Pune, March 01, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the global ERP software market accounted for USD 51.4 billion in 2022 and is projected to reach USD 136.1 billion by 2032, exhibiting a CAGR of 10.5% in the forecast period (2023-2032). ERP (enterprise resource planning) software is software that businesses use to run their day-to-day operations like purchasing, accounting, project management, risk and compliance, and supply chain activities. It facilitates the flow of information across functional areas, which can lead to better productivity and decision-making.
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ERP Software Market Key Takeaway:
- By deployment, on-premises segment dominated the market in 2022.
- By function type, in 2022, the market is dominated by the finance segment with over 26.0% market share.
- By enterprise size, the large enterprise segment has dominated the market With 38.92% of the market share in 2022.
- By industry verticals, the manufacturing and services segment held the largest market share
- In 2022, North America dominated the market with the highest revenue share of 37%.
- Asia-Pacific is expected to witness significant growth during the forecast period.
The ERP software market's growth is significantly impacted by the widespread adoption of portable and cloud applications. ERP software vendors will have many opportunities in this market due to the increasing use of automation and digital transformation in manufacturing industries across emerging countries in Asia Pacific.
Factors affecting the growth of ERP Software industry
There are several factors that can affect the growth of the ERP software industry. Some of these factors include:
- Cloud-based ERP: Market will be boosted by cloud-based ERP software due to improved operational efficiency, lower production costs, the ability to connect with mobile devices, and timely product delivery.
- Partnership formation: Forming partnerships between major manufacturing companies and ERP software suppliers is helping to increase their productivity, which helps the market’s expansion.
- Integration of blockchain technology with ERP: Integration of ERP software with blockchain will create a secured platform for collaboration. Such a platform will create ample amount of opportunities for new market players, which will be likely to propel the market’s growth.
- Human resource function: The market is expected to grow due to increased demand for automation in HR functions. This is because these funtions are necessary for the market to maintain and increase the quality of the software.
- Mobile application adoption: Mobile applications are an essential part of the ERP software market and impact the market directly. The software market is experiencing growth due to the increase in the adoption of mobile applications.
- Demand for ERP software from small & medium enterprises: Increase in demand for ERP software from small & medium enterprises for transparency and operational efficiency in business processes is likely to boost the growth of the global ERP market.
- COVID-19 Impact: ERP software solutions enabled businesses to continue operating remotely, which will promote the expansion of the global ERP market in the forecast period.
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Top Trends in Global ERP Software Market
The key trend is forming partnerships between major manufacturing companies and ERP software suppliers in North America and Europe to improve their productivity, which will promote market growth. It was also observed that during the COVID-19 pandemic, ERP software solutions enabled businesses to continue operating remotely, pushing the market’s expansion quicker.
According to the report, business cloud software and services are expected to be in demand. Cloud computing refers to a system in which data is generated at one location and stored elsewhere - usually on servers. Cloud storage gives individuals and companies more freedom in running their businesses while providing added security measures.
It is observed that, in order to achieve success, organizations constantly look for systems that will help them better serve their customers and increase their profit margin. Companies are now looking at ERP systems to improve efficiency and ensure better information integration. ERP systems are now strategic platforms that provide businesses with a solid foundation and information backbone.
Market Growth
Cloud-based ERP software is in high demand due to the growing use of cutting-edge SaaS technologies. These include: increasing the value of ERP systems, decreasing third-party dependencies, and creating more secure resources. Cloud-based ERPs have become popular across manufacturing, banking and financial service, insurance (BFSI), and IT industries alike.
The global sales of ERP software have seen an uptick due to growth in the telecom and banking industries. Cloud-based ERP software offers many benefits such as improved business insight, reduced operational costs, better collaboration capabilities, increased efficiency levels, and higher user adoption. This is driving the ERP software market forward.
Regional Analysis
North America was the dominant market segment with 37.20%. this large market share can be attributed to several factors such as increasing acceptance of ERP software by small and medium-sized businesses, increased investments by ERP vendors in software software development using cutting-edge technologies, and the presence and participation of many market players.
The Asia Pacific market will continue its growth due to the increasing manufacturing sector and small- and medium-sized business applications. Many businesses have installed ERP solutions on-premises in order to improve productivity, business workflow, and performance. Due to rising startup activity and increasing demand for cloud-based software, the market is expected grow.
Competitive Landscape
The competitive landscape of the market has also been examined in this report.to stay competitive in the market, market players employ a variety of growth strategies. these strategies include collaborations, partnerships, strategic agreements and mergers and acquisitions. these are the top players in global ERP software markets.
