New York, USA, Sept. 09, 2022 (GLOBE NEWSWIRE) -- The Worldwide ERP Software Market's worth was USD 50.45 Billion in 2021 and will surpass USD 117.69 Billion by 2030 with 9.88% CAGR. ERP/ enterprise resource planning software is used by enterprises to manage their routine business operations like project management, compliance and risk management, supply chain management, etc. ERP software also aids in planning, budgeting, forecasting, and reporting an organization's financial results. The rising need for supplier-relationship management and customer-relationship management, due to a steep surge in the number of businesses worldwide and the requirement for cloud-based ERP platforms, is augmenting the market's growth rate.
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ERP Software Market overview:
- The On-Premises segment recorded the maximum share of 71.22% for the Deployment sector.
- The Large business segment had a market share of over 60% by enterprise size.
- The finance segment accounted for the largest market share of over 28.75%.
- The manufacturing and service segment held the largest share of 20.45% by industry.
- As far as Regional segment is concerned, North America dominated comprehensively with a 35.21% market share.
Notable factors expediting the ERP Software Market growth:
(Notable factors like the rising need for a cloud-based ERP platform, exponential growth in the number of businesses worldwide, etc., are accelerating its growth rate.)
- The increasing adoption of innovative and advancing SaaS technologies, broadening the value of existing ERP systems, minimizing third-party dependencies, more highly secured resources, advancing financial systems, and other Notable factors are driving up the demand for cloud-based ERP software. Also, the growing trend of cloud-based ERP systems in the manufacturing, banking, financial services, insurance (BFSI), I.T. & telecom industries has boosted ERP software sales globally. Cloud-based ERP software has provided numerous benefits, such as increased business insight, lower operational costs, improved collaboration, increased efficiency, higher user adoption rates, etc. Such advantages drive the ERP software market forward. Amazon, Starbucks, and Toyota are among the well-known companies implementing cloud-based ERP software. According to SMR's research, around 3.61 billion cloud users currently use cloud storage, accounting for nearly half of the world's population. Furthermore, the study found that nearly 69% of users in the United States store their software data on cloud platforms.
- The growing number of businesses post-COVID wave and their dependency on ERP software has boosted the market's overall growth. As per a report by The U.S. Census Bureau, in 2020, approximately 4.4 million business applications were received, with the number rising to 5.4 million in 2021. Between 2020 and 2021, Europe registered over 100,000 new businesses. In 2020 China registered over 1.2 million new businesses. In FY21, Australia received over 350,000 business entries. In the first quarter of 2021, nearly 36,000 new businesses were registered in India. The increase in the number of newly registered Enterprises, along with the demand for supplier relationship management and customer relationship management software, are expediting the market growth.
ERP Software Market: A thorough Segmentation Analysis
The worldwide ERP Software Market segmentation has been performed based on Deployment, Enterprise Size, Enterprise function, Industry & Geography.
By Deployment:
- On-Premises
- Cloud
- Hybrid
By Enterprise Size
- Large
- Medium
- Small
By Enterprise Function
- Customer Management
- Supply Chain Management
- Finance
- H.R.
- Manufacturing Module
- Inventory Management
- Others
By Industry
- Aero-Space & Defence
- Banking, financial services, and insurance (BFSI)
- Construction
- Government & Utilities
- Healthcare
- IT & Telecom
- Manufacturing
- Retail & Distribution
- Other Industries
For Geography
North America
- USA
- Mexico
- Canada
- Rest of North-America
Asia-Pacific
- Australia
- New Zealand
- India
- Japan
- Vietnam
- Singapore
- China
- South Korea
- Rest of APAC
Europe Continent
- Greece
- Poland
- France
- Italy
- The U.K.
- Norway
- Finland
- Portugal
- Switzerland
- Turkey
- Netherlands
- Germany
- Russia
- The rest of Europe
LAMEA
- Saudi Arab
- Kuwait
- Brazil
- Qatar
- Argentina
- South Africa
- Algeria
- UAE
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The On-Premises segment recorded the maximum share of 71.22% for the Deployment sector. One of the primary advantages of this deployment model is that it provides continuous control and high data security in any organization. In several emerging countries, a lack of awareness about the benefits of cloud-based solutions in business encourages the adoption of on-premises solutions. Furthermore, segment growth is expected to be driven by the extended use of traditional methods to manage supply chains and other business functions with little automation and technological use.
