Enterprise Software Market by Company
Enterprise software is the roughly $1.25 trillion economy of applications businesses run on: ERP, CRM, HR and payroll, IT service management, observability, developer tools, and the vertical systems behind governments, hospitals, and banks. The sector built the most prized business model in public markets, recurring subscriptions with high margins and high retention, mostly priced per human seat. Agentic AI now forces the question of whether seat-based software gets repriced, displaced, or expanded.
The Enterprise Software sector on Sterling tracks 45 companies, led by Microsoft (41.3%), IBM (9.9%), Oracle (8.4%) by share of FY2025 revenue across all 45 tracked companies, not the global software market.
Enterprise Software market share by company (2025)
| # | Company | Market share |
|---|---|---|
| 1 | MicrosoftMSFT Share of tracked-roster FY2025 revenue across all 45 companies on this roster. FY2025 revenue $281.72B (fiscal year ended June 30, 2025). Company-wide revenue. Microsoft is the largest enterprise software vendor by a wide margin, but this total also includes Windows, Xbox, LinkedIn, search and devices, so it overstates its share of enterprise software specifically. | 41.3% |
| 2 | IBMIBM FY2025 revenue $67.54B. Company-wide revenue, including consulting and infrastructure alongside software. | 9.9% |
| 3 | OracleORCL FY2025 revenue $57.40B (fiscal year ended May 31, 2025). Company-wide revenue, including OCI cloud infrastructure alongside applications and database. | 8.4% |
| 4 | SAPSAP FY2025 revenue $41.73B, converted from EUR 36.80B at the 2025 average EUR/USD 1.1341. | 6.1% |
| 5 | SalesforceCRM FY2026 revenue $41.52B (fiscal year ended January 31, 2026). Fiscal year ends in January, so FY2026 is the closest match to calendar 2025. | 6.1% |
| 6 | AdobeADBE FY2025 revenue $23.77B (fiscal year ended November 28, 2025). | 3.5% |
| 7 | ADPADP FY2025 revenue $20.56B (fiscal year ended June 30, 2025). Payroll and HR services; a large share is processing services rather than licensed software. | 3% |
| 8 | IntuitINTU FY2025 revenue $18.83B (fiscal year ended July 31, 2025). | 2.8% |
| 9 | ServiceNowNOW FY2025 revenue $13.28B. | 1.9% |
| 10 | Constellation SoftwareCSU.TO FY2025 revenue $11.83B. Vertical market software acquirer; reports in USD from its Toronto listing. | 1.7% |
| 11 | WorkdayWDAY FY2026 revenue $9.55B (fiscal year ended January 31, 2026). | 1.4% |
| 12 | FY2025 revenue $7.90B. Diversified vertical software and technology-enabled products acquirer. | 1.2% |
| 13 | AutodeskADSK FY2026 revenue $7.21B (fiscal year ended January 31, 2026). | 1.1% |
| 14 | Dassault SystemesDSY.PA FY2025 revenue $7.07B, converted from EUR 6.24B at the 2025 average EUR/USD 1.1341. | 1% |
| 15 | PaychexPAYX FY2025 revenue $5.57B (fiscal year ended May 31, 2025). Payroll and HR services; a large share is processing services rather than licensed software. | 0.8% |
| 16 | AtlassianTEAM FY2025 revenue $5.21B (fiscal year ended June 30, 2025). | 0.8% |
| 17 | GoDaddyGDDY FY2025 revenue $4.95B. Domains, hosting and SMB commerce tools rather than enterprise software in the strict sense. | 0.7% |
| 18 | ZoomZM FY2026 revenue $4.87B (fiscal year ended January 31, 2026). | 0.7% |
| 19 | SnowflakeSNOW FY2026 revenue $4.68B (fiscal year ended January 31, 2026). | 0.7% |
| 20 | DatadogDDOG FY2025 revenue $3.43B. | 0.5% |
| 21 | Sage GroupSGE.L FY2025 revenue $3.32B (fiscal year ended September 30, 2025), converted from GBP 2.51B at the 2025 average GBP/USD 1.3212. | 0.5% |
| 22 | Veeva SystemsVEEV FY2026 revenue $3.19B (fiscal year ended January 31, 2026). | 0.5% |
| 23 | HubSpotHUBS FY2025 revenue $3.13B. | 0.5% |
| 24 | PTCPTC FY2025 revenue $2.74B (fiscal year ended September 30, 2025). | 0.4% |
| 25 | DropboxDBX FY2025 revenue $2.52B. | 0.4% |
| 26 | MongoDBMDB FY2026 revenue $2.46B (fiscal year ended January 31, 2026). | 0.4% |
| 27 | FY2025 revenue $2.33B. | 0.3% |
| 28 | PaycomPAYC FY2025 revenue $2.05B. | 0.3% |
| 29 | Wix.comWIX FY2025 revenue $1.99B. | 0.3% |
| 30 | FICOFICO FY2025 revenue $1.99B (fiscal year ended September 30, 2025). | 0.3% |
| 31 | FY2025 revenue $1.85B. Game engine and advertising; advertising is the larger half of revenue. | 0.3% |
| 32 | FY2025 revenue $1.70B (fiscal year ended March 31, 2025). | 0.2% |
| 33 | PaylocityPCTY FY2025 revenue $1.59B (fiscal year ended June 30, 2025). | 0.2% |
| 34 | FY2025 revenue $1.50B. | 0.2% |
| 35 | ElasticESTC FY2025 revenue $1.48B (fiscal year ended April 30, 2025). | 0.2% |
