GMI Research projects that the ERP Software Market will exponentially proliferate over the forecast period. This is mainly because of the augmenting need for functional effectiveness and clarity in businesses processes and accelerating penetration of cloud applications. The rising demand for ERP amongst SMEs and ongoing technological modernizations in ERP will drive market growth.
Introduction of the ERP Software Market
ERP refers to software that is implemented by enterprises to tackle daily activities of business such as accounting, risk management & compliance, and project management. This software also helps to facilitate and automate the activities of an individual and merge several reports across different departments into the environment. An ERP software also offers synch automation and streamlines the procedure of finance, sales, human resources, and order processing.
Key Players of the Market:
- Oracle Corporation
- Epicor Software Corporation
- Microsoft
- SAP SE
- IBM Corporation
- Infor
- Workday, Inc.
- Sage Group Plc
- SYSPRO
- TOTVS S.A
ERP Software Market Dynamics
The accelerating penetration of mobile and cloud applications has stimulated the espousal of ERP software as it helps to decrease the maintenance and supporting cost and reduces the IT support services owing to the assistance proffered by the data centre. Thus, this is the foremost force responsible for the growth in the global ERP software market. Also, the growing seepage of IT technologies in emerging nations such as China and India has altered consumer behaviour, which has also encouraged the espousal of ERP software to raise flexibility and profitability. Several advantages concerned with the usage of ERP software such as it assists in decreasing replication, improving the customer service, enhancement in financial affiliation, simplification of the processes, and expansion of the supply chain will captivate a huge number of end-users to choose for ERP software.
Moreover, the surging execution of ERP software amid the small and medium scale organisations will improve the effectiveness and business acumen as well as, the ongoing technological modernisations in the software such as the execution of artificial intelligence and Internet of Things are fuelling the market share. However, the inflated installation cost of the software will restrain the market growth.
Business Function Segment Analysis
Based on the business function, the Finance segment is projected to witness robust growth over the coming years. This is due to the surging application of finance modules across various organisations as it allows the enterprises to fasten up the financial procedures and offer expense management and examine revenue management. In addition, various benefits proffered by the ERP finance module includes the enhancement in productivity, offers actual-time financial supervision, financial clarity, reduces human error, and incorporates with several other business systems like CRM while offering the marketing budgets and sales numbers which raises the market growth.
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Deployment Segment Segment Drivers
Based on the deployment model, the cloud segment is expected to expand at a faster compound annual growth rate during the forecast period. This is owing to the robust acquisition of cloud-based ERP software as it assists in reducing the infrastructural cost and enabling the businesses to cumulate the data over the internet and assists in tackling the issues concerned with the data theft or data violations by providing instruments to cumulate the data.
ERP Software Market Segmentation:
Segmentation by Deployment Model
- Cloud
- On-Premise
- Hybrid
Segmentation by Component
- Software
- Services
Segmentation by Business Function
- Supply Chain
- Human Resource
- Finance
- Inventory Management
- Customer Management
- Manufacturing Module
- Others
Segmentation by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Segmentation by Industry
- Manufacturing
- BFSI
- Healthcare
- Government & Utilities
- Retail & Distribution
- Aerospace & Defense
- IT & Telecom
- Construction
- Others
Segmentation by Region:
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
