NEW YORK, United States, March 21, 2023 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “ERP Software Market Size, Share, Growth Analysis Report By Deployment (Cloud and On-Premises), By Function (Supply Chain, Finance, HR, and Others), By Enterprise Size (Small, Medium, and Large), By Industry Vertical (Retail, Healthcare, Manufacturing, Government, Telecom, Aerospace & Defense, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” in its research database.
“According to the latest research study, the demand of global ERP Software Market size & share was valued at approximately USD 53.77 billion in 2022. The market is expected to grow above a CAGR of 11.1% and is anticipated to reach over USD 123.42 billion by 2030.”
The report analyzes the ERP Software market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the global market.
ERP Software Market Overview:
Enterprise resource planning (ERP) software are technological program used by businesses to handle, manage, and navigate through day-to-day business operations like procurement, accounting, human resource, compliance, risk management, and supply chain activities. The highly advanced version or suite of ERP includes enterprise performance management that allows companies to predict, budget, plan, and report the company’s financial status.
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ERP software is responsible for integrating different types of business processes and allows the transparent, unadulterated flow of information between the systems. By collecting information from the lot of transactional data that occurs within a company, it is possible to reduce any requirement of data duplication providing a high level of data integrity. In the modern digital world, EPR software programs are key to data-driven and critical decision-making for businesses from across size groups.
Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
- Around 233+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Historic and Forecast Growth, Porter's 5 Forces Analysis
- Facts and Factors research methodology
Market Dynamics:
Growth Factors
- Increasing need for digitization and automation to propel market demand
The global ERP software market is projected to grow owing to the growing investments in developing business-friendly, scalable, and flexible cloud-based ERP solutions. Companies do not require to spend heavily on setting up infrastructure to supply ERP deployment in case of enrolling for cloud-based services. This allows them more resources in hand to be deployed for other critical factors whereas the digitization of systems can allow repetitive tasks to be conducted by ERP systems.
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Furthermore, in the ever-evolving industrial and commercial world, there is an important need for real-time data analysis and access since quick and accurate decision-making is essential to business survival. ERP systems are designed to allow business leaders real-time access to transparent information that has statistical backup. The changing business conditions can be better managed when companies take data-driven decisions. Moreover, a growing emphasis on developing or improving customer experience could assist in global market growth. Customer-facing operations are an essential part of business operations and ERP systems provide essential tools to businesses to improve customer service and retention rates.
Restraints
- High associated cost to restrict market expansion
The complexities associated with the implementation of ERP software could act as a hindrance to the growth trajectory. They may require a significant investment of time and resources in terms of money and personnel which not all companies may be equipped to provide.
Additionally, if a company already has an existing technical system in place, the integration of legacy systems along with ERP systems is complicated and could act as a significant expansion barrier. Cybersecurity risks are another critical factor to be considered since digital crime rates are on a rise.
Opportunities & Challenges
Emerging economies may deliver growth opportunities whereas the growing competition could pose a challenge to further growth.
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Key Insights from Primary Research
- As per the analysis, the ERP Software market is likely to grow above a CAGR of around 11.1% between 2023 and 2030.
- The ERP Software market size was worth around US$ 53.77 billion in 2022 and is estimated to hit approximately US$ 123.42 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The market is projected to grow at a significant rate due to the increasing need for digitization and automation
- Based on enterprise size segmentation, large was predicted to show maximum market share in the year 2022
- Based on deployment segmentation, the cloud was the leading deployment in 2022
- On the basis of region, North America was the leading revenue generator in 2022.
ERP Software Market: Segmentation Analysis
The global ERP software market is segmented based on deployment, function, enterprise size, industry vertical, and region
Based on deployment, the global market is segmented into cloud and on-premises.
Based on function, the global market is segmented into supply chain, finance, HR, and others.
- The system is used across all important facets of a business.
- In finance, ERP systems allow better management of data forecasting, accounting, budgeting, and delivering a financial report.
- In supply chain management, they are used to manage inventory, procurement, logistics, manufacturing, and the complete movement of associated products.
- For the HR segment, ERP software play important role in managing HR-related information including appraisal and payroll.
- Datix Inc., claims that companies can expect a return on investment of 264% with the use of ERP software.
Based on enterprise size, the global market is divided into small, medium, and large.
Based on industry vertical, the global market divisions are retail, healthcare, manufacturing, government, telecom, aerospace & defense, and others.
- 2022 marked the highest growth in the manufacturing segment and it may continue the growth trend in the coming years.
- Since these industrial units have extremely complex organizational processes and integrated supply chains, ERP systems can help them improve the overall delivery and operational performance.
- Other industries like healthcare, construction, and retail are also important customers for the global industry.
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Regional Dominance:
- North America to continue dominance over the market
North America is anticipated to lead the global ERP software market with the US leading the regional growth. The reason for the high CAGR is the rising investment in technological innovation. The country boasts of a strong culture that promotes technical growth.
Furthermore, the country also has one of the strongest information technologies (IT) infrastructures worldwide with highly advanced cloud computing services, high-speed internet, and personnel availability. Asia-Pacific and Europe are expected to grow with exceptional revenue rates due to the growing production adoption and innovation rate along with rising infrastructure development projects in the countries of India, China, and Japan. Industry diversity in Asia-Pacific is really high which acts in the favor of regional growth.
Competitive Players
The report contains qualitative and quantitative research on the global ERP Software Market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global ERP Software market include;
- Epicor Software Corporation
- International Business Machines Corporation
- Unit4
- Infor Inc
- Microsoft Corporation
- Hewlett-Packard Development Company, L.P.
- Oracle Corporation
- NetSuite Inc.
- SAP SE
- IBM Corporation
- SYSPRO
- Infor
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Recent Industry Developments:
- In May 2022, SAP SE and International Business Machine (IBM) Corporation announced the extension of the business partnership. In this move, IBM will be migrating to SAP S/4HANA across 120 countries.
- In October 2020, Designpro Automation announced the launch of a new ERP system that is powered by Global Shop Solutions (GSS). The product offers lean scheduling and will focus on manufacturers who provide customized products.
The global ERP Software market is segmented as follows:
By Deployment
- Cloud
- On-Premises
By Function
- Supply Chain
- Finance
- HR
- Others
By Enterprise Size
- Small
- Medium
- Large
By Industry Vertical
- Retail
- Healthcare
- Manufacturing
- Government
- Telecom
- Aerospace & Defense
- Others
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Report Scope:
| Report Attribute | Details |
| Market Size in 2022 | USD 53.77 Billion |
| Projected Market Size in 2030 | USD 123.42 Billion |
| CAGR Growth Rate | 11.1% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | Epicor Software Corporation, International Business Machines Corporation, Unit4, Infor Inc, Microsoft Corporation, Hewlett-Packard Development Company, L.P, Oracle Corporation, NetSuite Inc., SAP SE, IBM Corporation, SYSPRO, Infor., and others. |
| Key Segment | By Deployment, Function, Enterprise Size, Industry Vertical, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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Key questions answered in this report:
- What is the size of the ERP Software market and what is its expected growth rate?
- What are the primary driving factors that push the ERP Software market forward?
- What are the ERP Software Industry's top companies?
- What are the different categories that the ERP Software Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the ERP Software market sample report and company profiles?
Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Deployment, Function, Enterprise Size, Industry Vertical, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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