Portland, OR , Feb. 23, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global ERP software market is expected to reach $78.41 billion by 2026, growing at a CAGR of 10.2% from 2018 to 2026. The report highlights market characteristics, market potential, and growth by segmentation, and competitive landscape.
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Rachita Rake, a Research Analyst, ICT at Allied Market Research, stated, “Increase in demand for operational efficiency & transparency in business processes, surge in adoption of cloud & mobile applications, and surge in demand for data-driven decision-market have boosted the growth of the global ERP software market. However, higher investment and maintenance costs hinder the market growth. On the contrary, surge in demand for ERP among small & medium enterprises and technological advancements in ERP is expected to create lucrative opportunities for the market players in the future.”
The global ERP software market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region is projected to manifest the highest CAGR of 13.2% during the forecast period. However, the market across North America dominated is expected to hold a lion’s share during the forecast period.
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The global ERP software market is segmented on the basis of component, deployment model, business function, end-user, and industry vertical.
Based on component, the software segment is expected to maintain dominance throughout the forecast period. However, the service segment is expected to manifest the highest CAGR of 12.1% from 2018 to 2026.
On the basis of business function, the finance segment is expected to contribute the highest share of the market through 2026. However, the segment of the human resources is estimated to portray the fastest CAGR of 15.6% during the forecast period.
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The global ERP software market includes an in-depth analysis of the major market players such as Oracle Corporation, Sage Software Solutions Pvt. Ltd., SAP SE, Oracle Corporation, Workday, Inc., Infor, Epicor Software Corporation, SYSPRO, Microsoft Corporation, IFS, and Deskera.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.