New York, NY, Dec. 18, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Enterprise Resource Planning Technologies Market by Deployment (Cloud, On-Premises, and Hybrid), by Application (Customer Relationship Management, Supply Chain Management, Supplier Relationship Management, Finance & Accounting Management, Human Resource Management, Risk Management, Project Portfolio Management, and Manufacturing), by Organization Size (Small- and Medium-Sized Enterprises (SMEs) and Large Enterprises), and by End-Use Industry (IT & Telecom, BFSI, Government Sector, Retail, Manufacturing, Healthcare, Transportation, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global enterprise resource planning technologies market accounted for USD 30.7 billion in 2017 and is expected to reach USD 48.7 billion globally by 2024, with a CAGR of around 6.8% between 2018 and 2024.
Technological advancements made in the banking sector have led to the growing demand for enterprise resource planning technologies. These technologies deal with complex processes and provide tools for additional security. In 2017, the global adoption of FinTech vendors for payment services increased to 50% from 18% in 2015. Banks and other financial institutes need to maintain confidentiality related to their customer transactions along with complying with stringent regulations. This, in turn, has led banks to opt for enterprise resource planning solutions, as they help in synchronizing and integrating various financial processes. For instance, in 2017, “The Bank of America” opted for Oracle’s cloud-based ERP solutions for its global general ledger and broker-dealer systems. These aforementioned factors are anticipated to propel the enterprise resource planning technologies market in the future.
Browse through 83 Tables & 39 Figures spread over 168 Pages and in-depth TOC on “Global Enterprise Resource Planning Technologies Market Size, Share Analysis Report and Forecast, 2017 – 2024”.
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The growing manufacturing sector is likely to support enterprise resource planning technologies market over the forecast timeframe. Huge investments to automate various manufacturing processes are anticipated to accelerate expand this global market over the ensuing years. Certain applications where technological investments were made include IoT, modeling and simulation, cloud computing. ERP solutions help manufacturers in product planning, purchase of raw materials, and make production capacity estimates along with predicting the manufacturing process span. In 2017, the U.S. tech giants, such as Alphabet Inc., Facebook, Apple, Microsoft, and Amazon, spent a total of USD 80 billion in manufacturing equipment. Thus, the growing technological usage in the manufacturing sector is likely to propel the enterprise resource planning technologies market in the years to come.
The organization size segment of the global enterprise resource planning technologies market is segmented into small- and medium-sized enterprises (SMEs) and large enterprises. Large enterprises are expected to hold a substantial share in the enterprise resource planning technologies market globally over the forecast time period, as they help streamline various processes. By application, this market is divided into customer relationship management, supply chain management, supplier relationship management, finance and accounting management, human resource management, risk management, project portfolio management, and manufacturing. Finance and accounting management is projected to witness considerable growth in the future, owing to the increasing demand for finance and management solutions to reduce additional costs.
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North America is among the world’s most technologically advanced region; thereby, it is anticipated to hold a significant share of the global enterprise resource planning technologies market. Huge investments made in the healthcare IT sector are driving this regional market. In 2017, the U.S. healthcare IT investment was valued at USD 7.1 billion as compared to USD 2.3 billion in 2013. Furthermore, the presence of major players of the enterprise resource planning technologies market, such as IBM Corporation, Microsoft Corporation, and Oracle Corporation, is projected to fuel the expansion of this regional market.
The growing demand for technology among various retailers in Europe is projected to fuel the enterprise resource planning technologies market in the region. Enterprise resource planning technologies help retailers in improving operations and enhancing productivity. In 2017, UK retail sales were nearly USD 517 billion as compared to USD 494 billion in 2016. This figure is expected to grow over the next five years, owing to the positive scenario of online sales and global expansion. In 2017, the European online sales grew by 11% from 2016. This, in turn, is likely to fuel this regional market in the future.
Browse the full "Enterprise Resource Planning Technologies Market by Deployment (Cloud, On-Premises, and Hybrid), by Application (Customer Relationship Management, Supply Chain Management, Supplier Relationship Management, Finance & Accounting Management, Human Resource Management, Risk Management, Project Portfolio Management, and Manufacturing), by Organization Size (Small- and Medium-Sized Enterprises (SMEs) and Large Enterprises), and by End-Use Industry (IT & Telecom, BFSI, Government Sector, Retail, Manufacturing, Healthcare, Transportation, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" Report At https://www.zionmarketresearch.com/report/enterprise-resource-planning-technologies-market
The Asia Pacific is anticipated to grow considerably over the forecast timeframe. Developing countries, such as China and India, are expected to have huge potential in the enterprise resource planning technologies market. The region’s banking sector is likely to play a vital role in the upsurge of the new technology. In the first quarter of 2018, Indian commercial banks extended a credit of almost USD 1,300 billion and deposits. Thus, banks require enterprise resource planning technologies to integrate information related to customers and payments and improvise decision-making. This, in turn, is likely to fuel this regional market in the future.
Latin America is likely to make a significant contribution toward the enterprise resource planning technologies market, due to the thriving Brazilian transport industry. In 2017, Brazil’s overall rail transportation comprised 21% of the total freight and was about 30% cost-effective as compared to road transport. The Brazilian government also took the initiative to grant investments that were valued above USD 7.5 billion in the rail sector.
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Some of the major players operating in the global enterprise resource planning technologies market are Oracle Corporation, Microsoft Corporation, IBM Corporation, SAP SE, Infor, Sage Group Plc, NetSuite Inc., SYSPRO, Unit4, and TOTVS S.A., among others.
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This report segments the global enterprise resource planning technologies market into:
Global Enterprise Resource Planning Technologies Market: Deployment Segment Analysis
- Cloud
- On-Premises
- Hybrid
Global Enterprise Resource Planning Technologies Market: Application Segment Analysis
- Customer Relationship Management
- Supply Chain Management
- Supplier Relationship Management
- Finance & Accounting Management
- Human Resource Management
- Risk Management
- Project Portfolio Management
- Manufacturing
Global Enterprise Resource Planning Technologies Market: Organization Size Segment Analysis
- Small- and Medium-Sized Enterprises (SMEs)
- Large Enterprises
Global Enterprise Resource Planning Technologies Market: End-Use Industry Segment Analysis
- IT & Telecom
- BFSI
- Government Sector
- Retail
- Manufacturing
- Healthcare
- Transportation
- Others
Global Enterprise Resource Planning Technologies Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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