Pune, India, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The global ERP software market size was valued at USD 44.47 billion in 2022 and is projected to reach USD 71.34 billion by 2030, exhibiting a CAGR of 6.2% during the forecast period. Fortune Business Insights presents this information in their latest report titled "Global ERP Software Market Forecast, 2023-2030."
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Key Industry Development:
May 2022: Epicor Software Corporation updated and launched an ERP automation tool for distribution and manufacturing. Epicor’s updated tool is easier to control with the data flow for its ERP and other enterprise applications.
Key Takeaways
- ERP software market size in North America was USD 18.11 billion in 2022.
- For Resource Planning and Business Expansion, Large Businesses are Using ERP Solutions
- Market Expansion will be Driven by Increasing Demand for ERP Software with Better Data Storing
- ERP is Becoming More Widely Used to Improve Operational Effectiveness and Increase Market Share
Discover the Leading Players Featured in the Report:
“Companies leading the global ERP software market are 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.), Acumatica, Inc. (U.S.), Epicor (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.2% |
| 2030 Value Projection | USD 71.34 Billion |
| Base Year | 2022 |
| ERP Software Market Size in 2022 | USD 44.47 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 170 |
| Segments covered | Enterprise Type, Deployment, Business Function, End-user and Geography |
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Drivers & Restraints:
Technological Advancements will Propel the ERP Market Growth
Efficiency in business operations and need for transparency has forced corporations all over the world to implement different business models. This demand is likely to increase the market share. Technological advancements help to minimize complex processes of enterprise resource planning software by allowing third-party apps to work more efficiently toward corporate processes. 80% of CEOs believe that product commercialization will majorly help their companies and business models in the coming years, as per to the 22nd Annual Global CEO Survey conducted by PwC.
On the contrary, high implementation costs and system complexity while integrating the software are factors which may impede the ERP software market growth.
Segmentation
By Enterprise Type
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Deployment
- Cloud
- On-premise
- Hybrid
By Business Function
- Financial Management
- Human Capital Management
- Supply Chain Management
- Customer Management
- Inventory & Work Order Management
- Others (Sourcing & Procurement)
By End-user
- Manufacturing
- BFSI
- IT & Telecom
- Retail & Consumer Goods
- Healthcare & Life Sciences
- Transportation & Logistics
- Government
- Others (Aerospace & Defense)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights
North America Leads the Market due to Growing Need for Automation
North America accounted for the largest Enterprise Resource Planning (ERP) software market share in 2022, which was 18.11 billion. Growing requirement for automation of businesses using digital tools propels the market in this region. Additionally, to develop cutting-edge technologies and better ERP solutions, companies are investing highly in research and development activities.
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Competitive Landscape
Key Players form Strategic Alliances to Expand Market
Over all the business segments, major players are providing Enterprise Resource Planning (ERP) software. To upgrade their tools and technology, strengthen technological competence, and create novel solutions, key players extend their scope. Moreover, through alliances, companies are growing their business and receiving expertise by reaching several customers. Major companies are focusing on reaching their customers and expanding their business by strategic alliances.
FAQs
How big is the ERP software market?
The ERP software market size was USD 44.47 billion in 2022. It is expected to reach USD 71.34 billion by 2030.
How fast is the ERP software market growing?
The ERP software market will exhibit a CAGR of 6.2% during the forecast period, 2023-2030.
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