Enterprise Application Software Market Analysis and Trends

This report provides an analysis of the enterprise application software market, detailing its projected growth to $146.5 billion with a compound annual growth rate (CAGR) of 7.9% from 2024 to 2029. The growth is primarily driven by the increasing adoption of cloud-based solutions that enhance the efficiency of core business functions such as finance, human resources, and supply chain management. The report also highlights the expected growth rates of cloud-based software at a CAGR of 12.5% from 2021 to 2026, contrasting with the slower growth of on-premises software, which is anticipated to grow at a CAGR of 1.5% during the same period. Additionally, it discusses the acquisition of Sassafras by TeamDynamix, emphasizing the strategic importance of this deal in enhancing IT service and asset management capabilities. The report concludes with insights into the overall technology sector, including emerging trends and transaction volumes in application software.