Worldwide enterprise software revenue is projected to surpass $232bn in 2010, a 4.5% increase from 2009 revenue of $222.4bn, according to information technology research and advisory company Gartner.
The research house predicts that the enterprise software market will continue growth in 2011 with revenue forecast to reach $246.6bn.
It expects the market to reach $297bn through 2014, at a five-year compound annual growth rate (CAGR) of 6%.
Gartner said that some regions will fare better than others with five-year CAGRs to 2014 varying from 2.7% in Western Europe to 11.5% in Asia/Pacific.
It expects emerging regions, such as Asia/Pacific and Latin America, to invest heavily in enterprise software initiatives in the next few years as they continue to round out the IT infrastructures necessary to do business.
The IT advisory firm estimatesthe enterprise software spending in North America to reach $110.8bn in 2010, an 8.5% increase from 2009 revenue of $102.1bn.
It predicts that the market will experience consistent growth through 2014, when spending in North America will surpass $143.6bn.
According to Gartner, the Europe, Middle East and Africa (EMEA) region will see a fall in enterprise software spending this year.
It estimates 2010 revenue at $64.5bn, a 3.4% decline from 2009 revenue of $66.8bn.
Asia/Pacific (excluding Japan) is expected to have the fastest growth in software revenue of all the regions in 2010.
The market for enterprise software in Asia/Pacific is estimated to reach $22bn in 2010, up 13% from 2009 revenue of $19.5bn.
Gartner believes that both enterprise application and infrastructure software will demonstrate a strong rebound in 2010, and this positive momentum is expected to continue through 2011.
