Pune, India, Dec. 05, 2023 (GLOBE NEWSWIRE) -- The global Enterprise Resource Planning (ERP) software market was valued at USD 63.33 billion in 2022 and is projected to reach USD 187.79 billion by 2030, exhibiting a CAGR of 14.8% during the forecast period. Fortune Business Insights™ provides this information in its research report, titled Enterprise Resource Planning (ERP) Software Market Forecast, 2023-2030
Enterprise Resource Planning (ERP) software is used to study structured and unstructured databases and provide insights into market trends and hidden patterns. The ability of ERP systems to integrate with third-party applications is a significant driver for the market growth. This flexibility allows companies to maintain their corporate processes more efficiently.
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Key Industry Development:
SAP Africa extended their alliance with Microsoft to provide RISE with SAP to clientele across several global markets, along with Africa. It is a complete solution of ERP software and result-driven services intended to aid enterprises in transforming the core SAP ERP to the cloud, leveraging the cloud hosting abilities of hyper-scalers such as Microsoft.
Key Takeaways
- Rising Adoption of Advanced Technologies such as Artificial Intelligence (AI), Machine Learning, and Cloud Computing is a Key Trend Setter for the Market
- Growing Need to Improve Operational Efficiency and Streamline Business Processes among Enterprises to Drive Market Growth
- Rising Demand for Resource Planning for Business Expansion by Large Enterprises Boosts Market Growth
- Increased Demand for Cloud & Hybrid ERP Software with Enhanced Data Storage Will Drive Market Growth
Discover the Leading Players Featured in the Report:
“Companies leading the Enterprise Resource Planning (ERP) Software Market share are Oracle Corporation (U.S.), IBM Corporation (U.S.), SAP SE (Germany), Workday, Inc. (U.S.), Microsoft Corporation (U.S.), Sage Group plc (U.K.), Infor (U.S.), Deltek (U.S.), Acumatica, Inc. (U.S.), Epicor (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 14.8% |
| 2030 Value Projection | USD 187.79 billion |
| Base Year | 2022 |
| Enterprise Resource Planning (ERP) Software Market Size in 2022 | USD 63.33 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments Covered | Enterprise Type , Deployment, Business Function, End User and Geography |
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https://www.fortunebusinessinsights.com/enterprise-resource-planning-erp-software-market-102498
Drivers and Restraints:
Growing Adoption of Advanced Technologies to Spur Market Growth
The increasing adoption of cloud-based and AI-based ERP software solutions enhances business operations by automating tasks and improving user experiences. Moreover, leading players investing in AI and automation technologies for ERP solutions further fuel market progress, as they drive innovation and advance the capabilities of these software systems, creating new opportunities for businesses to thrive and expand.
However, the complexity of linking existing legacy systems with new cloud-based Enterprise Resource Planning (ERP) software systems poses a challenge, making successful execution difficult. This complexity can lead to delayed implementation and potential errors, discouraging adoption.
Segments:
By Enterprise Type
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Deployment
- Cloud & Hybrid
- On-premise
By Business Function
- Financial Management
- Human Capital Management
- Supply Chain Management
- Customer Management
- Inventory & Work Order Management
- Others (Sourcing & Procurement)
By End-user
- Manufacturing
- BFSI
- IT & Telecom
- Retail & Consumer Goods
- Healthcare & Life Sciences
- Transportation & Logistics
- Government
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
Regional Insights:
North America Held the Largest Share Owing to Digital Transformation Drive
North America secured the largest Enterprise Resource Planning (ERP) software market share. The region's leadership in the market is bolstered by the increasing demand for automating business processes using digital approaches. This push for digital transformation fuels the adoption of ERP solutions as businesses aim to enhance their operational efficiency in a rapidly evolving landscape.
Asia Pacific is likely to grow with a remarkable CAGR during the forecast period. The region's expansion is mainly credited to continually evolving industry verticals, such as BFSI, transportation & logistics, and manufacturing.
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Competitive Landscape:
Major Players Form Alliances to Boost their Product Reach
Key players in the Enterprise Resource Planning (ERP) software industry are providing ERP software solutions across diverse business segments. These major market players are constantly innovating, enhancing their technology, and bolstering their technical capabilities. Collaborations with other companies are enabling them to gain expertise and broaden their customer base, while strategic acquisitions remain a focus for expanding their market share and reaching more customers.
FAQ’s
How big is the Enterprise Resource Planning (ERP) Software Market?
Enterprise Resource Planning (ERP) Software Market size was USD 63.33 billion in 2022.
How fast is the Enterprise Resource Planning (ERP) Software Market Growing?
The Enterprise Resource Planning (ERP) Software Market will exhibit a CAGR of 14.8% during the forecast period, 2023-2030.
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