Pune, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Market Analysis
With advancements in technologies and growing digitization, there is a need to have an ERP system incorporated into every business system. Therefore, ERP software market worldwide are garnering significant traction. According to Market Research Future (MRFR), the global ERP software market size is projected to reach USD 66,389.7 million by 2026, growing at an 8.2% CAGR during the review period (2020–2026).
ERP software systems being is a core part of the industrial revolution, industry 4.0, and now the advent of industry 5.0. With most manufacturing facilities already poised to embrace industry 4.0 regulations, ERP software solutions are expected to have a significant fortune.
ERPs would automate end-to-end data input in real-time and save valuable time, with the granularity needed to see where and when certain events took place. This would allow people to make better, timelier decisions, syncing the machine tools, people, and software systems in a big, data-based ecosystem.
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COVID-19 Impact
COVID 19 pandemic has positively impacted the ERP software market, fostering digitization and automation across the manufacturing sectors globally. The lockdown and physical distancing mandates imposed to control the COVID 19 spread forced many organizations to digitize their business processes, including supply chain & product management, sales & marketing, accounting & finance, and human resource.
The automation increased the use of cloud-based ERP solutions and services, which is, in turn, increasing the ERP software market share. The ERP market size is witnessing a constant uptick over the past few months, and also solution providers are increasing investments to foster R&D activities and help developers make digital-based recording solutions.
Industry Trends:
ERPs are being implemented across small and medium-sized enterprises to better manage their business operations while enhancing collaboration, productivity and simplifying compliance & risk management. ERPs are also being adopted to effectively plan and streamlining data under one platform, regulating operating costs, improving decision-making and increasing sales.
The increasing focus of SMEs on improving their operational and business process efficiency is boosting the ERP software market size. Cloud computing, cloud-based applications, and software as a service (SaaS) or on-demand are key market trends that positively impact the ERP market size. These advantages are estimated to fuel demand for cloud and mobile apps in the years to come.
Cloud computing enables enterprises to store and access data via the Internet with scalability, agility, reliability, and flexibility. Simultaneously, service models of cloud computing, such as SaaS or software on-demand, reduce the company's IT infrastructure costs to some extent. Besides, the proliferation of mobile devices in the working culture is encouraging businesses to invest in cloud-based connected infrastructure, allowing access to information anytime and anywhere.
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Segmentation:
The ERP software market is segmented into deployment, function, vertical, organization size, and region. The deployment segment is sub-segmented into on-premise and On-cloud. The function segment is sub-segmented into supply chain & product management, sales & marketing, accounting & finance, human resource, and others.
The organization size segment is sub-segmented into large enterprises and small & medium enterprises (SMEs). The vertical segment is sub-segmented into manufacturing, retail, BFSI, IT & telecom, aerospace & defense, education, and others.
Regional Segmentation:
By region, the market is bifurcated into the Americas (US, Canada, Mexico, Rest-of-North America) and South America, Europe (the UK, Germany, France, Italy, and Rest-of-Europe), Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World.
North America leads the global ERP software market. In 2019, the region acquired over 33.4% share of the overall ERP software market, with a market valuation of USD 12.754.2 million. The North American ERP software market valuation is projected to grow further at a 7.6% CAGR during the forecast period.
This striking market growth attributes to the increasing adoption of ERP software across enterprises in the region to improve transparency and operational efficiency. Additionally, the rising demand for data-driven decision-making and the growing adoption of a cloud-based deployment model in the region contribute to the growth of the market.
Europe acquires the second position in the global ERP software market. The market growth is mainly driven by the vast adoption of ERP by midsize businesses. In 2019, the ERP software market valuation in this region had reached USD 10.734.1 million, which is expected to grow further at a 28.1% CAGR during the assessment period. Besides, the increasing adoption of cloud computing fosters the ERP market share, enabling enterprises to scale up their businesses more conveniently.
The Asia Pacific region has emerged as a profitable market for ERP software solutions globally. Considerable advances in artificial intelligence (AI) and other similar technologies push the growth of the market. The proliferation of cloud technology, alongside the increasing strategic partnerships and investments by players operating in the region, influences the market growth. Additionally, the rising adoption of ERP software stimulates the market size.
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Competitive Analysis:
The ERP software market witness’s significant product launches and implementations of several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Mature industry players are making strategic investments in research and development activities and fostering their expansion plans.
Notable Players in The Global ERP Software Market Are:
- IBM Corporation,
- Microsoft Corporation,
- Oracle Corporation, Infor,
- SAP SE,
- Sage Software plc,
- Plex Systems Inc.,
- Epicor Software Corporation, NetSuite Inc,
- Kingdee International Software Group (HK) Ltd.
- Workday Inc
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Industry News
For instance, recently, on Jan. 19, 2021, Simpli.fi, a leading programmatic platform for CTV, addressable, and mobile advertising, announced the acquisition of a leading agency ERP developer, The Advantage Software Company, LLC., to deliver improved performance and productivity for advertising agencies and media buying organizations.
The acquisition is expected to shape into a groundbreaking combination of futuristic best-in-class features and services for the advertising industry with improved workflow across all media types, from planning and buying, tracking, accounting, and reconciliation.
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