Rapid growth continues for business process applications market

New research from GlobalData shows that the business process applications market will surpass US$93 billion within the next three years.

According to GlobalData's Market Opportunity forecast model, the IT market globally continues to witness growth, resulting in the development of application packages to cater to the growing demands of the enterprises.

As a result, the APAC business process applications market revenue is estimated to reach US$93.2 billion by 2023.

The research shows that the APAC business process applications market revenue is estimated to grow at a compound annual growth rate (CAGR) of 6.4% during 2018-2023 and will be the second largest revenue contributing region, behind only to North America (US$102.6bn).

GlobalData lead ICT analyst Sunil Kumar Verma says, "The reduction in the overall lifecycle of both systems as well as products is forcing the enterprises to focus on different application categories as a part of their IT strategy to help them cater to the evolving business organisation requirements.

GlobalData states manufacturing along with construction and energy will be the three largest industry verticals, accounting for around 30% of the overall business process applications revenue in the region.

China, Japan and India will be the three largest countries accounting for two-thirds of the overall revenue in 2023. Vertical-specific and packaged applications will continue to dominate the overall revenue with a share of 53% in 2023, GlobalData states.

Sunil says, "Industry specific offerings will enable enterprises to target specific end user segments and provide them with enhanced customer experience offerings for recurring revenue generation.

However, office productivity applications will witness the highest CAGR of 11.4%, followed by commerce applications (10.4%) during the forecast period, according to GlobalData.

Sunil says, "As large number of enterprises migrating from traditional work environment to an agile workplace setup, there will be an increasing thrust to enhance the scalability and interoperability. This will further reduce the collaboration and communications barriers between the organisational workforce, resulting in increased adoption of employee office productivity applications.

"Enterprises will continue to focus on the enhancement of existing IT infrastructure, by leveraging cloud, artificial intelligence and other latest technology tools to transition to more complex and connected digital ecosystem.