, complete customization, data security, improved collaboration & workflows, deep integration, improved data quality & accessibility, improved SCM, facilitated regulatory compliance etc. there are also some disadvantages of enterprise software such as direct cost, indirect cost and customization etc.
The global enterprise software market has reported a significant growth in recent years and is anticipated to exceed USD 575 Billion by 2024. ERP and CRM are the leading application segments of enterprise software market. North America is the largest enterprise software market share during the forecast period and Europe is the second largest enterprise software market share and is expected to witness significant growth by 2024. It is predicted that the Eastern Europe and MEA enterprise software market will exceed US$ 40 Billion by 2024. It is anticipated that SAP will replace Oracle to capture the second leading spot by 2019.
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Ankur Gupta, Head Marketing & Communications