The growth of the global ERP software market will be healthy at a compound annual growth rate of 7% over the forecast period of 2016-2022, projects Market Research Future (MRFR) in a detailed research report. The global ERP market is evolving rapidly like any other segment of the IT industry. The market is observing persistent growth on account of the continuous adoption of ERP solutions by enterprises, especially by SMEs.
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Advances in software technologies in combination with growth of the internet has led many enterprises to rethink business practices and invest more in enterprise architecture which has augmented the growth of the global ERP software market. Integration of ERP software provides the advantages of increased productivity, efficiency, reduction in cost and streamlining of business processes. The advent of cloud computing is a new paradigm in the ERP space which has provided an impetus to the growth of the global ERP software market. Cloud ERP provides pay-per-use service and eliminates the need to manage infrastructure by the user firm which has encouraged adoption of ERP software. Smaller enterprise software vendors who cater to niche markets have also spurred the adoption of the ERP software. The problems associated with ERP implementations such as, time-consuming, paying a considerable amount of money, low involvements from system users are expected to hamper the growth of the global ERP software market. Moreover, the implementation of ERP software requires substantial investment which is hindering adoption to some extent. However, ERP software vendors are providing special packages such as CRM and SCM to meet the demands of the small size companies which is aiding in the expansion of the global ERP software market. ERP software has been widely adopted by large enterprises, and the midsize market is gradually catching up on adoption which is expected to be a tailwind for the growth of the global ERP software market.
The global ERP software market has been segmented based on installation, application, and industry verticals. By installation, the market has been segmented into On Cloud & On Premises. By application, the market has been segmented into CRM, Sales, Business Intelligence, Accounting, and HR among others. By industry verticals, the market has been segmented into BFSI, Manufacturing, IT, Communication, Entertainment, and Healthcare.
The global ERP software market spans across the regions of North America, Europe, Asia Pacific, and the Rest of the World. North America represents the largest market for ERP software. Early adoption of technology and concentration of key players in the region support the growth of the market in North America. Moreover, the region has been pioneering innovations for the past few decades which will further support the growth of the market. Europe is the second largest market, and the growth of the market can be attributed to the booming BFSI and automotive sector. Asia Pacific market is expected to exhibit the fastest growth over the forecast period which will be majorly driven by expanding manufacturing and semiconductor industries. The region hosts a myriad of startups which will help the market proliferate. China, Japan, Taiwan, and South Korea are the key contributors to the Asia Pacific market.
The key players operating in the global ERP software market include SAP SE (Germany), Microsoft (U.S.), QAD (U.S.), NetSuite Inc. (U.S.), Syspro (South Africa), Oracle (U.S.), Infor (U.S.), Epicor (U.S.), Sage (UK), and Consona Corp. (U.S.).
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