Enterprise application software market to touch $32 billion by 2023

The adoption of enterprise application software (EAS) is expected to continue to grow in the coming years, as organizations look for ways to improve their efficiency, productivity, and decision-making. It is all about how we communicate, and the way we interact with the world around us.

A survey found that, organizations are increasingly demanding data-driven decision-making, and EAS can help them to collect, store, and analyze data to gain insights that can help them to make better decisions. It is supported with the increasing competition in the global marketplace is driving organizations to adopt EAS to improve their efficiency and productivity.

As per Gartner, end-user spending on enterprise application software is forecast to total $326 billion in 2023, an increase of 11.3% from 2022. This growth is being driven by a number of factors, including the increasing adoption of cloud-based software, the need for organizations to improve their customer experience, and the growing importance of data analytics.

The key trends that are driving the growth of enterprise application software spending:

· The rise of cloud-based software: Cloud-based software is becoming increasingly popular as it offers a number of advantages over traditional on-premises software, such as lower costs, greater flexibility, and easier scalability. In 2023, Gartner expects that cloud-based software will account for 63% of all enterprise application software spending.

· The need to improve customer experience: In today's competitive marketplace, organizations are under pressure to provide a superior customer experience. Enterprise application software can help organizations to improve customer service, personalize marketing campaigns, and streamline their sales processes.

· The growing importance of data analytics: Data analytics is becoming increasingly important as organizations collect more and more data about their customers, operations, and markets. Enterprise application software can help organizations to collect, store, and analyze this data to gain insights that can help them to make better decisions.

Overall, the outlook for enterprise application software spending is positive. The market is expected to continue to grow in the coming years, driven by a number

of factors, including the increasing adoption of cloud-based software, the need for organizations to improve their customer experience, and the growing importance of data analytics.

Finally, the adoption of EAS is expected to continue to grow in the coming years, as organizations look for ways to improve their efficiency, productivity, and decision-making.

S Mohini Ratna, Editor, VARINDIA