Pune, India, Aug. 29, 2022 (GLOBE NEWSWIRE) -- The global enterprise resource planning (ERP) software market size was valued at USD 45.82 billion in 2021. The market is projected to grow from USD 49.28 billion in 2022 to USD 90.63 billion by 2029, exhibiting a CAGR of 9.1% during the forecast period. Fortune Business Insights provide this information in its report titled, “Enterprise Resource Planning (ERP) Software Market, 2022-2029.”
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Key Industry Development:
July 2022: Infor, a cloud-based software firm, collaborated with Syntellis data and intelligence. The latter is a performance solutions player in the software solutions for enterprise performance management. This collaboration permitted healthcare consumers to contact Syntellis Axiom Healthcare Suite for intelligent preparation and performance solutions.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 9.1% |
| 2029 Value Projection | USD 90.63 Billion |
| Base Year | 2021 |
| ERP Software Market Size in 2021 | USD 45.82 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Deployment, Business Function, Organization Size, End-user and Geography |
| ERP Software Market Growth Drivers | Rising Requirement to Enhance Operational Proficiency and Streamline Business Procedures Among Enterprises to Fuel Growth |
| North America to Hold Lion’s Share Backed by Increasing Need for Automation in Businesses | |
| Partnerships among Companies to Secure their Brand Values in Global Market |
Growing Implementation of Digital Transformation Tactics amid COVID-19 Pandemic Strengthened Market Growth
Numerous small as well as medium-scale establishments have executed digital stratagems to automate their business procedures. The increasing digitalization of the businesses and rising government favorable policies for digital technology software implementation have propelled the market growth. Such an increase in the adoption of digital technology platforms and government initiatives for digitalization amid the COVID-19 pandemic have slightly increased the demand for ERP software solutions. The global ERP software market size increased by 0.7% during the COVID-19 pandemic.
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Drivers and Restraints:
Rising Requirement to Enhance Operational Proficiency and Streamline Business Procedures Among Enterprises to Fuel Growth
The requirement for transparency and operational competence in business procedures has forced companies functioning across the globe to adopt multiple business models. Progressions in technology diminish the complication of ERP systems and permit third-party apps to maintain corporate procedures more competently.
Segments:
Augmented Demand for ERP Software with Improved Data Storage Will Fuel Market Growth
Based on deployment, the market is segmented into cloud, on-premise, and hybrid. Cloud-based ERP accounted for the largest market share during the forecast period.
Large Enterprises are Executing ERP Solutions for Resource Planning and Business Expansion
Based on organization size, the market is segmented into Small & Medium Size Enterprise (SME) and large enterprise.
The large enterprise segment seized the maximum market share due to increased operational efficiency.
Use of ERP Solutions to Automate Business Procedures and Reinforce Financial Transactions to Boost Market
Based on business function, the market is segmented into financial management, human capital management, supply chain management, customer management, inventory and work order management, and others. The financial management segment held maximum market share and is anticipated to preserve its supremacy over the forecast period.
Growing Popularity of ERP Technology to Surge Operational Proficiency to Amplify Market Share
Based on end-user, the market is segmented into manufacturing, BFSI, IT & telecom, retail and consumer goods, healthcare & life sciences, transportation & logistics, government, and others (aerospace and defense).
The healthcare & life sciences segment is estimated to grow at the highest CAGR during the forecast period and contribute the highest to the global ERP software market share.
Geographically, the market is segmented across five major regions, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
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Report Coverage:
The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the Enterprise Resource Planning (ERP) software market growth for monetary gains. It also shares tangible insights that guide business owners with their investment perspective.
Regional Insights:
North America to Hold Lion’s Share Backed by Increasing Need for Automation in Businesses
North America seized the largest Enterprise Resource Planning (ERP) software market share owing to increasing necessity to automate business functionalities through digital approaches, enhancing the market growth of Enterprise Resource Planning (ERP) software in North America.
Asia Pacific is predicted to grow with a notable CAGR during the forecast period. This region's growth is chiefly owing to the frequently developing industry verticals, comprising manufacturing, BFSI, and transportation & logistics.
The market growth of Enterprise Resource Planning (ERP) software in Europe is mainly driven by growing technological progressions and the development of the regional manufacturing companies.
Competitive Landscape:
Partnerships among Companies to Secure their Brand Values in Global Market
Prominent players in the market are constantly opting for effective strategies to promote their products and establish their positions in the market. One such strategy is to launch new products by partnering with other companies to extend their reach to end-users.
Leading ERP Vendors in the market:
- Oracle Corporation (U.S.)
- IBM Corporation (U.S.)
- SAP SE (Germany)
- Workday, Inc. (U.S.)
- Microsoft Corporation (U.S.)
- Sage Group plc (U.K.)
- Infor (U.S.)
- Deltek (U.S.)
- IFS Global (Sweden)
- Epicor (U.S.)
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Major Table of Contents:
- Global Enterprise Resource Planning (ERP) Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-Premises
- Hybrid
- By Organization Size (USD)
- Small & Medium-sized Enterprises (SMEs)
- Large Enterprises
- By Business Function (USD)
- Financial Management
- Human Capital Management
- Supply Chain Management
- Customer Management
- Inventory and Work Order Management
- Others (Sourcing and Procurement)
- By End-user (USD)
- Manufacturing
- Banking, Financial Services, and Insurance (BFSI)
- IT and Telecommunications
- Retail and Consumer Goods
- Healthcare & Life Sciences
- Transportation and Logistics
- Government
- Others (Aerospace and Defense, etc.)
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Enterprise Resource Planning (ERP) Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-Premises
- Hybrid
- By Organization Size (USD)
- Small & Medium-sized Enterprises (SMEs)
- Large Enterprises
- By Business Function (USD)
- Financial Management
- Human Capital Management
- Supply Chain Management
- Customer Management
- Inventory and Work Order Management
- Others (Sourcing and Procurement)
- By End-user (USD)
- Manufacturing
- Banking, Financial Services, and Insurance (BFSI)
- IT and Telecommunications
- Retail and Consumer Goods
- Healthcare & Life Sciences
- Transportation and Logistics
- Government
- Others (Aerospace and Defense, etc.)
- By Country (USD)
- United States
- By Business Function
- Canada
- By Business Function
- United States
- Europe Enterprise Resource Planning (ERP) Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-Premises
- Hybrid
- By Organization Size (USD)
- Small & Medium-sized Enterprises (SMEs)
- Large Enterprises
- By Business Function (USD)
- Financial Management
- Human Capital Management
- Supply Chain Management
- Customer Management
- Inventory and Work Order Management
- Others (Sourcing and Procurement)
- By End-user (USD)
- Manufacturing
- Banking, Financial Services, and Insurance (BFSI)
- IT and Telecommunications
- Retail and Consumer Goods
- Healthcare & Life Sciences
- Transportation and Logistics
- Government
- Others (Aerospace and Defense, etc.)
Frequently Asked Questions:
What is the ERP software market size?
The global ERP software market was valued at US$ 45.82 billion in 2021
How fast is ERP software market growing?
The ERP software industry will exhibit a CAGR of 9.1% during the forecast period, 2022-2029
What will the worth of ERP software market in 2029?
The global ERP software industry will be worth US$ 90.63 billion in 2029
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