ERP Software Market Research Report- Forecast till 2030
Market Highlights
The ERP software market is estimated to witness rapid revenue growth, heading with the growing demand for corporate governance. According to Market Research Future (MRFR), the global ERP software market size is projected to reach USD 110.51 BN by 2030, growing at a 9.4% CAGR during the review period (2022-2030).
Besides, factors such as the rising uptake of ERP solutions across industries and increasing regulatory requirements & compliance drive the market growth. Advancements in technologies and growing digitization bolster the market revenues, promoting ERP systems for every business.
Most manufacturing facilities have already embraced industry 4.0 regulations. This, as a result, pushes the ERP solution market value. With the growing adoption of cloud-based services and the integration of technologies to obtain high-quality reports and high accuracy, the market is expected to garner significant gains in the next few years.
Increasing demand for automation of various operational processes drives the market demand. Additionally, the proliferation of cloud-based ERP modules fosters the growth of the market. Growing numbers of businesses and advantages that ERP software provides huge impetus to market revenues.
On the other hand, complexities associated with ERP software development are major factors projected to impede market growth. Also, the high costs associated with the implementation of ERP solutions pose significant challenges. Nevertheless, the increasing popularity of ERP software is expected to contribute to market growth.
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Segmentation:
The market report is segmented into deployments, functions, organization size, verticals, and regions. Of these, the deployment segment comprises on-cloud and on-premise. The function segment comprises sales & marketing, supply chain & product management, human resource, accounting & finance, and others.
The organization size segment comprises small & medium enterprises (SMEs) and large enterprises. The vertical segment comprises retail & manufacturing, BFSI, education, aerospace & defense, IT & telecom, and others. By regions, the market is sub-segmented into North America, Europe, APAC, and the rest of the world.
ERP Software Market – Geographical Analysis
Globally, North America accounts for the largest market for ERP software, with a strong presence of market players and well-established technology development centers. Besides, the rising need for efficient resource management solutions to comply with regulatory norms drives the market size.
Small and medium-sized businesses are allocating substantial funds to deploy ERP software to boost their gains. Moreover, large technological advancements and upgrades in cloud-based technologies escalate the market value. The US and Canada dominate the ERP software market in North America.
ERP Software Market – Competitive Landscape
Highly competitive, the ERP software market appears fragmented due to several well-established players. These players adopt strategic approaches, such as mergers & acquisitions, innovation, and brand reinforcement to gain a larger competitive share. They continuously invest in launching products and services in developing countries to take advantage of the economic growth in these regions.
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Key Players
Leading players in this market are Infor, Oracle Corporation, IBM Corporation, Sage Software plc, Microsoft Corporation, Plex Systems Inc., SAP SE, NetSuite Inc, Kingdee International Software Group (HK) Ltd., TOTVS, Intuit Inc, Epicor Software Corporation, Yonyou, Unit4, and Workday Inc., among others.
Industry/Innovation/Related News:
Mar 24, 2022 — SoftTech Engineers Limited (India) launched an exclusive Cloud-powered and AI-driven Construction ERP based on the SaaS Model to drive digital transformation in the architecture, engineering, and construction (AEC) industry across the country. The new cloud-based and AI-powered CivitBUILD Construction ERP is a one-stop solution to manage all the functions of the construction lifecycle cost-effectively and profitably.
Construction businesses are under constantly tremendous pressure to improve operational efficiencies, reduce costs, and drive higher profits in fiercely competitive markets. Also, construction companies are going through unprecedented challenges brought by the COVID 19 pandemic. They face difficulties like capital crunch, time & cost overruns, skilled workforce shortages, and inefficient project management & supply chain bottlenecks due to tedious manual processes and outdated legacy practices.
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ERP Software Market Research Report: Information By Deployment (On-premise and Cloud), Function (Supply Chain and Product Management, Sales and Marketing, Accounting & Finance and Human Resource), Vertical (Manufacturing, Retail, BFSI, IT & Telecom, Aerospace & Defence, Education and Others), Organization Size (Small and Medium Enterprises and Large Enterprises) – Forecast till 2030
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