The global enterprise platform market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the increasing penetration of cloud applications in enterprises and the rising adoption of customer relationship management (CRM) and enterprise resource planning (ERP).
Enterprise platform is a collection of tools and technologies that are used as a base upon which other applications, technologies or process are developed. The platform helps enterprises in tracking manufacture from procurement to distribution to the end-user and help in handling finance with multiple other functional domains. This application offer various benefits to enterprise, in terms of maintenance, installation, customization, operations, upgrade, and replacement of enterprise software platforms across CRM systems, supply chain management, billing, unified communications, ERP, and HR management. Platform service helps in improving the customer experience with high performing applications and provides advanced solution to companies for optimization of the internal business process.
The COVID-19 pandemic outbreak had positive impact on the market. During the pandemic, lockdown imposed by government bodies across the globe resulted surge in online banking, which resulted in increased adoption of enterprise application software for different applications, such as customer requirement optimization and customer retention. Additionally, this application is highly adopted by healthcare vertical during the pandemic to apply customer requirement analysis and to track customer orders in the pharmaceutical sector.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing adoption of enterprise platform by start-ups and small & medium enterprises is one of the key factor driving the market growth.
- Growing automation and adoption of cloud-based mobile application across end-users is projected to drive the market expansion during the forecast period.
- Rising accessibility and easy availability of open source application acts as a major challenge that can restrict the market growth in the coming years.
- Escalating maintenance cost can hamper the market growth during the projected timeline.
- Integrating big data, Artificial Intelligence, and Internet of Things technology with the platform application is projected to create significant growth opportunities for the market.
Scope of the Enterprise Platform Market Report
The report on the global enterprise platform market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Enterprise Platform Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Applications (Enterprise Infrastructure Management, Security Solution, Remote Monitoring System, Mobile Workforce Management, Asset Performance Management, Real-time Collaboration, Streaming Analytics, Data Management, Network Management, and Customer Experience Management) and End-users (BFSI, IT & Telecom, Aerospace & Defense, Retail, Manufacturing, Healthcare, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Kaltura, Inc.; TigerConnect, Inc.; IBM Corp.; Salesforce.com, Inc.; Unify; SAP SE; and Voxeo Corp.
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Enterprise Platform Market Segment Insights
Improved efficiency drives the remote monitoring system segment
Based on applications, the global enterprise platform market is divided into enterprise infrastructure management, security solution, remote monitoring system, mobile workforce management, asset performance management, real-time collaboration, streaming analytics, data management, network management, and customer experience management. The remote monitoring system segment is expected to grow at a rapid pace during the forecast period due to this application provides valuable data insights to the organization in the form of graphs and tables for better visualization and understanding. Furthermore, the segment growth is further accelerated as the application improves the efficiency of employees and helps in proactive maintenance. However, the mobile workforce management segment is anticipated to expand at a substantial CAGR in the coming years owing to the benefits offered by it, such as improved visibility, reduced cost, ease of communication, and enhanced customer experience.
Healthcare segment to register high CACR
On the basis of end-users, the market is segmented into BFSI, IT & telecom, aerospace & defense, retail, manufacturing, healthcare, and others. The healthcare segment is anticipated to register a high CAGR in the projected timeline owing to rising demand for real-time data transparency, which gives patient-centric healthcare solutions. Moreover, key players are offering cost effective services to healthcare sector for patient’s safety, which is driving the segment growth further. On the other hand, the retail segment is anticipated to grow at robust growth rate in the near future attributed to the increases adoption of enterprise platform applications for enhancing customer experience.
North America to constitute a key market share
In terms of region, the global enterprise platform market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to the increasing adoption of advanced enterprise platform application and tools by organizations to utilize resources and for implementation of improved strategies for business expansion in the region. However, the market of Asia Pacific is anticipated to grow at a rapid pace during the forecast period due to the rising investment by key market players in platform application to increasing their revenue by decreasing operational cost.
Segments
The global enterprise platform market has been segmented on the basis of
Applications
- Enterprise Infrastructure Management
- Security Solution
- Remote Monitoring System
- Mobile Workforce Management
- Asset Performance Management
- Real-time Collaboration
- Streaming Analytics
- Data Management
- Network Management
- Customer Experience Management
End-users
- BFSI
- IT & Telecom
- Aerospace & Defense
- Retail
- Manufacturing
- Healthcare
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global enterprise platform market are Kaltura, Inc.; TigerConnect, Inc.; IBM Corp.; Salesforce.com, Inc.; Unify; SAP SE; and Voxeo Corp. Companies are focusing on cloud-based enterprise application solutions deployment for remote working to maintain their competitive position in the market. Furthermore, companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.
For instance, in March 2017, Salesforce a cloud-based software company announced a partnership with IBM Corporation to integrate their respective Artificial intelligence (AI) platform and deliver an enhanced consumer service experience. IBM’s cognitive computing technology and Salesforce’s in-house AI platform Einstein and platform Watson will collaborate to deliver AI-driven recommendations for future actions by companies.
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