According to a new report from MarketsandMarkets, the enterprise architecture tools market is expected to grow by more than 4 percent year over year, reaching $1283 million by 2026. Enterprise architecture tools are defined as a broad range of tools that help enterprise organizations to better manage their assets, streamline their processes and become more efficient.
Based on the report, Small to Medium Enterprises (SME)—defined as enterprise organizations with up to 1000 employees—are predicted to lead the way in investing in enterprise architecture tools over the next five years. SMEs are particularly vulnerable to cyberattacks, due to lower budgets for security infrastructure. The report found that SMes are likely to be the segment of the market that increases its spending the most to improve infrastructure in order to reduce downtime and data loss.
Within SMEs, the Banking, Financial Services and Insurance Industry (BFSI) is expected to invest more than other industries within the enterprise sphere. BFSI is changing and growing exponentially with the advent of mobile and touch-free payment solutions, increased cyber security attacks, and the need for lightning-fast processing. All these factors all contributing to the need for new architectural solutions to everyday demands within the sector.
North America is predicted to be the geographical area with the most growth during the next five years. Specifically, investment in cloud-based enterprise services is expected to lead the way toward more spending in the enterprise architecture tools market.
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