Enterprise Architecture Tools Market Share, Growth Prospects and Key Opportunities by 2026
According to a research report “Enterprise Architecture Tools Market Trends by Component (Solutions and Services (Managed Services and Professional Services)), Deployment Type, Organization Size, Vertical (BFSI, IT, Manufacturing), and Region – Global Forecast to 2026″ The global Enterprise architecture tools market size is expected to grow from USD 989 million in 2020 to USD 1,283 million by 2026, at a Compound Annual Growth Rate (CAGR) of 4.4% during the forecast period. Key factors that are expected to drive the growth of the market are the increasing adoption of the business-driven enterprise architecture approach for strategic business transformation and an increasing need to align enterprise information technology architecture with business strategy. With an enterprise architecture tool, landscapes, blueprints, and roadmaps are created to perform an ongoing and controlled enterprise transformation via projects. Such tools also enables organizations to understand their systems, applications, and assets from a holistic, top-down perspective. The solution helps in identifying gaps in organization’s current architecture to better understand how to reach the desired future-state objectives and architecture.
Solutions segment to hold a larger market size during the forecast period
Based on solutions, the enterprise architecture tools market is segmented into infrastructure architecture, application architecture, data architecture, security architecture, and others. These solutions assist in increasing collaboration and improving workflow environments to accelerate productivity. Major reasons behind the decline of enterprise architecture tool solutions across the globe are reduced profit margins and less allocation of IT budgets. These reasons lead to low investments in new subscriptions. The demand for consulting, integration, and implementation services has also decreased with low technology spending on new subscriptions. These trends are expected to decrease the demand for enterprise architecture tools solutions.
SMEs segment to grow at the highest CAGR during the forecast period
SMEs are defined as organizations with an employee strength ranging from 1 to 1,000. SMEs have a low marketing budget and often lack the resources and capabilities for effective marketing orchestration. The majority of SMEs are prone to cyberattacks compared to large enterprises due to the lack of security infrastructure. According to a survey, nearly 43% of cyberattacks occur in small enterprises. Hence, SMEs need robust infrastructure to fight against cyberattacks and avoid data loss and downtime. The IT spending in the SMEs segment is estimated to increase at a high rate. However, in 2020, due to COVID-19 the demand for enterprise architecture tools have been reduced by SMEs. Reduced IT spending across SMEs, which led to low spending on new software and solutions. Further, the high cost associated with the enterprise architecture tools is another reason, which led to reduced demand for the solutions and services during a pandemic.
BFSI industry vertical to grow at the highest CAGR during the forecast period
The BFSI institutions are facing challenges due to changing business environment. The advent of advanced technologies will play a crucial role in the growth of the BFSI vertical. Digital technologies have enabled banking customers to access real-time banking and financial information services on any device. The financial crisis, changing customer behavior, increased risk awareness, focus on cost reduction, and the entrance of new financial players are some of the factors behind the changing landscape in the BFSI vertical.
North America to account for the highest market share during the forecast period
North America is estimated to hold the largest market size in the global enterprise architecture tools market in 2020, and the trend is expected to continue during the forecast period. The region is at a growth stage due to several players offering enterprise architecture solutions and services. Organizations shifting toward the adoption of emerging technologies and the increasing adoption of digital business strategies are the major factors for the adoption of enterprise architecture tools offerings in North America.
Moreover, a business-driven enterprise architecture approach results in saving time and work on pipeline projects more quickly. Enterprises are focusing on aligning business needs with the IT department as a whole and efficiently manage the application portfolios to progress the organizations goals is also expected to drive the demand for enterprise architecture tools in the region. Another major factors is as increasing budget allocations for cloud services are expected to drive the market in North America.
The enterprise architecture tools market comprises major providers, such as Software AG (Germany), Avolution (Australia), BiZZdesign (Netherlands), MEGA International (France), BOC Group (US), Orbus Software (UK), QualiWare (Denmark), Leanix (Germany), erwin (US), Sparx Systems (Australia), ValueBlue (Netherlands), UNICOM Global (US), Clausmark (Germany), Enterprise Architecture Solutions (UK), Planview (US), MonoFor (US), Valispace (Portugal), FIOS Insight (US), Aplas (Australia), NinjaRMM (US), CodeLogic (US), BetterCloud (US), Ardoq (Norway), Facility Planning Arts (US), and Keboola (US).The study includes an in-depth competitive analysis of key players in the enterprise architecture tools market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
