Research and Markets said the mobile enterprise application market size would grow from $48.24 billion in 2016 to $98.03 billion by 2021, at a CAGR of 15.24 percent.
Increase in smartphone penetration, enhancement in connectivity and productivity of both employees and organizations, growing demand for real-time information capture are some of the growth drivers.
In addition, organizations’ continued focus to make their business processes mobile-ready due to increase in mobile workforce is also boosting the market.
According to the research firm, the Enterprise Resource Planning (ERP) software is expected to hold the largest market share, because it helps enterprises increase their operational efficiencies, improves communication and collaboration.
In addition, ERP provides anytime access to information, instant access to work center, and improves workforce productivity.
Among the type of app, the hybrid app is expected to hold the largest market share during the forecast period.
Hybrid apps have a suite of features, such as they can integrate with device file systems and web-based services, and they have embedded browsers to improve access to online content.
Hybrid apps also have capability to support cross-platforms, which effectively reduces the development cost of developers.
In the mobile enterprise application market, hybrid apps dominate the market share due to their robust functionalities, such as cross-platform support, access to devices, and ease of development, the research noted.
Among the organization size, Small and Medium Enterprises (SMEs) segment is expected to dominate the mobile enterprise application market and holds the largest market share.
The mobile enterprise application helps SMEs improve their overall business efficiency and provides concise information with a faster response.
Mobile enterprise application deployment in SMEs is also useful in case of office relocations, heritage building, and temporary locations.
Among the verticals, the Banking, Financial Services, and Insurance (BFSI), vertical is expected to hold the largest market share during the forecast period 2016 to 2021.
Banks, insurances, and financial organizations use mobile enterprise apps to improve their employees’ productivity and boost connectivity with clients and customers.