287 Billion Reasons The Enterprise App Market Is Growing
Citing the enterprise’s need to connect business processes, a new forecast predicts the enterprise application market will grow rapidly in the next eight years, reaching a $287.7 billion value.
According to Global Market Insights, the EA market is expected to nearly double in less than a decade, growing at a rate of 7.6% CAGR between 2016 and 2024. The market was valued at $150 billion in 2015.
The capabilities used to “automate back office and need for real-time information flow” is what will propel growth in the enterprise resource planning sector of the market, which accounted for 20% of the industry share in 2015, the analysis showed.
Regionally, North America ($86.1 billion) and Asia Pacific ($75 billion) will lead the way, making up more than half of the market share in 2024.
Conversely, a previous analysis of the enterprise application market predicted high demand won’t be met due to a lack of deliverables.
Adrian Leow, a principal research analyst with Gartner, said the need for enterprise apps will “grow at least five times faster than internal IT organizations’ capacity to deliver them,” by the end of 2017, according to a press release from the company.
Gartner also noted that employees’ ability to autonomously use a range of mobile devices and apps in the workplace, which puts a strain on IT departments to develop easy-to-use applications.
Another sector that will see consistent, rapid growth is in the cloud, Global Market Insights said. The forecast shows the cloud-based enterprise application market, which accounted for more than 30-percent of the revenue in 2015, is expected to see a growth of 4.5% CAGR annually over the next eight years.
As the predictions show, cloud computing isn’t just for the future, but makes up a large portion of the “now” in enterprise mobility. With burgeoning technology comes its management and security, which will be the topic of Enterprise Mobility Exchange’s upcoming October event in Miami title Mobile Cloud Computing and Security.
The event will feature 40 CIOs, CISOs, and security directors from across all industries, including keynote speakers and private networking opportunities. Find out more about the event here.