Major companies in the business analytics & enterprise software market include Oracle Corp., salesforce.com, Microsoft, Fiserv, Inc., Nippon Telegraph And Telephone Corp., NTT Data, International Business Machines Corporation, Workday, Inc. Leidos (US) and Atos SE.
The global business analytics & enterprise software market is expected to grow from $352.19 billion in 2021 to $406.68 billion in 2022 at a compound annual growth rate (CAGR) of 15.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $694.07 billion in 2026 at a CAGR of 14.3%.
The business analytics & enterprise software market consists of sales of business analytics and enterprise software by entities (organizations, sole traders and partnerships) that produce business analytics and enterprise software designed to analyze business data to better understand an organization’s strengths and weaknesses.Enterprise software is a software used to satisfy the needs of an organization rather than individual users.
Such organizations include businesses, schools, interest-based user groups, clubs, charities, and governments.
The main types of business analytics & enterprise software are ERP software, BI software, CRM software, SCM software and other software.ERP software is a software that is used by organizations to manage and plan daily activities of a business such as finance, manufacturing, supply chain, human resources and others.
They are deployed using models such as on-demand/cloud model and on-premise model and are used in IT and telecommunications, BFSI, manufacturing, retail, healthcare, education, media and other end use industries.
Asia Pacific was the largest region in business analytics & enterprise software market in 2021.North America was the second largest region in business analytics & enterprise software market.
The regions covered in the business analytics & enterprise software market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Mobility is an integrated component of digital solutions and is transforming businesses on a global scale driving demand for IT services.It is an essential feature for customer experience management and for enhancing interaction amongst strategic partners and suppliers.
It also provides greater access to information and services which can be integrated to execute critical business operations.The development and implementation of mobile applications requires IT services.
For example, Tieto’s competitive asset in mobility and Tieto’s enterprise mobility solution framework offers customized solutions to companies operating in healthcare, logistics, telecommunications, energy and manufacturing verticals.
The outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint on the business analytics & enterprise software market in 2020 as supply chains were disrupted due to trade restrictions and employees working for these establishments faced difficulties related to infrastructure and communication owing to lockdowns imposed by governments globally, forcing them to work from home.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021.
However, it is expected that the business analytics & enterprise software market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Over the past five years there has been an increasing prevalence of low cost open source alternatives.Open source has become a preferred platform for developing new technology.
In the past, software product companies would open source software that was not making money, but now companies are open sourcing software to increase its presence and share in the market. According to Allison Randal, President, Open Source Initiative, 78% of companies use open source solutions and 64% participate in open source projects indicating an increase in open source software platforms to build applications.
In April 2021, International Business Machines Corporation (IBM), a US-based technology company announced the acquisition of Turbonomic, for $2 billion.This deal will help IBM to provide companies with solutions to overcome the high costs associated with managing performance and availability for multiple applications sharing an increasingly complex hybrid cloud environment.
Turbonomic is a US-based enterprise software company.
The countries covered in the business analytics & enterprise software market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
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