The global ERP software market share is garnering significant traction. The growing demand for corporate governance and increasing regulatory requirements and compliance push the market value. Besides, advancements in technologies and growing digitization bolster market revenues, promoting ERP systems to be incorporated into every business.
With most manufacturing facilities already poised to embrace industry 4.0 regulations, the market is expected to garner significant gains in the next few years. According to Market Research Future (MRFR), the global ERP software market size is projected to reach USD 110.51 BN by 2030, growing at a 9.40% CAGR during the review period (2020–2030).
The growing adoption of cloud-based services and the integration of technologies boost market size, providing high-quality reports, and enhanced accuracy. Increasing demand for automation of various operational processes drives the market demand. Additionally, the proliferation of cloud-based ERP modules fosters the growth of the market.
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Growing numbers of businesses and advantages that ERP software provides huge impetus to market revenues. On the other hand, complexities associated with ERP software development are major factors projected to impede the market growth. Also, the high costs associated with the implementation of ERP solutions pose significant challenges.
Nevertheless, technological advances expected to arise in the recent future would support the market growth throughout the review period, offering solutions & updates required to rule out shortfalls of this software. Furthermore, the increasing popularity of ERP software is another dominant factor expected to contribute to market growth.
Global ERP Software Market – Segments
The report is segmented into deployments, functions, organization size, verticals, and regions. The deployment segment is bifurcated into on-cloud and on-premise. The function segment is bifurcated into sales & marketing, supply chain & product management, human resource, accounting & finance, and others.
The organization size segment is sub-segmented into small & medium enterprises (SMEs) and large enterprises. The vertical segment is bifurcated into retail, manufacturing, BFSI, aerospace & defense, IT & telecom, education, and others.
Global ERP Software Market – Regional Analysis
North America leads the global ERP software market. The rising need for efficient resource management requirements and regulatory compliance and the strong presence of market players and well-established technology development centers drive the market growth.
Besides, substantial investments from small and medium-sized businesses in deployments of ERP software boost the market size in the region. Large technological advancements and upgrades in cloud-based technologies further accelerate the region’s market shares. The US and Canada hold major shares in the ERP software market in the region.
Global ERP Software Market – Competitive Analysis
Highly competitive, the ERP software market appears fragmented due to the presence of several well-established players. Mature players incorporate strategic initiatives such as collaboration, mergers & acquisitions, expansion, and product/technology launch to gain a larger competitive share.
Major Players:
Players leading the global ERP software market include IBM Corporation, Oracle Corporation, Microsoft Corporation, Infor, Sage Software plc, SAP SE, Plex Systems Inc., NetSuite Inc, Epicor Software Corporation, TOTVS, Intuit Inc, Yonyou, Unit4, Workday Inc., and Kingdee International Software Group (HK) Ltd., among others.
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Industry/Innovation/Related News:
Nov.16, 2021 --- ACS-Embrace, a leading provider of industry-built business management solutions, announced the release of Embrace V 15.2, the latest product version of its biannual product updates. Embrace delivers an end-to-end ERP solution on a unified architecture, with flexible deployment options and industry-specific innovations.
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