Pune, India, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The global enterprise resource planning (ERP) software market size was valued at USD 15.10 billion in 2021. The market is projected to grow from USD 18.33 billion in 2022 to USD 83.90 billion by 2029, exhibiting a CAGR of 24.3% during the forecast period. North America held highest share in the global market at USD 17.56 Billion in 2021. Fortune Business Insights publishes this information in its report, titled, “ERP Software Market Forecast, 2023-2029.”
Key Industry Development:
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.
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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 |
| 3D Printing 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 |
Key Takeaways
- ERP Software market size in North America was USD 17.56 Billion in 2021
- Increasing adoption of digital platforms and favorable government initiatives to drive the market growth.
- Major trends include technologies such as AI, blockchain, machine learning and others
- By end user, healthcare segment holds the maximum share
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Driving Factors:
- 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:
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.
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.
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.
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.
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List of Key Players Mentioned in the Report:
- 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.)
Major Table of Contents:
- 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
- Canada
- 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.)
- By Country (USD)
- United Kingdom
- Germany
- France
- Italy
- Spain
- Netherland
- Rest of Europe
TOC Continued…!
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FAQs
How big is the ERP software market?
ERP software market size was USD 45.82 Billion in 2021.
How fast is the ERP software market growing?
The ERP software market will exhibit a CAGR of 9.1% during the forecast period, 2022-2029
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