The enterprise segment dominates the global software market, according to Statista, and is expected to reach nearly $376 billion by 2028. Here we dive into emerging technologies that custom business software developers use to keep solutions up to date and efficient
The continued growth of the enterprise applications market, even during a recession, is prime evidence that Software solutions have become essential to the operational efficiency and profitability of businesses. However, due to their central role, enterprise solutions must be adapted to the evolving needs of organizations and technology market trends.
AI and generative AI
Generative AI represents one of the fastest growing trends in enterprise software, revolutionizing the way businesses approach problem solving and innovation. At the heart of this trend is AI’s ability to generate new content, ideas or data-driven insights that can streamline various administrative processes and customer interactions.
AI-powered natural language processing is also applied to automating and personalizing customer interactions by generating human-like responses. When it comes to content creation, it allows marketers to produce varied and engaging material at scale, from email campaigns to social media content.
While there is concerns about the quality of the result, it is expected that in In 99% of cases, AI-generated visual content will be indistinguishable real by 2030.
Another important application of AI is predictive analytics, where generative AI models predict market trends and consumer behavior, allowing businesses to make data-driven decisions quickly. AI-powered computer vision solutions can automate inventory tracking, improve corporate building security by monitoring suspicious activity, or help automate data entry tasks, form processing, or data validation. ‘identify.
Concrete example
Gucci uses the Salesforce Einstein tool to streamline customer communication by generating user-friendly, consistent, and editable responses to customer inquiries based on internal data. The solution helps personalize customer interactions and onboard new support agents by educating them about the brand’s voice, story and products. With the help of Einstein and several other business automation tools, Gucci has already completed over four thousand interactions with AI and seen a 30% increase in conversions.
APR
The 2023 global recession has pushed businesses to seek cost-effective yet high-performance solutions, leading to the increasing adoption of robotic process automation (RPA) technology.
RPA automates simple manual tasks, allowing employees to focus on more strategic and complex problems. Applied for repetitive and time-consuming operations, such as payroll, processing complaints or emails, updating sales orders or managing inventory, RPA allows businesses to reduce labor costs work, increase operational efficiency and accuracy and improve the customer experience.
Like many other technologies, RPA is currently being merged with AI to create intelligent process automation solutions. Unlike traditional rules-based process automation, IPA leverages AI capabilities to manage and automate complex business tasks that require a strategic approach. For example, an IPA-enabled system can use NLP and predictive analytics mechanisms to interpret text and decide how, when, and with whom to share the information it contains.
Concrete example
Deloitte leveraged the capabilities of IBM’s Robotic Process Automation tool to streamline monthly management reporting, travel expense calculations, accounts receivable and exchange rate monitoring. Now, within an hour, an RPA bot produces reports that previously required five to eight days of manual work, freeing up employee time.
Cloud apps
Statista Reports that more and more companies are moving away from expensive on-premises enterprise software and that by 2027, more than 60% of organizations will have adopted more cost-effective cloud solutions.
Hosted on a provider’s cloud infrastructure and accessible over the Internet, cloud-based applications offer small and medium-sized businesses rapid deployment, minimized upfront expenses, and scalability without requiring a large IT team.
Companies building applications from scratch opt for a cloud-native development approach. Since most cloud-native applications leverage microservices architectures and CI/CD practices, cloud-native applications can be quickly deployed and regularly updated. Designed to operate in a cloud environment, the applications offer easy scalability, resilience and efficient use of resources, making them ideal for dynamic businesses in competitive markets.
Concrete example
Airbnb’s monolithic architecture has hindered the company’s growth and ability to introduce new features. Airbnb therefore decided to decompose the existing architecture into microservices and adopt cloud-native technology on its platform. This allowed Airbnb to increase its deployment frequency and developer productivity, making its services more reliable.
Cutting-edge computer software
About 83% of C-suite executives are considering edge computing essential for businesses to remain competitive in the future. Edge computing leverages the capabilities of cloud computing and brings computing and data storage closer to where the data is produced and primarily needed. Additionally, through local data processing, edge computing helps improve data privacy and security, as well as network reliability and resilience.
Despite several concerns about the complexity of managing edge devices, edge computing, especially when combined with AI and 5G, is becoming an essential part of modern enterprise solutions, especially those which rely on real-time and near-real-time processing.
Concrete example
As part of a broader strategy to integrate technology into its business model, Walmart plans to transform its big box stores into edge computing centers by implementing edge computing to manage the vast amount of data generated by IoT devices such as smart shelves and inventory tracking systems. Local data processing enables real-time insights and decision-making, such as shelf replenishment and efficient inventory management.
Conclusion: Understanding Software Market Trends
Most modern technology reports prove that to stay competitive, businesses need to keep up with technology trends such as AI, RPA, cloud or edge computing, which drive innovation and make business processes efficient . Yet the very technologies that promise competitive advantage can also introduce potential risks such as data breaches, operational failures or compliance issues.
That’s why, as businesses embark on this transformation journey, they need detailed technology transformation strategies that they can create on their own or with the help of third-party consultants.
