Enterprise Portal Market Trends

Growth Drivers

• Growing Amount of Data Being Produced by the Internet of Things (IoT) – With the vast amount of data being generated, the global enterprises portal market is anticipated to grow exponentially during the forecast period. For instance, the total amount of data being generated on an everyday basis is almost 330 million terabytes across the world.
• Increasing Use of Cloud Computing and Artificial Intelligence – The use of advanced solutions such as cloud computing and artificial intelligence as a service in businesses is generating the need for an advanced solution such as an enterprise portal that could bring together the information, data, employees, and other services for efficient communication in the market. Thus, the rising adoption of cloud computing and artificial intelligence is anticipated to drive market growth over the upcoming decades.
• Rise in the Investments for Digital Transformation - Increasing investments in digital transformation is a major factor that is anticipated to boost the global enterprise portal market growth during the forecast period. According to the most recent report, global digital transformation investments will accelerate to 55% of all information and communications technology investments by the end of 2024.

Challenges

• Requirement of an initial high cost for implementation and maintenance purposes - The cost of implementing and maintaining an enterprise portal can be prohibitively expensive for small businesses, which limits the potential customer base for the market.
• Lack of awareness along with the unavailability of technical experts
• Inadequate understanding of the benefits offered by enterprise portals among the developing nations