Pune, Feb. 22, 2022 (GLOBE NEWSWIRE) -- The global ERP software market size is expected to reach USD 93.34 billion by 2028, exhibiting a CAGR of 9.2% during the forecast period. The market size stood at USD 46.30 billion in 2020 and USD 50.31 billion in 2021.The increasing requirement for effective and affordable solutions among enterprises and organizations can have an excellent impact on the ERP software market growth in the forthcoming years, states Fortune Business Insights, in a report, titled “ERP Software Market, 2021-2028.”
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Major Companies in the Market:
- Oracle Corporation (Texas, U.S.)
- Infor (New York, U.S.)
- The Sage Group plc (Newcastle upon Tyne, U.K.)
- Unit 4 (DA Sliedrecht, Netherlands)
- Epicor Software Corporation (Texas, U.S.)
- Workday, Inc. (California, U.S.)
- SYSPRO (Sandton, South Africa)
- Acumatica (Washington, U.S.)
- Ramco System (Chennai, India)
- QAD Inc. (California, U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 9.2 % |
| 2028 Value Projection | USD 93.34 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 46.30 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | Size, Share, Component, Organization Size, Deployment, By Business Function, Geography |
| Growth Drivers | Cloud-Based ERP Solutions to Witness Robust Adoption |
| Growing Need to Improve Operational Efficiency and Streamline Business Processes Among Enterprises to Drive Growth | |
| Rising Popularity of ERP Technology to Increase Operational Efficiency to Augment Market Share | |
| Pitfalls & Challenges | Lack of Skilled Professionals and High Costs to Hamper Market Expansion |
COVID-19 Impact:
Businesses are effectively embracing the cloud to build resilient and disaster-resistant systems to accommodate a remote workforce while also ensuring the integrity of data and business applications. Travel restrictions and project delays have harmed the IT consulting and professional services sector. These changes are projected to boost demand for public cloud services, particularly SaaS-based industry-specific apps like collaboration and other productivity and business continuity solutions. ERP tools are being used by businesses and organizations to scale their manufacturing operations and improve business functionality during the pandemic, which, in turn, can have an outstanding effect on the global market.
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Segmentation:
Rising Demand for ERP Software among Enterprises
The market is divided into software and services based on components. In terms of revenue, the software category accounted for the largest share. The market is divided into SMEs and large companies based on the size of the company.
Large businesses accounted for the majority of the ERP software market share. Factors such as enhanced operational efficiency, lower manufacturing costs, and central data collecting for wide distribution are likely to boost demand for the product among major organizations.
The market is divided into three categories based on deployment such as cloud, on-premises, and hybrid. Cloud-based ERP is expected to hold the greatest market share during the forecast period.
The market is divided into financial management, human capital management, supply chain management, customer management, inventory and work order management, and others based on business function.
Manufacturing, BFSI, IT and telecoms, retail and consumer products, healthcare, transportation and logistics, government, and others are the end-user segments of the market.
North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America are the five key regions of the market.
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Report Coverage:
The report offers detailed evaluation of the factors driving and restricting the market growth. It presents comprehensive research into each and every market segment. It has thorough profiling and study of key market players and their strategies. It offers careful examination of the regional dynamics and their influence on the market.
Drivers & Restraints:
Implementation of Innovative Business Models by Prominent Companies to Intensify Market
Global corporations have been pushed to adopt numerous business models as the demand for operational efficiency and transparency in corporate processes has increased. Growing improvements in sophisticated technology make enterprise resource planning (ERP) systems less difficult and allow third-party apps to support business procedures better. According to PwC's 22nd Annual Global CEO Survey, 80% of CEOs believe ERP software commercialization will have a substantial impact on their businesses and business models in the next years. The market's major players are taking strategic steps to diversify their portfolios. Acumatica, Inc., a major vendor, for example, launched Acumatica 2021 R1, a cloud-based ERP suite that offers best-in-class functionality and a powerful user experience, in March 2021. Key companies' endeavors are projected to contribute to the market's growth.
However, high costs and the lack of skilled professionals may hinder market growth.
Regional Insights:
Rising Adoption of ERP Solutions to Bolster Growth in North America
Because of the presence of critical ERP suppliers such as Oracle, Microsoft, Infor, and Epicor in the region, North America secured the biggest market share. North America has a greater acceptance rate of sophisticated technologies like cloud computing, IoT, Big Data, and business intelligence, which will help the region's industry grow even more. Furthermore, the market in North America is growing due to the increased adoption of ERP solutions across industry verticals. In North America, the growing desire to automate company functions using digital means is driving ERP expansion. Asia Pacific is expected to rise at a spectacular CAGR during the forecast period. Manufacturing, BFSI, and transportation & logistics are among the industry verticals that have seen significant growth in this region. In addition, the rising technological breakthroughs and the expansion of the regional industrial industry are driving Europe.
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Competitive Landscape:
Partnerships and Collocations among Major Companies to Consolidate Business
Companies in the ERP software market, such as Infor, the Sage Group plc, Unit 4, Epicor Software Corporation, Workday, Inc., SYSPRO, Acumatica, Ramco System, and QAD Inc., are focusing on different business strategies to strengthen their market positions, such as product launches, mergers and acquisitions, and so on.
Notable Development:
April 2021: Unit4, a global leader in enterprise cloud applications, today announced the general availability of ERPx, its flagship ERP suite for people-centric organizations and the mid-market, to expand its global footprint and provide manufacturing companies with a cost-cutting ERP tool.
October 2020: Acumatica, Inc. announced the integration of region-specific localization in its Acumatica cloud ERP. The feature will allow customers to download and install the localization and language packs for free in order to conduct business in that country. Language packs that are not available in the customer's native country can also be purchased.
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted By Key Players
- Consolidated SWOT Analysis of Key Players
- Global ERP Software Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
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