The global market for enterprise resource planning (ERP) software was estimated at USD 32.44 billion in the year 2017 and is expected to touch a valuation of USD 49.03 billion by 2023, reveals Market Research Future (MRFR). MRFR also believes that the market can gain a growth rate of 7.45% from 2018 to 2023, which is the forecast period.
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Top Drivers and Key Barriers
Enterprise resource planning refers to business process management software that enables an organization to utilize a unity of integrated applications to better monitor the business and also automate numerous back-office functions associated with technology, human resources as well as services. This software helps combining all the aspects of an operation, such as product planning, product development, sales, marketing and manufacturing into a single database, user interface and application, which also boost its demand among the enterprises. Thus, rather than forcing the employees to keep a track of different databases as well as spreadsheets by manually merging and producing reports, ERP solutions help the staff to gather their reports from a single system.
Surge in the adoption of ERP software for enhancing the transparency as well as the operational efficiency among organizations, high demand for data-driven decision-making coupled with the rising use of cloud and mobile applications seem to be pushing the growth of the ERP software market.
Having said that, higher investments needed can deter the demand for ERP software and slow down the market growth in the near future. However, the elevated demand for ERP among small & medium enterprises combined with the frequent technological advancements in the field can give rise to a host of growth opportunities in the ERP software market during the given timeframe.
The worldwide market for ERP software has been thoroughly analyzed and segments based on 3 dynamics of deployment, application and vertical.
Market segmentation by deployment covers on cloud and on premise.
Depending on application, the market includes Sales, CRM, Accounting, Business Intelligence, HR and others.
Given the vertical segment, Enterprise resource planning Software Market has been considered for Manufacturing, BFSI, finance, IT, Entertainment, Communication, Healthcare and others. Between these, the finance vertical can be expected to reign over the ERP software market in the coming years.
The market for ERP software can gain major traction from 2018 to 2023, especially in the main regions of Europe, North America, Asia Pacific (APAC), and the rest of the world (RoW).
The ERP software market in North America is quite concentrated, with more and more businesses concentrating on incorporating the latest technologies to offer intelligent ERP solutions that can fulfill all the end-user needs. A variety of growth models are being adopted by the renowned companies with the aim to expand their product portfolio, attain maximum share, and elevate their market penetration. The regional market is also noting quite a large number of players innovating and launching advanced products. These factors have helped North America gain the top spot in the global ERP software market.
APAC is touted to be the fastest growing market for ERP software in the following years, backed by the high concentration of small and medium scale enterprises that strive to better control their business processes, especially in emerging countries like India, Singapore and China.
The significant companies shaping the worldwide market for ERP software have been identified in the report as Infor (US), Epicor Software Corporation (US), SAP SE (Germany), Sage Software Inc. (UK), Microsoft Corporation (US), IBM Corporation (US), Oracle Corporation (US), and others.
Other vendors that form the ERP software market include Plex Systems Inc. (US), Unit4 (Netherlands), Plex Systems Inc. (South Africa), Ramco Systems (India), NetSuite Inc (US), Intacct Corporation (US), to mention a few.
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