The large business segment ruled the market with a share of over 60% by enterprise size. Notable factors driving the segment's growth are the growing requirement for large businesses to sustain and integrate critical procedures like production planning, supply chain management, sourcing, employment, order fulfillment, and shipping. Yet another factor that encourages the incorporation of cloud-based ERP software is the large-sized businesses' increased expenditure to execute modern technology and software solutions. A U.S. Census report found that larger enterprises employ 48% of all employment in the nation. In Q1 FY2023, Walmart's income grew by 2.4% due to the arrival of its new employees, and Amazon's income increased by around 8% year on year.
The finance segment led the market with a 28.75% share based on enterprise function. The ERP software helps to manage various financial activities like accounting, assets, cash flow, and investments. As a result, the increasing application of ERP in the financial function is expected to boost segment growth over the forecast period.
On the other hand, the H.R.s (H.R.) segment also contributed to a significant market share. The rise in the need for managing the various HR operations due to organizations' rapid expansion is expediting the growth of this segment. Furthermore, increased demand for automated systems in H.R. processes is expected to drive market growth over the forecast period. Statista has reported that around 55% of the larger organizations and almost 33% of the SMEs accepted the requirement for an Enterprise H.R.System Strategy in 2021 to manage their different operations.
The manufacturing and service segment of the industry sector held the largest market share of 20.45% in 2021. ERP software helps monitor daily operations, manage customer service, and track daily performances in this segment. Other advantages of the software include smoother inventory control, real-time information tracking, and production planning. Manufacturers are switching to ERP solutions because of the growing need to track vendor performance and improve visibility throughout the supply chain to help them with efficient operations planning and management.
North America ruled with a 35.21% market share as far as Regional segment is concerned. The large share is mainly due to some notable factors, such as the growing acceptance of ERP software by medium-sized and small businesses, enhanced investments by ERP vendors in software development using cutting-edge techniques, and the presence of various market players. The market is also anticipated to grow during the forecast period because of increased access to ERP functionalities via smartphone applications. According to an SMR research survey, approximately 26.1% of total American employees in 2022 are using the ERP software services of their specific organizations in the United States. Furthermore, it was said that the success rate of ERP software implementation in the United States was nearly 65.1% in 2021.
Key players prevailing in ERP Software Market:
- Acumatica
- Epicor Software Corporation
- Genius Solutions, Inc.
- Deltek
- Global Shop Solutions
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Ramco Systems
- OpenPro
- Plex Systems
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| Report Coverage | Details |
| Forecast Period | 2021-2030 |
| Forecast Period 2021 to 2030 CAGR | CAGR of 9.87% |
| 2030 Value Projection | $117.68 billion |
| Base Year | 2020 |
| Market Size in 2021 | $50.44 billion |
| Historical Data for | 2015-2019 |
| No. of Pages | 135 |
| Companies | Acumatica, Deltek, Epicor Software Corporation, Genius Solutions, Inc., Global Shop Solutions, Hewlett-Packard Development Company, L.P., IBM Corporation, IFS, AB., Infor Inc., IQMS, Microsoft Corporation, MIE Track Pro, NetSuite Inc., OpenPro, Oracle Corporation, Plex System, QAD Inc., Ramco System, Sage Group, plc, SAP SE, SYSPRO, TOTVS S.A., Unit4, and Workday, Inc. |
| Leading Segment Based on Enterprise | Large |
| Leading Region | North America |
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Recent Developments
- On August 23, 2022, Ramco Systems announced that they are planning to implement its highly advanced and technically sophisticated Logistics-ERP software, resulting in a 1% increase in the organization's stock price. This ERP software implementation at Freight Specialists will effectively automate its corporate functions and services. Freight Specialists is a renowned Australia-based provider of freight and distribution services.
- On August 11, 2022, T.D. bank incorporated NetSuite's Cloud-based ERP software to provide its customers with a comprehensive digital banking experience. T.D. Bank Incorporated cloud-based ERP software to create a one-stop shop for providing a much better experience for its clients than before.
- On July 2022, Think Tribe Technologies created a new ERP software platform for the food and beverage industry. It aims to help F&B companies enhance their processes and maximize profit by increasing sales and reducing costs. It can significantly modify the food-production cycle by enabling people (resellers, manufacturers, and distributors) to maintain control over various F&B recipes to ensure quality, reliability, and regularity.
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