Wilmington, DE, Nov. 01, 2023 (GLOBE NEWSWIRE) -- As per a report published by Allied Market Research, the global ERP Market is expected to gather a revenue of $117.09 billion by 2030. The market registered $43.72 billion in 2020 and is estimated to grow at a CAGR of 10.0% during the 2021-2030 period. The report provides a comprehensive study of the latest market trends, leading investment pockets, and the competitive scenario of the market.
The growing adoption of ERP software by SMEs and increasing demand for cloud and mobile applications are the two main factors driving the growth of the global enterprise resource planning market. Also, the rising need to enhance transparency and operational efficiency in business processes has led to strengthening the position of the market. However, the high implementation cost of ERP software technology might restrain the growth of the market. Nonetheless, the changing nature of contemporary business models might create new growth opportunities for the market in the coming period.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2021-2030 |
| Base Year | 2020 |
| Market Size in 2022 | $43.72 Billion |
| Market Size in 2032 | $117.09 Billion |
| CAGR | 10.0% |
| No. of Pages in Report | 260 |
| Segments Covered | By Component, Enterprise Size, Business Function and Industry Vertical |
| Drivers | Need For Operational Efficiency and Transparency in Business Processes. Adoption Of Cloud and Mobile Applications. |
| Opportunities | Rise in application of ERP solution in small & medium enterprises and rapid transformation of modern business models are expected to offer remunerative opportunities for expansion of the enterprise resource planning market during the forecast period. |
| Restraints | Availability of open-source ERP applications and high implementation cost of ERP software technology hamper in the growth of ERP market. |
The report provides different segments of the global enterprise resource planning market on the lines of component, deployment model, enterprise size, industry vertical, and region.
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Based on component, the software sub-segment held the largest market share in 2020, with around three-fifths of the total market share and is expected to continue its dominance. On the other hand, the services segment is predicted to have the fastest CAGR of 10.7% during the analysis timeframe.
Based on deployment model, the on-premise sub-segment generated the maximum market revenue in 2020, with around half of the total market share. On the other hand, the cloud sub-segment is anticipated to have the highest growth with a CAGR of 11.6% during the forecast period. A detailed study on the hybrid model sub-segment is also provided in the report.
Based on region, the North America enterprise resource planning market accounted for the largest market share in 2020, with more than one-third share of the market. On the other hand, the Asia-Pacific enterprise resource planning market is estimated to have the highest CAGR of 11.9% during the 2021-2030 period. The report has also explored the growth opportunities for the market in Europe and LAMEA region.
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The report offers a detailed analysis of major companies of the market including NetSuite Inc., Oracle Corporation, Microsoft Corporation, Infor, IBM Corporation, SAP SE, Sage Group Plc., Syspro, TOTVS S.A., Unit4.
Key Industry Development -
June 2023 - SAP and Bain partnered to help enterprises drive cloud-enabled ERP transformation. They would help the companies to maximize the impact of cloud-enabled ERP transformation. By bringing together solutions like RISE with SAP and Bain’s business-led transformation expertise, the partnership aimed to enable clients to reach their business goals faster and achieve their full ERP potential.
January 2023 - ESSCO Technologies Incorporated, a leading value-added distributor and solutions provider for the wireless industry, announced the successful launch of its new Enterprise Resource Planning (ERP) system.
October 2021 - Shopify launched a global ERP program. Microsoft, Oracle NetSuite, Infor, Acumatica, and Brightpearl partner with Shopify to help high-volume merchants connect ERP systems with commerce capabilities. It allowed select Enterprise Resource Planning (ERP) partners to build direct integrations into the Shopify App Store.
February 2021 - Bed Bath & Beyond Inc. announced that it has selected Oracle as its Enterprise Resource Planning (ERP) technology provider. Oracle Cloud would provide real-time financial, supply chain and merchandising solutions, replacing the Company's legacy suite of technology systems and delivering new data, insights and planning capabilities.
December 2020 - Aramco announced a strategic alliance with SAP Saudi Arabia to expand the digitalization of its Enterprise Resource Planning (ERP) systems. The agreement with SAP was another step in Aramco’s digital transformation journey, paving the way for further integration of new technologies in a rapidly evolving technological landscape. The SAP ERP system will deepen the deployment of innovative IR4.0 technologies including cloud-based services, embedded analytics, mobility, machine learning, artificial intelligence, advanced analytics and Internet-of-Things solutions.
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
