How Enterprise Software Became a Billion Dollar Industry/Digital Information World
People use software for all sorts of things, but businesses tend to rely on higher caliber software. This suite of software applications is collectively referred to as enterprise software, and the industry surrounding this software is now worth billions of dollars due to the fact that it’s the kind of thing that could potentially allow businesses to run more efficiently. A new study from Statista has revealed where that money is coming from and how enterprise software has reached such dizzying heights.
With all of that said and now out of the way, it’s important to note that the largest individual share of enterprise software revenue comes from programs that help brands manage their customer relationships. This type of software brings in just under $71 billion each year, but despite the fact that it does, it’s not the only enterprise software that companies are currently spending money on, everything has been considered and taken into account.
Another $46 billion is spent on resource planning and management, which companies need to optimize if they want to continue operating in a way that customers would appreciate. However, resource planning software is not the second largest source of revenue for the enterprise software industry. This honor falls under the so-called “Others” category, which includes things like data analytics, content apps, and more. About $65 billion is spent annually in this category, but resource planning remains the industry’s second-largest individual revenue earner.
The final three revenue streams for enterprise software are business intelligence, content management, and supply chain management. Business intelligence generates $24 billion in revenue every year, while companies spend nearly $20 billion, or $19.4 billion to be precise, on content management. Supply chain management is not far behind with around $18 billion spent every year, which shows just how diverse enterprise software is. The strength of the industry is boosted by the versatility of the programs it offers businesses and which will continue to grow.
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