Why the Enterprise Software Market has thrived in recent years and what it needs to do to keep up the momentum

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Publish Date:
21 Jun, 2022

Historically, the world has been in a constant state of crisis, but these mainly occurred in siloed pockets. However, the global pandemic was unprecedented and triggered seismic changes in how governments, companies, and even individuals operated. And just when the intensity of the pandemic is beginning to ebb, the state of fragility has been perpetuated by the war in Ukraine and the resultant surge in energy costs, supply concerns, and inflation. 


This prolonged state of upheaval has resulted in organizations and suppliers constantly adapting and re-adapting to evolving situations. To this end, both the public and private sectors have had to revamp their software solutions to cope with the situation. Now more than ever, have organizations been receptive to Software-as-a-Service (SaaS) and moving their data into the public cloud. In fact, the SaaS portion of the enterprise software market is estimated to sustain a compound annual growth rate (CAGR) of nearly 25% through 2024. Organizations have invested heavily in software that focuses on customer experience, supply chain flexibility, cyber security, and cloud-enabled transformation.


The COVID crisis necessitated the shift from traditional on-premise enterprise software domains to the public cloud. No longer are enterprises wary of moving critical data to the cloud. Among other benefits, this move to the cloud has dramatically helped these companies gain access to cloud-enabled analysis, which has improved their business insight and enabled better decision-making.


Apart from customer and user experience (CX/UX), employee experience (EX) has also gained priority primarily because individuals are increasingly re-evaluating their career paths and where they want to work and focussing on their health and wellbeing. Organizations, therefore, need to pay attention to the 'human' aspects of work if they're going to curb attrition.


An interesting point is that some astute forward-thinking organizations, unable to function due to COVID restrictions, used the downtime to judiciously plan and revamp their operational and analysis software systems to enable them to move to a more digital-friendly operating mode. Trends like these can help software suppliers cash in on the post-pandemic boom by accelerating efforts to create targeted industry-specific cloud-based solutions. Suppliers also need to be mindful of cost considerations and be flexible enough to provide tailor-made software solutions whose value can be easily measured by the customer.  


This is where invenioLSI comes in. We are the #1 independent SAP solutions provider serving the Public Sector as well as offering specialist skills in the media and entertainment sector. We bring deep expertise combined with advanced technologies to enable organizations to modernize so they can run at the speed of today's business.


We know how to navigate the extraordinary complexities of international businesses and public sector organizations, working with stakeholders to drive change and create agile organizations of tomorrow using the technologies of today.


Source: TechSectorViews - Enterprise Software Supplier Prospects 2022 & Beyond

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