According to the research report titled ‘Global Enterprise Applications Market 2019-2027’, available with Market Study Report, global enterprise applications market is anticipated to record a compound annual growth rate of 7.71% through 2027.
 

Emphasis among enterprises to smoothen their business processes while ensuring cost-effectiveness is boosting the growth of global enterprise applications market. Moreover, rise in demand for cloud-based solutions from SMEs, importance of real-time data access, and customer centric approach among organization are augmenting the market outlook.
 

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For the record, enterprise applications (EA) are component based, complex, scalable, mission critical, and distributed software which comprise of a group of programs with shared business applications and organizational modeling services which are designed for unmatched functionalities.
 

Enterprise applications are designed for facilitation of integration of resources, suppliers, business functions, and customers resulting in increased productivity and improved efficiency of the organization. Use of enterprise applications such as ERP, CRM, SCM, etc., enables smooth flow of business information within or outside of the organization.
 

However, limited control & flexibility cloud based solutions, high of licensing and deployment of software, concerns regarding data privacy & security, and complications in data migrations are posing as challenges in worldwide enterprise applications market.. Additionally, availability of open source & freeware applications, and lack of skilled professionals will also hinder the market growth.
 

Based on delivery models, global enterprise applications market is segmented into on premises, and cloud. On the basis of end user spectrum, the marketplace is divided into manufacturing & services, government, telecommunications, healthcare, banking, financial services & insurance (BFSI), retail, and aerospace & defense among others.
 

Speaking of solutions ambit, the industry is classified into customer relationship management (CRM), supply chain management (SCM), content management system (CMS), enterprise resource planning (ERP), web conferencing, business process management (BPM), enterprise asset management (EAM), and business intelligence (BI) among others.
 

Moving on to regional outlook, North America, Asia-Pacific, Europe, Middle East & Africa, and Latin America are significant contributors towards worldwide enterprise applications industry remuneration.
 

Key contenders in global enterprise applications market include Microsoft Corporation, International Business Machines (IBM) Corporation, IFS AB, Infor, The Hewlett Packard Enterprise Company, Epicor Software Corporation, SAP SE, Salesforce.com Inc., QAD Inc., and Oracle Corporation.