The major factors that drive the growth of the global Cloud Enterprise Application Software Market are increase in adoption of cloud-based solutions, inclination of companies towards customer-centric approach, and realization of competitive advantages achieved through implementation of enterprise application software, rapid changes in business models, and emerging trends of cloud.
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The global cloud enterprise application software market is segmented on the basis of solution, industry vertical, and geography. Based on solution, the market is segmented into customer relationship management (CRM), enterprise resource planning (ERP), supply chain management (SCM), Web conferencing, business intelligence (BI), business process management (BPM), content management system (CMS), enterprise asset management (EAM), and others. By industry vertical, it is classified into manufacturing & services, BFSI, healthcare, retail, government, oil & gas, telecom, and others. Geographically, cloud enterprise application software market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The North American cloud enterprise application software market generated the highest revenue in 2016, owing to increase in adoption of cloud-based solutions, presence of a large number of enterprises, and rise in adoption of IoT. The Asia-Pacific cloud enterprise application software market is expected to grow at the highest CAGR, owing to increase in penetration of internet and surge in adoption of ERP application in the government agencies.
The key players operating in the cloud enterprise application software industry include Oracle, IBM, Microsoft, SAP, HP, QAD Inc., IFS AB, Epicor Software Corp., Infor, and Salesforce.com. These players have expanded their market presence by adopting various business strategies such as acquisition, geographical expansion, product development, strategic alliance, and collaboration.
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Key Findings of the Market:
- The manufacturing & services accounted for the highest share of the global cloud enterprise application software industry in 2016, while others segment is expected to grow at the fastest CAGR from 2017 to 2023.
- The others segment among industry verticals generated the highest revenue share in 2016.
- North America accounted for the highest share of around 57% of the total cloud enterprise application software market in 2016.
- The cloud enterprise application software market for content management system (CMS) is expected to witness the highest growth rate during the forecast period.
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