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
Enterprise Portal Market: Key Insights
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
12.1% |
|
Base Year Market Size (2024) |
USD 15.09 billion |
|
Forecast Year Market Size (2037) |
USD 66.61 billion |
|
Regional Scope |
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