Enterprise Architecture Tools Market worth $1,283 million by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 9, 2021 /PRNewswire/ -- According to a new market research report "Enterprise Architecture Tools Market by Component (Solutions and Services (Managed Services and Professional Services)), Deployment Type, Organization Size, Vertical (BFSI, IT, Manufacturing), and Region - Global Forecast to 2026", published by MarketsandMarkets™, 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.
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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 avoi data loss and downtime. The IT spending in the SMEs segment is estimated to increase at a high rate.
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.
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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. Enterprises' 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.
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