Redding, California, Aug. 31, 2023 (GLOBE NEWSWIRE) -- Meticulous Research®—a leading global market research company, published a research report titled, ‘Global ERP Market by Module (Finance and Accounting Module, Human Capital Management), Enterprise Size (Medium Enterprises, Small Enterprises), Deployment Mode (Cloud-based ERP, On-premise ERP), Sector, and Geography—Global Forecast to 2030.’
The global ERP market is projected to reach $90.7 billion by 2030, at a CAGR of 14.4% from 2023 to 2030. The growth of this market is attributed to the growing need for operational efficiency and transparency in business processes, increasing adoption of ERP software for data-driven decisions, and rising mobile and cloud applications. However, the growing availability of open-source applications and higher initial investment and maintenance costs restrain market growth. In contrast, the increasing demand for cloud-based ERP solutions in small and medium-sized businesses and increasing government initiatives for digitization are expected to create significant opportunities for this market. However, increasing security threats to cloud-based ERP systems pose challenges to market growth.
The global ERP market is segmented by module, enterprise size, deployment mode, sector, and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.
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The key players profiled in the global ERP market study include SAP SE (Germany), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Sage Group plc (U.K.), Infor Equity Holdings LLC (U.S.), Microsoft Corporation (U.S.), Hewlett Packard Enterprise (HPE) Company (U.S.), Epicor Software Corporation (U.S.), NetSuite, Inc. (U.S.), International Business Machines Corporation (U.S.), Tyler Technologies (U.S.), Ramco Systems. (India), Acumatica, Inc. (U.S.), Workday, Inc. (U.S.), and Deltek, Inc. (U.S.).
Based on module, the global ERP market is segmented into finance and accounting module, human capital management module, sourcing and procurement module, sales module, manufacturing module, logistics and supply chain management module, customer service module, R&D and engineering module, enterprise asset management module and other modules.
The manufacturing module segment is expected to grow at the highest CAGR during the forecast period. The manufacturing module often incorporates quality management features to track and manage product quality throughout production. This involves defining quality standards, conducting inspections, and handling non-conformances. This is boosting demand for ERP systems to increase the organizational efficiency of a manufacturing enterprise by managing and improving how company resources are utilized. Improving and/or reducing the resources necessary without compromising quality and performance are keys to effectively improving manufacturing business growth and profitability. With ERP software, manufacturing companies can manage critical aspects of everything from shop floor operations to supply and inventory planning. By incorporating a manufacturing module in their ERP system, companies can achieve better control over their production processes, reduce lead times, optimize resource usage, improve product quality, and enhance overall operational efficiency.
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Based on enterprise size, the global ERP market is segmented into large, medium, and small enterprises. The small enterprises segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the need to improve communication across all the departments and optimize business processes by providing easy visibility of all operations. ERP software also helps small businesses integrate their financial and customer information into one system.
Based on deployment mode, the global ERP market is segmented into cloud-based, on-premise, and hybrid ERP. The hybrid ERP segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing availability of Big Data through cloud computing, rising demand for better end-user experiences, and significant players investing in hybrid ERP solutions. This is also called two-tier ERP, where ERP applications and data will be in the cloud and some on-premise.
Based on sector, the global ERP market is segmented into BFSI, energy & utilities, telecommunications, education, healthcare, HORECA, pharmaceuticals, consumer electronics, automotive, aerospace & defense, life sciences, professional services, oil and gas, and other sectors. The healthcare segment is expected to grow at the highest CAGR during the forecast period. ERP software is essential for healthcare providers to manage patient data and workflows more efficiently, which helps improve patient outcomes. By providing real-time data and analytics, ERP software helps healthcare providers make more informed decisions about patient care.
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Also, healthcare costs are rising, and healthcare providers are under pressure to find ways to reduce costs while maintaining quality of care. ERP software helps healthcare providers manage costs more effectively by providing real-time data on expenses, inventory, and other key metrics. Furthermore, the healthcare industry is highly regulated, and healthcare providers must comply with a wide range of regulations and standards by managing their compliance efforts more effectively by providing real-time data on regulatory requirements and helping automate compliance processes.
Based on geography, the global ERP market is segmented into Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this market is driven due to the thriving manufacturing industry, expanding small and medium-sized businesses, the rising number of start-ups, and their increased demand for cloud-based solutions. Throughout the projected period, it is anticipated that increased demand for ERP software will result from government support for IT infrastructure deployment in the region. Cloud-based ERP solutions have gained popularity in Asia, offering scalability, flexibility, and cost-effectiveness. Cloud-based ERP systems allow companies to access their data and applications from anywhere, enabling better collaboration and remote work capabilities.
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Scope of the Report:
ERP market, by Module
- Finance and Accounting Module
- Human Capital Management Module
- Sourcing and Procurement Module
- Sales Module
- Manufacturing Module
- Logistics and Supply Chain Management Module
- Customer Service Module
- R&D and Engineering Module
- Enterprise asset management Module
- Other Modules
ERP market, by Enterprise Size
- Large Enterprises
- Medium Enterprises
- Small Enterprises
ERP market, by Deployment Mode
- Cloud-based ERP
- On-premise ERP
- Hybrid ERP
ERP market, by Deployment Mode
- BFSI
- Energy & Utilities
- Telecommunications
- Education
- Healthcare
- HORECA
- Pharmaceuticals
- Consumer Electronics
- Automotive
- Aerospace & Defense
- Life Sciences
- Professional Services
- Oil and Gas
- Other Sectors
ERP market, by Geography
- North America
- U.S.
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Taiwan
- Rest of Asia-Pacific
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Latin America
- Middle East & Africa
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