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Companies are focusing on cloud-based applications to maintain their competitiveness

According to a report by industry analysts International Data Corporation (IDC), worldwide revenue for enterprise applications will reach $385.2 billion by 2026 due to increased investment in public cloud software. In 2022, global revenue for enterprise applications was $279.6 billion, signaling a five-year compound annual growth rate of 8%.

Heather Hershey, research director of Worldwide Digital Commerce at IDC, stated that businesses can no longer rely on their current technological assets to stay competitive in the digital age. She emphasized that enterprise software must constantly innovate to meet the demands for speed, scale, and resilience in the business world.

IDC also noted that the process of migrating on-premise applications to the cloud can take several years, but this has not deterred customers or vendors from continuing the transition, which is seen as crucial for business operations moving forward. Organizations and businesses that do not implement cloud-based enterprise software strategies will incur severe opportunity costs, as their rivals continue to progress with their own cloud software transition plans.

The report also highlighted other major developments in the market contributing to the growth of the enterprise applications market, such as the increasing importance of software-as-a-service (SaaS) and modular applications as essential tools for businesses, as well as the growing use of automation, task-based applications, and APIs. IDC also acknowledged the impact of new global regulations around data privacy and ethics on the way businesses approach data collection.

by Paul Britton

Full-time CBG author covering everything from business to wellbeing news, in Cyprus. and abroad.

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