Cloud Enterprise Application Software
Increase in adoption of cloud-based solutions and realization of competitive advantages achieved through the implementation of enterprise application software.
PORTLAND, PORTLAND, OR, UNITED STATE, June 2, 2023/EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Cloud Enterprise Application Software Market Reach USD 144,111 Million by 2023 |Top Players such as -QAD, Epicor & Infor.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global cloud enterprise application software market was valued at USD 55,988 million in 2016, and is projected to reach USD 144,111 million by 2023, growing at a CAGR of 14.6% from 2017 to 2023.
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Rise in demand for enhanced business process management, high internet penetration in Asia-Pacific, and surge in demand for IoT among end-users are expected to offer significant growth opportunities for the global cloud enterprise application software market. However, costs associated with the implementation & maintenance and data security concerns are anticipated to hamper the market growth.
The global cloud enterprise application software market is segmented on the basis of solution, industry vertical, and geography. Based on solution, the market is segmented into customer relationship management (CRM), enterprise resource planning (ERP), supply chain management (SCM), Web conferencing, business intelligence (BI), business process management (BPM), content management system (CMS), enterprise asset management (EAM), and others. By industry vertical, it is classified into manufacturing & services, BFSI, healthcare, retail, government, oil & gas, telecom, and others. Geographically, cloud enterprise application software market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Enterprise application is a business application, which is useful for enterprises to integrate their business functionalities to achieve high efficiency and productivity. Cloud-based deployment platform has given a significant boost to the enterprise application software during last few years. The report encompasses study of different cloud enterprise application software by solutions such as CRM, ERP, SCM, BI, BPM, CMS, EAM, Web conferencing, and others. Furthermore, it focuses on adoption of cloud-based enterprise application software in various industry verticals such as manufacturing, healthcare, retail, oil & gas, BFSI, telecom, and others.
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North America generated the highest revenue in the global cloud enterprise application software market in 2016 due to adequate infrastructural development for the adoption of cloud enterprise application software. Asia-Pacific is expected to grow at the highest rate during the forecast period, owing to the remarkable economic growth and development of the technological infrastructure.
The key players operating in the cloud enterprise application software industry include Oracle, IBM, Microsoft, SAP, HP, QAD Inc., IFS AB, Epicor Software Corp., Infor, and Salesforce.com. These players have expanded their market presence by adopting various business strategies such as acquisition, geographical expansion, product development, strategic alliance, and collaboration.
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Key Findings of the Market:
● The manufacturing & services accounted for the highest share of the global cloud enterprise application software industry in 2016, while others segment is expected to grow at the fastest CAGR from 2017 to 2023.
● The others segment among industry verticals generated the highest revenue share in 2016.
● North America accounted for the highest share of around 57% of the total cloud enterprise application software market in 2016.
● The cloud enterprise application software market for content management system (CMS) is expected to witness the highest growth rate during the forecast period.
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