Key Drivers of the Enterprise Architecture Tools Market
- Increasing demand for enterprise information technology architecture is expected to drive the growth of the enterprise architecture tools market. Rising demand for IT portfolio planning and IT asset management is also expected to boost the growth of the market.
- Increasing adoption of advanced enterprise architecture tools in different industry verticals is expected to generate revenue and advanced technological solution opportunities for solution providers during the forecast period.
Enterprise Architecture Tools Market - Introduction
- Enterprise architecture tools are comprehensive approach platforms for enterprises for planning, modeling, design, analysis, and implementation of effective business and IT architecture for better results.
- Companies are using enterprise architecture tools in the application development lifecycle by designing and modeling the architectures of the systems, further implemented for the business process.
- Enterprise architecture tools help to understand the strategic architecture, identify opportunities, risks, and business threats, analyze the options and roadmaps to goals, and also helps to identify the pattern and technology strategies for business growth.
- Enterprise architecture tools enable companies to design information data architecture, application architecture, solution architecture, IT asset management, and IT portfolio planning.
- Adoption of enterprise architecture tools are increasing among enterprises to implement effective business strategies in different business operations and processes.
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Lack of skilled workforce and high cost of enterprise architecture tools expected to hinder the market
- Lack of skilled workforce to utilize all the features and applications of the tools for business planning and implantation of strategies, may restrain the growth of the market.
- The high cost of enterprise architecture tools cannot be afforded by small and medium size enterprises. This is also expected to hamper growth of the market.
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Impact of COVID-19 on the Global Enterprise Architecture Tools Market
- Companies are facing issues managing IT assets and utilization of assets, and productivity due to increasing adoption of the work from home business model during the COVID-19 period. Companies are adopting advanced tools for designing, modeling, and implementation of IT management strategy for more output.
- Demand for enterprise architecture tools solutions is increasing during COVID-19 and is also set to increase during the forecast period.
North America to Hold Major Share of the Global Enterprise Architecture Tools Market
- North America holds prominent share of the enterprise architecture tools market due to increasing adoption of advanced enterprise planning software and tools by companies to utilize the assets and implement better strategies for business growth .
- The enterprise architecture tools market in Asia Pacific and Europe is expected to expand the fastest during the forecast period due to increasing investment by industry leaders to provide enterprise software solutions, to capture more market share in these regions.
Key Players Operating in the Global Enterprise Architecture Tools Market
- Oracle CorporationOracle Corporation is a U.S. based information technology company. The company provides applications, platforms, and IT infrastructure products and services. It has three business segments: Cloud and Licensing, Hardware, and Services. The Services segment offers consulting services, advanced customer support services, and education services. Oracle Corporation offers solutions in artificial intelligence, application integration, digital assistance, Internet of Things, enterprise communication, enterprise architecture solutions, and mobile campaign manager.
- IBM CorporationIBM Corporation is a multinational company, manufacturing and marketing products including computer hardware, middleware, and software, besides providing hosting and IT consulting services. IBM Corporation operates under five business segments which include banking and finance; government; healthcare; gaming, media entertainment; and retail and telecommunications. The company provides industry solutions in enterprise architecture solutions, analytics, application infrastructure, e-commerce, DevOps, cloud computing, Big Data, and marketing.
Other key players operating in the global enterprise architecture tools market include Capstera, Sparx Systems Pty Ltd., Scientrix, Avolution Pty Ltd, Vitech Corporation, FIOS Insight, LLC, and BOC Products Services AG.
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