Dublin, Feb. 16, 2023 (GLOBE NEWSWIRE) -- The "ERP Software Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global ERP software market will grow from $167.33 billion in 2022 to $187.88 billion in 2023 at a compound annual growth rate (CAGR) of 12.3%. The ERP software market is expected to grow to $294.34 billion in 2027 at a CAGR of 11.9%.
ERP is a software that organizations use to manage day-to-day business operations such as procurement, accounting, project management, risk management & compliance, and supply chain activities.
Asia Pacific was the largest region in the enterprise resource planning (ERP) software market in 2022. North America was the second largest region of the enterprise resource planning (ERP) software market. The regions covered in the enterprise resource planning (ERP) software market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main function types of enterprise resource planning (ERP) software are finance, HR, Supply Chain and Others. The ERP finance module is the software component of an enterprise resource planning system that handles the primary accounting and financial management functions. The software is deployed as on premise ERP and cloud ERP that are used by manufacturing and services, BFSI, healthcare, retail, government utilities, aerospace and defense, telecom, and other industry verticals.
Increased need for bringing efficiency and transparency in the business operations is expected to benefit the enterprise resource planning software market in the forecast period as ERP enables the integration of high volume of data among several departments and manages the flow of information and communication throughout the organization.
In addition, the use of cloud based technologies for storing and accessing real time data, analytical reporting for business decisions and the need to meet the industry standards processes which are already implanted in the software are also enhancing the growth of the market. For example, Annabelle Candy implemented the Syspro ERP, an ERP software provided by Syspro for manufacturing and distribution industries enabled them to expand their marketing practices to more locations and track their progress with ease.
Increasing number of cyber-attacks are expected to limit the growth of companies in the enterprise resource planning software market during the forecast period. These attacks on ERP applications including compromise and distributed denial of service (DDoS) attacks damage the operations of businesses. According to Onapsis, which is an ERP cyber security and compliance firm, ERP applications such as SAP and Oracle have a combined total of over 9000 security vulnerabilities.
One of the latest trends in the ERP software market is the integration of block chain technology with ERP. Block chain is a chronological series of data managed by multiple computers owned by multiple entities, and each block of data is secured by a cryptographic code. ERP vendors need to keep their software updated in order to maximize the value addition provided to their clients.
Integration of ERP with block chain will create a secured platform for collaboration, through which systems of records can be freely shared to trusted parties. For example, SAP, a software company, is exploring ways in which it can implement block chain efficiently to its existing ERP. It is trying to integrate block chain to ERP to improve 3D printing and digital manufacturing.
The strict guidelines taken by the UK and French governments on Internet of Things (IoT) device manufacturers break the split of regulations for ERP software. The adoption of advanced technologies such as IoT and machine learning in almost all the applications including ERP resulted in a lot of fraud practices and the need to prevent such practices through stringent regulations.
Some examples of regulations are the stringent guidelines implemented by the French government and the UK government which have to be followed by IoT device manufacturers. These strict regulations hinder the growth of the market and prevent other companies to enter the ERP market.
For instance, leading ERP software vendors such as SAP and Oracle have been looking at ways to integrate the latest technologies including IoT and machine learning, but the strict policies constraining the development of their products are restricting the growth of the market.
Key Metrics
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $187.88 billion |
| Forecasted Market Value (USD) by 2027 | $294.34 billion |
| Compound Annual Growth Rate | 11.9% |
| Regions Covered | Global |
Major players in the enterprise resource planning (ERP) software market are
- SAP
- Oracle
- Microsoft
- Epicor
- Infor
- Sage Intacct
- NetSuite
- IFS
- Syspro
- Brightpearl
- FinancialForce
- Dolibarr
- Awery Aviation
- WP
- Kechie
- Stafiz
- BatchMaster
- Intuit Inc.
- FIS Global
- Finserv
- Cerner Corporation
- SS&C Technology
- Constellation Software Inc.
- Odoo
- Lawson
- Consona Corp.
- Activant
- QAD
- Kronos
- IBM
Key Topics Covered:
1. Executive Summary
2. Enterprise Resource Planning (ERP) Software Market Characteristics
3. Enterprise Resource Planning (ERP) Software Market Trends And Strategies
4. Enterprise Resource Planning (ERP) Software Market - Macro Economic Scenario
4.1 COVID-19 Impact On Enterprise Resource Planning (ERP) Software Market
4.2 Ukraine-Russia War Impact On Enterprise Resource Planning (ERP) Software Market
4.3 Impact Of High Inflation On Enterprise Resource Planning (ERP) Software Market
5. Enterprise Resource Planning (ERP) Software Market Size And Growth
5.1. Global Enterprise Resource Planning (ERP) Software Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Enterprise Resource Planning (ERP) Software Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Enterprise Resource Planning (ERP) Software Market Segmentation
6.1. Global Enterprise Resource Planning (ERP) Software Market, Segmentation By Function, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Finance
- HR
- Supply Chain
- Other Functions
6.2. Global Enterprise Resource Planning (ERP) Software Market, Segmentation By Deployment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- On Premise ERP
- Cloud ERP
6.3. Global Enterprise Resource Planning (ERP) Software Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Manufacturing and Services
- BFSI
- Healthcare
- Retail
- Government Utilities
- Aerospace & Defense
- Telecom
- Other Verticals
7. Enterprise Resource Planning (ERP) Software Market Regional And Country Analysis
7.1. Global Enterprise Resource Planning (ERP) Software Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Enterprise Resource Planning (ERP) Software Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/cgtcd8-software?w=12
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