The global ERP software market was analyzed by Market Research Future (MRFR) and it was projected that a decent CAGR of 7.45% will be attained by the market over the forecast period of 2018 to 2023. The valuation of the ERP software market was further stated to surpass its previous valuation of USD 32.44 Billion in 2017 to reach a projected figure of USD 49.03 Billion by the end of the forecast period.
The major drivers behind the growth of global ERP software market are the rising adoption and integration of ERP software for increasing the level of transparency and ensuring operational efficiency among organizations. Additionally, the fast-paced adoption rate of cloud-based deployment model is pushing the market demand of ERP software. However, on the flip side, the high pricing and lack of availability of open source applications are some of the key challenging factors that can restrain the market growth.
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ERP software ensures integration of organizational activities and efficient resource management. Integration of ERP helps improve the operational efficiency, thereby providing companies with a competitive edge in their respective industries. The ERP software comprises various ERP modules like HR, sales, marketing, finance, and others.
The global ERP software market has been segmented in terms of vertical, function, organization size, and deployment.
By vertical, the market comprises manufacturing, retail, communication, BFSI, aerospace & defense, healthcare, education, and others.
By deployment, the market divides into on-premise and cloud.
By organization size, the market includes large organizations and small and medium enterprises.
By function, the market segments into HR, sales, CRM accounting and finance, and others.
The global ERP Software Market Share is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
The North American region leads the global ERP software market with the highest share percentage. The regional market is further anticipated to lead the global market over the forecast period. The presence of countries like the US and Canada is the major driver of growth for the market in this region. Both these countries comprise a large pool of established and leading players like Microsoft, Epicor, Infor, and QAD, thereby driving the growth of the regional market. Additionally, owing to the dramatic fall in the use of native applications and a striking shift towards the adoption of cloud-based applications, the region is experiencing significant growth.
Elsewhere, the Asia Pacific market is slated to grow during the forecast period at a considerable pace during the forecast period of 2017 to 2023. This is due to the rising demand for IT technology and the fast paced adoption of software in various business processes across the region. Lastly, the European region is expected to become a key region in the global market over the forecast period by growing at an increasing pace.
The global ERP software market comprises a host of key players. This includes names like FIS Global (U.S.), SAP SE (Germany), Epicor Software Corporation (U.S.), Oracle (U.S.), Infor (U.S.), Consona Corporation (U.S.), Syspro Infotech Pvt Limited (South Africa), Microsoft Corporation (U.S.), QAD (U.S.), Sage (U.K), NetSuite Inc. (U.S.), Fujitsu (Japan), and others.
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