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ERP Software Market: Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 51.4 Billion |
| Market Size (2032) | USD 136.1 Billion |
| CAGR (from 2023 to 2032) | 10.5% |
| North America Revenue Share | 37% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The explosive growth of mobile and cloud applications is fueling the worldwide ERP software market. Cloud-connected mobile apps are being sought out by enterprises for document synchronization, updating, and control. As a result, cloud-based ERP solutions may experience an uptick in adoption from small to medium-sized businesses worldwide. Overall, the global ERP market continues to experience strong growth due to these factors.
Market Restrictions
Businesses are gradually transitioning to cloud-based services and enterprise resource planning (ERP) solutions. Unfortunately, businesses often face difficulty integrating them with existing systems. This is due to complexity and implementation costs. To guarantee successful execution, both legacy systems and the cloud-based ERP must be closely connected. With limited resources, many businesses still rely on outdated technology-based processes. These technologies have high error potential and longer turnaround times.
Market Opportunities
ERP software vendors will be able to take advantage of the growing use of automation and digitalization in manufacturing industries in emerging countries throughout Asia Pacific. ERP software can be used by companies to generate reports based upon real-time market data. This will allow them to make quick strategic decisions and improve their profitability. The high tech transition of modern company models will offer lucrative opportunities for the growth of the enterprise resource planning industry over the forecast period.
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Report Segmentation of the ERP Software Market
Deployment Type Insight
The market can be divided into two segments: cloud and on-premises. Cloud deployment offers organizations superior data security and continuous control over operations. Unfortunately, many emerging countries lack awareness of the advantages that cloud-based business functions offer and opt for on-premise solutions instead. As a result, segment growth will continue to be driven by traditional methods for managing supply chain models with minimal automation.
Cloud-based ERP software will become the dominant market segment by 2032 due to its growing adoption. Companies using this type of system can improve efficiency, speed, accessibility, resource planning, and immediacy. Cloud-based ERP deployment offers many benefits for enterprise performance management. They can produce faster implementation and lower investment requirements. In addition, combined with enterprise resource planning software users with internet access can process large amounts of data.
Function Insight
Based on functional analysis, the market is dominated by the finance segment because of the increasing adoption of ERP softwarethe finance segment held 26.0% of the market share and was the most popular in 2022. software used for financial management segments like investments, human capital and cash flow. the increasing use of ERP software in financial functions is expected to increase the segment's annual growth rate. human resource accounted for a significant share of the market. the rapid growth of this segment is due to organizational expansion that makes it harder to manage company processes. the increased demand for automation in hr functions will also drive the market.
The supply chain ERP module gives you better visibility into different supply chain operations, improves efficiency, speed and customer satisfaction. the increasing use of ERP software in sales automation and distribution automation will drive this market. e-commerce has allowed enterprises to select advanced solutions to efficiently manage supply chains, which will contribute to this market's growth.
Enterprise Size Insight
The large enterprise segment commands the largest market share at 38.92%. This segment is driven by the increasing complexity of large enterprise processes. It includes production planning and inventory management, and order fulfillment. Plus, these businesses typically have plenty of money to invest in new technology and software solutions. For Instance, cloud-based ERP software
Medium-sized enterprises will experience tremendous growth over the coming decade. It is expected to become the dominant segment in 2030. Cloud-based ERP will fuel this sector's development with lower production costs and faster product delivery. As a result, many distribution companies have adopted ERP software due to stringent government regulations. This has resulted in improved productivity levels and simplified operations across various industries.
Industry Verticals Insight
The largest market share was held by the manufacturing and services segments. ERP software manages daily operations and customer management services, and tracks daily performance. other benefits include in-depth analysis, inventory management, production scheduling and data monitoring. manufacturers are increasingly looking for visibility throughout the supply chain to monitor vendor performance and track their own performance. ERP software solutions are a great way to plan and manage operations.
To improve productivity, the key trend is to form partnerships between large manufacturing companies in north america and european ERP software suppliers. ERP software vendors will be able to take advantage of the growing use of automation and digitalization in emerging manufacturing industries in asia pacific. ERP software can be used by companies to generate reports based on market data that help them make quick strategic decisions and improve their profitability.
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Market Segmentation
Based on Deployment:
- Cloud
- On-premises
Based on Function:
- Finance
- Supply Chain
- HR
- Other Functions
Based on Enterprise Size:
- Small Enterprises
- Large Enterprises
- Medium Enterprises
Based on Industry Verticals:
- Retail
- Aerospace & Defense
- BFSI
- Manufacturing & Services
- Government
- Telecom
- Other Industry Verticals
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Players:
- IBM Corporation
- SAP SE
- Workday, Inc.
- Microsoft Corporation
- Sage Group plc
- Infor
- Deltek
- IFS Global
- Epicor
- Other Key Players
Recent Development of the ERP Software Market
- July 2022: A cooperation between Syntellis data and Intelligence formed a partnership with a cloud-based software company.
- February 2022: SAP SE and IBM Corporation established a hybrid cloud partnership in order to move their enterprise's resource planning to the cloud.
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