Brooklyn, New York, Oct. 10, 2022 (GLOBE NEWSWIRE) -- Reports and Insights (R&I) has published a new report titled, "ERP Market: Opportunity Analysis and Future Assessment 2022-2030" analyzed By Organization Size (large companies, upper mid-market companies, lower mid-market companies, and small businesses), By Application (supply chain management, product configuration, web-based ordering, financial accounting, human resource planning, project management, order processing, and others), By End-user industry (manufacturing, software solutions, insurance, hospitality, healthcare, education, governmental, pharmaceutical, automotive, and others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
The ERP market is estimated to reach at a value of US 51.6 Bn by the end of 2022 and is expected to reach at a value of US$ 105.9 Bn by 2030 with a significant CAGR of 9.4%.
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The realm of Information Technology (IT) is enhancing and advancing with large-scale innovation and ERP software are one of them. Basically, ERP systems can be understood as a holistic and structured software package incorporating a group of functional modules (Human resources, Production, Finance, Sales, and others) and combining all the departmental functions across organizations into one sole system, thus meeting the needs of all departments.
Implementation of ERP systems led to improved performance and also brought immense benefits such as greater productivity, advanced access to timely and accurate information, strengthened workflow, decreased reliance on paper, knowledge sharing, rigid control, as well as automation of all processes by coordinating and integrating the information across all departments.
Enterprise resource planning (ERP) plays the role of integrated management in the core business processes, which are oftentimes in real-time and thus, acts as a mediator between technology and software. ERP systems or software are well-known across different industries around the world, owing to which, it has drawn the attention of many giants and leading organizations of the market comprising huge chunks of data, resulting in massive adoption of ERP systems.
ERP Market Dynamics
The leading organizations of the global markets as well as small and mid-sized business organizations look for tried and tested techniques to rationalize and streamline their operations and enhance their customers' overall experience to rejuvenate their competitive position in the global markets and ultimately boost growth. At the same time, enterprise resource planning (ERP) is a well-established and well-known system across organizations, which stimulates its adoption in the global markets, owing to which the global ERP market is projected to grow rapidly in the years to come.
By the same token, various micro and small-size organizations were not able to reap the benefits of ERP due to the requirement of heavy investment. Although, in the present times, solutions are designed to meet their particular needs now enable smaller organizations as well to take advantage of the potential of these systems to acquire the same benefits that larger organizations enjoy, which further elevates the demand and adoption of ERP systems, worldwide. Owing to this, the global ERP market is projected to escalate higher in the forthcoming years.
In the modern-day world, ERP software has also adopted new and fresh approaches to its structuring system, which have significantly simplified the usage and implementation of the systems – more importantly, these solutions are now much more cost-effective and easy to afford to obtain and sustain. Such factors are also expected to positively fuel the growth of the global ERP market in the near future.
Furthermore, organizations, nowadays, are more focused towards increasing productivity and efficiency of the workforce with the adoption of advanced technologies as well as surging demand of mobility solutions such as Machine Learning (ML) and Artificial Intelligence (AI) is further anticipated to positively impact the growth of the global ERP market in the coming years.
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ERP Market Segmentation
The global ERP market is segmented on the basis of organization size, application, end-user industry and regions. On the basis of organization size, the ERP market is segmented into large companies, upper mid-market companies, lower mid-market companies, and small businesses. On the basis of application, the market is categorized into supply chain management, product configuration, web-based ordering, financial accounting, human resource planning, project management, order processing, and others. Furthermore, the market is categorized on the basis of the end-user industry into manufacturing, software solutions, insurance, hospitality, healthcare, education, governmental, pharmaceutical, automotive, and others.
By Organization Size
Upper Mid-market Companies
Lower Mid-market Companies
Supply Chain Management
Human Resource Planning
By End-User Industry
ERP Market Key Players
The global ERP market is dominated by SAP, Oracle Corporation, Sage Group, Microsoft Corporation, BAAN Company (now part of Infor), Kronos Inc., JD Edwards, QAD Inc., Consona Corporation, Epicor, IFS AB, Totvs, Concur Technologies, Software Systems Associate Inc., YonYou Software Co. Ltd., UNIT4 N.V, among others.
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