ERP Software Market: by Deployment Type (On-premises, and Cloud), by Function Type (CRM, Sales, Accounting, Others), by Organization Size (SME, and Large Enterprises), by Industry Verticals (Retail, Manufacturing, Banking & Finance Institutes, Aerospace & Defense, and Others) – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2021–2027)
The ERP software market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating globally. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The report’s study will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the ERP software market.
ERP Software Industry Outlook
The global ERP software market size was valued at USD 38.12 billion in 2020 and is anticipated to experience a CAGR of 12.7% during the forecast period to reach USD 84.41 billion by 2027. Enterprise resource planning is software that enables organizations to manage and automate business processes. It helps the organization use a system of integrated applications to manage various back-office functions related to human resources, service, and technology. ERP software integrates all aspects of an operation, including marketing, sales, product development, manufacturing, and product planning, in a single database. The growing number of automotive, consumer electronics, manufacturing, pharmaceuticals, and garments industries increases the adoption of cloud-based ERP due to a surge in focus on the collection of consumer data to help in the decision-making process are few factors fueling the growth of the ERP software market.
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ERP Software Market Dynamics:
Growing demand for cloud-based ERP software is anticipated to drive the growth of the ERP software market. Cloud-based ERP solutions allow organizations to store their data on shared computing resources, helping organizations share data across divisions, unlike traditional ERP solutions. Companies can upload and access information on any gadgets with an internet connection in real-time by the cloud-based ERP, which allows improved integration between the departments. Key vendors, including SAP and Oracle, provide cloud-based ERP to deliver storage recovery plans and data backup to manage primary business functions like CRM, HR, inventory and order management, and accounting. Further, cloud-based ERP enables organizations to minimize upfront costs for computing infrastructure like easy installation, hardware, and data servers, cost-cutting, and better data security are further driving the growth of the ERP software in the upcoming years.
However, ERP software requires huge capital to implement; deployment is time-consuming to install and functional fully. It requires a skilled and experienced workforce to handle ERP software, security solution, computer hardware, and updated network equipment have raised expenditure. These factors might be the main restraining factors for the global ERP software market. Moreover, the COVID-19 pandemic has considerably impacted the growth of the ERP software market. As the market witnessed a huge decrease in sales and supply due to the quarantines and business closers in quarter 2, an inadequate supply of parts affects the global industry verticals throughout the longer duration.
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Impact of COVID-19 on ERP Software Market:
The COVID-19 pandemic prevalence has positively impacted the ERP Software market due to the imposed lockdown and shutdown facilities regulations the smartphone users have been increased. This increase is beneficial for advertising companies as they will use this platform to present more ads to attract interested customers. However, the consumers are now also aware of real and fake advertisements as they have spent most of their time using smartphones, giving them appropriate knowledge about real and fake ads. Post-pandemic has widely increased in the global ads output, which is estimated to lead to the ERP software’s additional need to the end-users. The players are also investing in native ads advancement to extract benefits from these ads globally.
Scope of the Report
The report outlines the study of the ERP software market based on deployment type, function type, organization size, and industry vertical.
Based on the deployment type, the ERP software market is segmented into-
Based on function type, the ERP software market is segmented into-
Based on organization size, the ERP software market is segmented into-
- Large Enterprises
Based on industry vertical, the ERP software market is segmented into-
- Banking & Financial Institutes
- Aerospace & Defense
ERP Software Market: Regional Outlook
From a geographical viewpoint, the electric cars market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa (MEA). North America is expected to dominate the global ERP software market with the largest market share during the forecast period. The presence of a huge number of cloud ERP software vendors across Canada and the US, penetration of new technologies, developed economy, new emerging market, and penetration of new businesses are some factors accelerating the growth of the ERP software market in the region. Moreover, businesses in North America are transitioning from on-premises to cloud-based ERP due to the low maintenance cost, and implementation costs are further boosting the growth of the global ERP software market during the forecast period.
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Following North America, Asia Pacific is anticipated to grow with a considerable CAGR throughout the forecast period. The growth in this region is due to the continuously evolving industries, including banking & finance institutes, transportation & logistics, and manufacturing, growing demand for sustainable ERP software among these industries, various key players in the region are aiming at developing and launching advanced ERP software, presence of the huge number of small & medium enterprises are implementing cloud ERP software to enhance productivity and minimize business complexity. Further, the government is supporting IT infrastructure to boost the demand for ERP software in the region.
ERP Software Market: Competitive Landscape –
The leading manufacturers of ERP software in the global market include SAP, Oracle Corporation, Microsoft Corporation, Infor, and IFS.
Other ERP software manufacturers include Sage Software Solution Pvt. Ltd., Workday, Inc., Epicor Software Corporation, SYSPRO, Deskera, Infor, Intacct Corporation, and Plex System Inc.
- In 2018, Salesforce acquired MuleSoft for worth $6.5 billion. This acquisition will help the organization to integrate all its cloud-based applications with MuleSoft’s SAAS integration platform.
- In 2019, SAP acquired Qualtrics, which will help the company raise its capability in the experience management category.
- In October 2019, SYSPRO partnered with Clean Energy Smart Manufacturing Innovation Institutes (CESMII) to help US manufacturing organizations to opt for smart manufacturing technologies. This partnership will help spread awareness about the CESMII Smart Manufacturing platform to help manufacturers remain competitive in the manufacturing industry.
The ERP Software market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating globally. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The report’s study will outlook one of the most exhaustive market analyses, capturing all the ERP Software market aspects.
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The ERP Software market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players’ presence in the respective segment and region/country. The information concluded in the report includes the inputs.
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