| 36 | ProcorePCOR FY2025 revenue $1.32B. | 0.2% |
| 37 | monday.comMNDY FY2025 revenue $1.23B. | 0.2% |
| 38 | GuidewireGWRE FY2025 revenue $1.20B (fiscal year ended July 31, 2025). | 0.2% |
| 39 | BoxBOX FY2026 revenue $1.18B (fiscal year ended January 31, 2026). | 0.2% |
| 40 | GitLabGTLB FY2026 revenue $955M (fiscal year ended January 31, 2026). | 0.1% |
| 41 | FreshworksFRSH FY2025 revenue $839M. | 0.1% |
| 42 | AsanaASAN FY2026 revenue $791M (fiscal year ended January 31, 2026). | 0.1% |
| 43 | FY2026 revenue $745M (fiscal year ended January 31, 2026). | 0.1% |
| 44 | nCinoNCNO FY2026 revenue $595M (fiscal year ended January 31, 2026). | 0.1% |
| 45 | JFrogFROG FY2025 revenue $532M. | 0.1% |
Enterprise Software at a Glance
- •Worldwide software spending is forecast to reach about $1.25 trillion in 2025, growing roughly 14% year over year and making software the fastest-growing category of IT budgets (Gartner IT spending forecast, January 2025).
- •Median net revenue retention across public SaaS has compressed from roughly 120% at the 2021 peak to the high 100s, the clearest sign that the land-and-expand engine of the last decade is maturing (Meritech Capital public software comps).
- •Private equity spent the early 2020s taking software companies private at scale: Citrix ($16.5B), Anaplan ($10.7B), Zendesk ($10.2B), and Coupa ($8B) all left the public markets in 2022 alone, and the wave continued through Smartsheet's $8.4B sale (company press releases).
- •Strategic consolidation runs alongside the PE bid: Cisco closed its $28 billion acquisition of Splunk in 2024 and IBM closed its $6.4 billion HashiCorp deal in 2025, while Adobe's $20 billion bid for Figma was abandoned under regulatory pressure (company press releases).
- •The AI reprice is live: Microsoft 365 Copilot launched at $30 per user per month, Salesforce prices Agentforce at $2 per conversation, and ServiceNow sells Pro Plus AI SKUs at premium uplifts, the first large-scale experiments in pricing software by work done instead of seats occupied (vendor pricing pages).
- •ADP processes pay for about one in six US workers, and Constellation Software has acquired more than 1,000 niche vertical software businesses, two reminders that the sector's most durable economics sit in its least glamorous corners (ADP investor materials; Constellation Software reports).
- •22 S&P 500 constituents are enterprise software vendors, spanning horizontal suites (Microsoft, Oracle, Salesforce), design tools (Adobe, Autodesk), payroll (ADP, Paychex), and vertical specialists (Tyler, Veeva, FICO) (S&P Dow Jones Indices constituent data).
US Private Software Investment
Rule of 40: Who Clears It, and How
27 of 39 tracked companies clear the rule of 40 on a GAAP FCF basis. Dots above the dashed line pass; hover for each company.
Companies in the Enterprise Software sector (45)
- Microsoft
- IBM
- SAP
- Oracle
- Intuit
- Sage Group
- Salesforce
- HubSpot
- Freshworks
- ServiceNow
- Asana
- monday.com
- Datadog
- Dynatrace
- Elastic
- Atlassian
- GitLab
- JFrog
- Snowflake
- MongoDB
- Adobe
- Autodesk
- PTC
- Dassault Systemes
- Bentley Systems
- Unity
- ADP
- Paychex
- Workday
- Paycom
- Paylocity
- Tyler Technologies
- Veeva Systems
- Guidewire
- Procore
- nCino
- FICO
- GoDaddy
- Wix.com
- Dropbox
- Box
- Zoom
- Roper Technologies
- Constellation Software
- Descartes Systems
Related industries
Frequently asked questions
What is the Enterprise Software sector?
Enterprise software is the roughly $1.25 trillion economy of applications businesses run on: ERP, CRM, HR and payroll, IT service management, observability, developer tools, and the vertical systems behind governments, hospitals, and banks. The sector built the most prized business model in public markets, recurring subscriptions with high margins and high retention, mostly priced per human seat. Agentic AI now forces the question of whether seat-based software gets repriced, displaced, or expanded.
Which companies lead the Enterprise Software sector?
Sterling tracks 45 companies in Enterprise Software, led by Microsoft (41%), IBM (10%), Oracle (8%), SAP (6%), Salesforce (6%) and Adobe (4%) by share of FY2025 revenue across all 45 tracked companies, not the global software market.
How can I invest in the Enterprise Software sector?
Publicly traded names in Enterprise Software include Microsoft (MSFT), IBM (IBM), SAP (SAP), Oracle (ORCL) and Intuit (INTU). Compare them side by side on Sterling. Data last updated August 24, 2026.
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