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.
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.
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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.
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.
The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements, partnerships, merger and acquisitions, have been the most dominating strategies adopted by the major players from 2018 to 2021, which helped them strengthen their offerings and broaden their customer base.
Software AG was founded in 1969 and is headquartered in Darmstadt, Germany. The company offers various solutions for enterprise architecture tools, such as Alfabet and Alfabet FastLane, along with managed services. It further operates through three business segments: Digital Business Platform, Adabas and Natural, and Professional Services. The Digital Business platform segment is engaged in the sale, marketing, and delivery of cloud and IoT solutions, such as webMethods, ARIS, Alfabet, Apama, and Terracotta product families. The Adabas and Natural segment is responsible for offering applications to run airlines, railways, freight services, manage warehouses, and logistics networks. The Professional Services segment provides planning, design, development, and deployment of digital applications.
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Avolution is one of the prominent players in the enterprise architecture tools market. The company was established in 2001 and is headquartered in Sydney, Australia. It offers enterprise architecture tool capabilities through its solution, ABACUS. The company offers its enterprise architecture tool solution in on-premises, cloud-based, and hybrid deployment types, making it easy-to-use and faster-to-set up. The solution offers an Open Group Architecture Framework (TOGAF) and ArchiMate framework that helps in comparing and synchronizing future state architecture options for effective scenario analysis to speed data management and analysis.
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