New York, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The global ERP software market size is predicted to expand at ~10% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 131 billion by the end of 2035, up from a revenue of ~USD 38 billion in the year 2022.The major factor to boosts the growth of the market expansion is the growing production of automobiles. The worldwide production of vehicles grew by about 4% in 2022 to approximately 84 million, up from 2021. However, the manufacturing procedure in the automotive sector is incredibly intricate; every auto is constructed up of hundreds of different pieces, each playing a specific role and belonging to a different vehicle type. Hence, the need for ERP software is growing in the automotive sector.
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Moreover, with the growing adoption of smartphones, the use of mobile ERP is also growing in automotive manufacturing or the manufacturing of other products. About 5 billion people are expected to be utilizing smartphones globally in 2023, which amounts to approximately 84 percent of the world's population. Mobile ERP has grown essential due to an upsurge in the use of smartphones and tablets. Manufacturers can assure that their workers have the ability to retrieve the data they require, whenever they need it, by giving mobile phones real-time access to ERP systems.
ERP Software Market: Key Takeaways
- Market in North America region to propel the highest share
- The Cloud segment to garner the highest revenue.
- Market in Asia Pacific region to grow at a notable rate
Growing Online Education to Boost the Growth of ERP Software
An average of about 59% of those who use the internet have participated in online education across the globe. This is due to the fact that they can accomplish it in their own time and space with ease. Online education portals ought to employ ERP software more extensively than traditional educational institutions need in order to operate efficiently. This is because none of the parties such as students, parents, or teachers needed to be physically present to participate in any of the activities, such as admission, selection, teaching, and so forth ERP software makes sure there are no issues with technology or other problems.
ERP Software Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Adoption of Intelligent Technologies Such as AI to Drive Market Growth in North America
The ERP software market North America in is set to rise at the highest CAGR over the forecast period. This could be owing to the rising adoption of intelligent technologies in the region. In the United States, about 24% of companies have adopted AI, whereas approximately 42% of companies are exploring AI.
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Rising Retail Businesses to Influence the Market Growth in Asia Pacific
The ERP software market in Asia Pacific is also set to have significant growth over the forecast period. The growth of the market in this region could be influenced by growing retail business. There was a total of about 292,382 retail chain stores in China as of 2021. ERP systems are utilized in the retail sector to regulate inventory levels, monitor orders from customers, and handle payment processing.
ERP Software, Segmentation by Deployment
- Cloud
- On-Premises
- Hybrid
The cloud segment is anticipated to garner the largest revenue by the end of 2035. The growth of the segment is expected to be dominated by growing cloud adoption. About 93% of businesses will be using cloud services by 2023 around the globe. As a consequence, the adoption of cloud in ERP software is also growing. It gives businesses access to their mission-critical apps whenever they want, from wherever they are, and it provides nearly endless scaling and innovation potential.
ERP Software, Segmentation by Enterprise Size
- Small Enterprise
- Medium Enterprise
- Large Enterprise
The large enterprise segment is estimated to grow at the highest CAGR over the projected period. The major element to influence the growth of the segment is the growth in the number of large enterprises. In 2021, there were predicted to be about 351,519 large companies with 250 or more employees globally, up from approximately 337,522 in 2020.
ERP Software, Segmentation by Component
- Services
- Professional Services
- Implementation Services
- Project Management
- Data Migration
- Training & Deployment
- Others
- Maintenance & Support Services
- Implementation Services
- Managed Services
- Professional Services
- Software
ERP Software, Segmentation by Business Function
- Finance
- Human Resource Management
- Supply Chain Management
- Enterprise Performance Management
- Customer Management
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ERP Software, Segmentation by End User
- BFSI
- Healthcare & Life Sciences
- Hospitality
- Transportation & Logistics
- Oil & Gas
- Education
A few of the well-known industry leaders in the ERP software market that are profiled by Research Nester are Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Infor, Inc., NetSuite, Inc., Sage Group plc, Dassault Systems, SYSPRO, and others.
Recent Development in the Market
- In order to simplify data landscapes and unlock the potential of business data, Google Cloud and SAP SE have announced a significant expansion of their partnership as well as the introduction of a comprehensive open data service. A new service that combines SAP with Google Cloud's data and analytics technologies will make company data more accessible and valuable, enabling enterprise Al development.
- The terms and conditions for acquiring Verenia's NetSuite CPQ business are announced by Oracle Corporation. With the help of this agreement, guided selling would be made quick and accurate using NetSuite client local configure, price and quote (CPQ) functionality. Verenia LLC is the owner of Verenia's non-NetSuite CPQ and CRM product range and clients. The Verenia NetSuite CPQ group would join with the Oracle NetSuite Global Business Unit organization now that the purchase is officially over.
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