Worldwide revenue for enterprise software applications will grow from $279.6 billion in 2022 to reach $385.2 billion in 2026 with a five-year CAGR of 8 percent, according to the latest global market study by International Data Corporation (IDC). Nearly all the upside growth will come from investments in public cloud software applications, which are expected to represent nearly two-thirds of all enterprise applications revenue in 2026. While the process of migrating from legacy on-premises apps to cloud services can take years, senior executives will drive a transition to the public cloud as an essential part of their digital transformation. Application Software Market Development Companies that don't pursue this approach may sustain losses due to their competitors adopting cloud services, and their use of application programming interfaces (APIs) to gain momentum. "It's no longer enough for businesses to sit back and rely on their technological debt of software and hardwar...
TMT Market Research and Analysis