New Jersey, NJ, Oct. 22, 2019 (GLOBE NEWSWIRE) -- Factors propelling the growth of the market include the adoption of ERP software for improving productivity, real-time data analytics, increasing deployment of cloud-based ERP software, and technological advancement in ERP software. The global ERP software market is expected to grow from USD 32.67 billion in 2017 to USD 61.69 billion by 2025 at a CAGR of 8.27% during the forecast period from 2018-2025, according to the new report published by Fior Markets.
Enterprise resource planning (ERP) is a software that allows organizations to manage and automate their business processes. The abilities of the ERP software have changed from back-office activities to the integration of business processes. An ERP software system includes several software modules that are focused on a particular departmental area such as inventory control, finance, marketing, HR, material purchasing, accounting, and other activities. For instance, in 2017, Indus Net Technologies launched BreezeERP, an enterprise resource planning (ERP) software. This ERP is self-configurable, secure and scalable as well as it provides combined information to users through a single login.
Adoption of ERP software for improving productivity, real-time data analytics, and the increasing deployment of cloud-based ERP software are the key driving factors for the ERP software market. In addition, technological advancement in ERP software will lead to the growth of ERP software market in a couple of years. The high cost and open source applications may limit the growth of the market. However, demand from small and medium scale enterprises and extended cloud ERP software is expected to boost the ERP software market over the forecast period.
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Key players operating in the global ERP software market include SAP SE, Oracle Corporation, The Sage Group plc, Infor, Inc., Microsoft Corporation, Epicor Software Corporation, Kronos Incorporated, IBM Corporation, TOTVS S.A., Unit4 N.V., Yonyou Network Technology Co., Ltd., NetSuite Inc., Kingdee International Software Group Company Limited, Workday, Inc., Cornerstone OnDemand, Inc., Digiwin Software Co., Ltd., among others. To enhance their market position in the global ERP software market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
On-premises segment held the largest market share of 58.88% in 2017
Deployment segment covers on-premises and cloud. The on-premises segment held the largest market share of 58.88% in 2017 owing to the customization of the ERP software for a particular business purpose. On-premises ERP software enables more control in the hands of the organization and is much easier to modify. However, the cloud segment is anticipated to grow with the highest CAGR of 9.84% during the forecast years owing to the increasing adoption of cloud-based deployments.
Large enterprises segment valued around USD 19.33 billion in 2017
The organization type segment is divided into large enterprises and small & medium enterprises. Large enterprises segment valued around USD 19.33 billion in 2017 as ERP software enables them to have efficient resource management and integration of organizational activities. Also, the widespread adoption of ERP software within the small & medium enterprises will support the market growth in the coming years.
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Manufacturing segment is expected to hold the largest share of 24.37% during the forecast period
Industry segment includes BFSI, government utilities, retail, manufacturing, aerospace & defense, healthcare, telecom, others. The manufacturing segment is expected to hold the largest share of 24.37% during the forecast period owing to organizations focusing on improving their operational efficiency and productivity. In addition, increasing adoption of cloud hosting for ERP software in manufacturing industries is also expected to help in increasing the growth of the market over the forecast period.
Regional Segment Analysis of the ERP software Market
North America region dominated the global ERP software market with USD 13.02 billion in 2017 whereas the Asia Pacific region held the second dominant position in the market. Presence of major players, cloud ERP solution adoption, and ongoing development are some of the factors that led to the growth of ERP software market in the North America region. The Asia Pacific is fastest growing region due to the wide presence of small- and medium scale enterprises, growing industrialization, and increasing adoption of hosted ERP solutions which are creating the opportunity for the growth of the ERP software market.
About the report:
The global ERP software market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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