The global enterprise application industry was accounted for $238.36 billion in 2020, and is expected to reach $527.40 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030. The rise in adoption of a customer-centric approach by companies, competitive advantages over other software, and adoption of cloud and mobile applications have boosted the growth of the global enterprise application market. However, high cost associated with the implementation and maintenance of enterprise application solutions, use of the open-source application in small and medium businesses, and surge in security & privacy concerns among open source applications enterprises hinder the market growth. The pandemic increased use of the web-based platform to perform various tasks including online banking and online shopping, leading to adoption of enterprise application solutions and services.
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