New York, United States, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Enterprise resource planning (ERP) is a program that aids in managing and automating a business's processes. This software is widely used for back-office operations, such as inventory control, order management, accounting, and human resource management. Each ERP module focuses on a particular departmental function, including inventory management, Finance, material procurement, marketing, human resources, and accounting. These components are adaptable to the business requirements of the organization. Additionally, there has been an increase in ERP systems because they offer effective planning and centralized data management on a single platform, which helps control operating costs, increase sales, and improve decision-making.
The main characteristic of an enterprise resource planning system is to support the management of all business management processes. It is expected that the acceptance of ERP software will increase over the next few years as SMBs emphasize improving their operational and business efficiency. This is anticipated to stimulate the growth of the market for ERP software. Market growth is envisioned to be attributable to the rising demand for operational accountability and efficiency in business processes and the need for data-driven decision-making. In addition to a rise in the adoption of cloud and mobile applications, the market for enterprise resource planning is expected to grow.
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Need for Efficient and Transparent Mechanism in Business Processes and Increased Demand for Data-Driven Decision Making Propels the ERP Market
Historically, most businesses devoted considerable time and resources to communicating business information and making decisions. Successful organizations are continually looking for systems that will improve their customer service and increase their profit margin. ERP systems have evolved into strategic platforms that provide a solid foundation and informational backbone for emerging nation businesses.
A fully integrated ERP system facilitates capturing and creating accurate, consistent, and timely relevant data and enables more informed business decisions. Offering personalized services and ensuring customer satisfaction does not affect a company's profitability unless it has exceptional operating efficiency. Consequently, businesses utilize ERP systems to increase efficiency and enhance information integration. According to Straits Research, “The global enterprise resource planning market size was worth at USD 49,600 million in 2021. It is expected to be valued at USD 116,000 million by 2030, growing at a CAGR of 9.9% during the forecast period (2022–2030)." The ability of enterprise resource planning strategies to scale and deal with global competition while strengthening operational efficiency and transparency is set to propel market growth over the forecast period.
Owning and adapting to new business models is a challenge. Businesses undergo rapid transformations to meet rising customer demand, regulations, and economic changes. Organizations need a customer interaction platform to monitor the market. Accordingly, ERP software allows businesses to increase productivity to boost profits. Fast-changing companies adopt ERP software because it meets their needs.
Regional Insights
With a CAGR of 8%, North America's enterprise resource planning industry is the largest shareholder worldwide. It is anticipated that technological advances in operational management and increased ERP software implementation in the finance function in North American organizations will fuel the market demand. The increase in adoption is being done to achieve transparency in financial transactions. Businesses in North America have started implementing ERP software to ensure that they continue to be the leaders in their respective industries. On-premises enterprise resource planning (ERP) software has seen substantial expansion in the North American region and is forecasted to realize its full potential. Businesses in this region are shifting from on-premise ERP software to cloud-enabled ERP software. The lower costs associated with the latter's implementation and maintenance drive market growth.
With a CAGR of 9.7%, Europe will have the second-largest region, accounting for USD 32,941 million by 2030. Even though Europe has a relatively high rate of on-premise ERP deployment, the growing popularity of cloud computing and the ease with which a large number of users can access it may present significant opportunities for expanding the enterprise resource planning market. It is anticipated that the low operational costs associated with cloud-based ERP software will encourage a variety of medium and small-sized enterprises to implement cloud-enabled ERP software and extend support to the growth of ERP software; this will be made accessible via devices such as smartphones and tablets. The presence of influential ERP vendors in the region is another factor contributing to the development of the market. For instance, the enterprise resource planning (ERP) software offered by Unit4, a prominent software supplier in the United Kingdom, is hosted in the cloud.
Key Highlights
- By component, the global enterprise resource planning market is divided into Software and Services. The Software segment is the largest shareholder and is expected to grow at a CAGR of 9.5% during the forecast period.
- By deployment model, the global enterprise resource planning market is divided intoOn-premise, Cloud, and Hybrid. The On-premise segment is the largest shareholder and is expected to grow at a CAGR of 8.1% during the forecast period.
- By business function, the global enterprise resource planning market is divided intoFinance, Human Resources (HR), Supply Chain, Customer Management, Inventory Management, Manufacturing Module, and Others. The Finance segment is the largest shareholder and is expected to grow at a CAGR of 7.3% during the forecast period.
- By industry vertical, the global enterprise resource planning market is divided into Manufacturing, BFSI, Healthcare, Retail & Distribution, Government & Utilities, IT & Telecom, Construction, Aerospace & Defense, and Others. The Manufacturing sector is the largest shareholder and is expected to grow at a CAGR of 7.7% during the forecast period.
- By end-use, the global enterprise resource planning market is divided into Large, Medium, and Small Enterprises. The Large Enterprises segment is the largest shareholder and is expected to grow at a CAGR of 8.6% during the forecast period.
- By region, the global enterprise resource planning market is analyzed acrossNorth America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America commands the leading position.
Competitive Players
- Deskera
- Epicor Software Corporation
- IFS AB
- Infor
- Microsoft Corporation
- Oracle Corporation
Market News
- In 2022, Epicor Software Corporation announced an agreement with global analytics and MicroStrategy Incorporated to deploy the new Epicor Predictive Maintenance Assistance.
- In 2022, Epicor Software Corporation launched the multi-feature CRM mobile app for automotive service businesses.
- In 2022, Epicor Software Corporation acquired Crow Inc.
- In 2022, IFS AB partnered with Xcel Energy to undertake an end-to-end gas and electric distribution scheduling transformation.
Global Enterprise Resource Planning Market: Segmentation
By Component
- Software
- Services
By Deployment Model
- On-premise
- Cloud
- Hybrid
By Business Function
- Finance
- Human Resource
- Supply Chain
- Customer Management
- Inventory Management
- Manufacturing Module
- Others
By Industry Vertical
- Manufacturing
- BFSI
- Healthcare
- Retail & Distribution
- Government & Utilities
- IT & Telecom
- Construction
- Aerospace & Defense
- others
By End-use
- Large Enterprises
- Medium Enterprise
- Small Enterprises
By Regions
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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