The global enterprise resources panning (ERP) software market is expected to leap forward with 7.45% CAGR during the forecast period (2018-2023), claims Market Research Future (MRFR) in an extensive report. The report has its eyes on the potential of the market in its attempt to cross the estimated market valuation of USD 49.03 billion by 2023.
ERP software eases the process of resource management and integration of organizational activities. It provides a competitive edge to the user with its heightened operational efficiency. It brings under its purview a lot of separate ambits such as sales, finance, HR, marketing, and others. This wide reach easily showcases its efficacy in simplifying problems. Hence, such traction across industry verticals. Increasing demand for transparency and efficiency in operations across industry verticals can be considered one of the chief drivers to back the ERP software market substantially. At the same time, the high adoption rate of cloud-based models in several sectors is providing thrust to the market for the coming years.
Despite such advantages, the ERP software market has its share of pitfalls which can slow down the expected market growth during the forecast period. Installation of ERP software incurs a high cost which for many is a deterrent. At the same time, open source applications have limited availability which can bog down the expected growth. However, the rapid expansion of cloud technology can take out the ERP software market from any long-time potholes.
ERP Software Market Size can be segmented by three key segments such as deployment, application, and verticals for the convenience of the report and enhanced understanding.
Based on deployment, the ERP software market can be segmented into comprises of on cloud and on-premise.
Application-wise, the ERP software market can be segmented into CRM, sales, business intelligence, accounting, HR and others.
Vertical-wise segmentation of the ERP software market can be segmented into banking, financial services and insurance (BFSI), manufacturing, IT, communication, entertainment, and healthcare.
Geographic analysis of the ERP software market includes namely North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
North America owns a huge share of the global market. The region has the superlative infrastructure to boast off and along with it, propensity to integrate the latest technologies into the system to have the edge over other regions. In addition, the region has so vast a network to deal with a series of industries that simplification of the process is of utmost priority. Hence, the integration of ERP software into the system. The large presence of several vendors of this market in the U.S. and Canada can also be considered effective in taking the market ahead.
Europe is also enjoying the benefits of similar features, and its market substantially contributes to the global revenue. However, the APAC market is witnessing astounding growth owing to the emergence of economies such as India and China who are investing considerably in revamping their industrial sector, and ERP software market is getting traction for its popularity among the users.
The prominent players in the ERP software market are Microsoft Corporation (US), IBM Corporation (US), Oracle Corporation (US), SAP SE (Germany), Infor (US), Sage Software Inc. (UK), Epicor Software Corporation (US), Intacct Corporation (US), Plex Systems Inc. (US), Ramco Systems (India), Plex Systems Inc. (South Africa), Unit4 (Netherlands), NetSuite Inc (US), and others.
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