TECH SUPPLIER Dec 2019 - Market Forecast - Doc # US45709619
Worldwide Enterprise Applications Software Forecast, 2019–2023
By: Mickey North RizzaProgram Vice President, Enterprise Applications and Digital Commerce, Jordan JewellResearch Manager, Digital Commerce and Enterprise Applications, Kevin PermenterResearch Manager, Enterprise Applications
This IDC study examines IDC's forecasts for the enterprise applications software market, which is expected to grow quickly at a CAGR of 8.1%. The market is expected to reach $309.9 billion by 2023 and is driven by the demand for public cloud, intelligent applications, and intuitive user experiences. Demand for public cloud software (CAGR of 16.2%) greatly exceeds that of on-premise applications (CAGR of 1.9%). Digital transformation initiatives aimed at bringing back-office applications in parity with front-office applications are creating interest in cloud offerings and new technology partnerships. However, the on-premise software market remains important as medium-sized and large enterprises are still maintaining existing back-office software until contracts run out and they have a full digital transformation strategy.
"Digital transformation initiatives are driving organizations to purchase enterprise applications deployed in the public cloud. Organizations want more innovation across their businesses and understand that the quickest way to it is with cloud-based solutions," says Mickey North Rizza, program vice president, Enterprise Applications and Digital Commerce.
Analytic applications, Cognitive/artificial intelligence, Customer relationship management applications, Digital transformation, Engineering applications, Enterprise resource management applications, Internet of things, Operations and manufacturing applications, Public cloud services, Software as a service, Supply chain management applications
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