Pune, India, April 17, 2023 (GLOBE NEWSWIRE) -- The global enterprise resource planning software market size was valued at USD 44.47 billion in 2022. The market is projected to grow from USD 46.86 billion in 2023 to USD 71.34 billion by 2030, exhibiting a CAGR of 6.2% during the forecast period. Increasing Need for Automation to Drive Market Forward. Fortune Business Insights presents this information in their report titled “Enterprise Resource Planning 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.
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 |
| Enterprise Resource Planning 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 |
Key Takeaways
- ERP Software market size in North America was USD 18.11 Billion in 2022
- 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
In the scope, Enterprise Resource Planning (ERP) software from significant players such as Oracle Corporation, IBM Corporation, SAP Se, Workday, Inc., and Microsoft Corporation have been taken into consideration. The structure and unstructured databases are analyzed by enterprise resource planning software to visualize and deliver insights based on correlation, hidden patterns, shifting market trends, and more.
For instance, IFS released IFS assist 11.5, a cloud-based automated solution, in July 2022 to help businesses with configuration management databases and to provide them overall control over the structure of their IT infrastructure.
COVID-19 Impact:
Market Expansion was Hampered by Supply Chain Disruptions and Slowdown in the Economy Due to Pandemic
Several small and medium-sized businesses have put digital strategies into place to automate their business process. For instance, the civil engineering company Mackay & Sposito had issues measuring the projects and its commercial operations in the second quarter of 2020. As a result, the business adopted an Enterprise Resource Planning (ERP) software system to manage a number of operations, including finance projects and material management. This increased the company’s cash flows and profitability. Also, the growing government-friendly policies for the adoption of digital technology software and the growing digitalization of organizations have fueled market expansion. For instance, the IDC research states that in 2020, a rise in investments by SMEs and big businesses caused the global investment in digital transformation to exceed USD 1.5 trillion. Sudden rise in government initiatives for digitalization and adoption of digital technology platforms amid COVID-19 pandemic have marginally increased demand for Enterprise Resource Planning (ERP) software solutions.
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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 Enterprise Resource Planning (ERP) software market growth.
Segments:
For Resource Planning and Business Expansion, Large Businesses are Using ERP Solutions
Based on enterprise type, the market is segmented into Small & Medium Size Enterprise (SME) and large enterprises.
The maximum market share was accounted by the large enterprises segment. Reduced production costs, for wide distribution central collection of data, and increased operational efficiency are factors that are anticipated to escalate the demand for the product during the projected period.
Market Expansion will be Driven by Increasing Demand for ERP Software with Better Data Storing
Based on deployment, the market is segmented into cloud, on-premise, and hybrid.
During the forecast period, the cloud segment is expected to have the largest market share. The ability to integrate with tablet devices and mobile along with lower infrastructure costs are the factors that are anticipated to grow the cloud segment. Cloud solutions provide businesses to store their data via internet and backup data in case of data breach and data loss.
Market Advancement through the Use of ERP Solutions to Automate Company Operations and Strengthen Financial Transactions
Based on business function, the market is segmented into financial management, human capital management, supply chain management, customer management, inventory & work order management, and others.
Financial management segment held maximum market share and is anticipated to continue its dominance during the projected period. The segment’s major focus is on financial management provided by the software. For operations and accountability regulations financial service companies rely completely on advanced scalable solutions.
ERP is Becoming More Widely Used to Improve Operational Effectiveness and Increase 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 & defense).
In the global market, the manufacturing segment held a sizable market share. All aspects of the manufacturing process, from sourcing and acquisition to development, storage, quality testing, and delivery, are intended to be optimized by these solutions for manufacturing businesses using cutting-edge features and functionality. As a result, such a production can boost productivity, cut expenses, and boost revenue.
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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.
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.
List of Key Players Profiled 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.)
- Acumatica, Inc. (U.S.)
- Epicor (U.S.)
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Major Table of Contents:
- Global Enterprise Resource Planning (ERP) Software Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Enterprise Type (USD)
- Small & Medium Enterprises (SMEs)
- Large Enterprises
- By Deployment (USD)
- Cloud
- On-Premise
- Hybrid
- By Business Function (USD)
- Financial Management
- Human Capital Management
- Supply Chain Management
- Customer Management
- Inventory & Work Order Management
- Others (Sourcing & Procurement, etc.)
- By End-user (USD)
- Manufacturing
- Banking, Financial Services, and Insurance (BFSI)
- IT & Telecommunications
- Retail & Consumer Goods
- Healthcare & Life Sciences
- Transportation & Logistics
- Government
- Others (Aerospace & Defense, etc.)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Enterprise Resource Planning (ERP) Software Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Enterprise Type (USD)
- Small & Medium Enterprises (SMEs)
- Large Enterprises
- By Deployment (USD)
- Cloud
- On-Premise
- Hybrid
- By Business Function (USD)
- Financial Management
- Human Capital Management
- Supply Chain Management
- Customer Management
- Inventory & Work Order Management
- Others (Sourcing & Procurement, etc.)
- By End-user (USD)
- Manufacturing
- Banking, Financial Services, and Insurance (BFSI)
- IT & Telecommunications
- Retail & Consumer Goods
- Healthcare & Life Sciences
- Transportation & Logistics
- Government
- Others (Aerospace & Defense, etc.)
- By Country (USD)
- United States
- Canada
- Europe Enterprise Resource Planning (ERP) Software Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Enterprise Type (USD)
- Small & Medium Enterprises (SMEs)
- Large Enterprises
- By Deployment (USD)
- Cloud
- On-Premise
- Hybrid
TOC Continued…!
FAQs
How big is the enterprise resource planning software market?
Enterprise resource planning 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 enterprise resource planning software market growing?
The enterprise resource planning software market will exhibit a CAGR of 6.2% during the forecast period, 2023-2030
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