New Delhi, April 17, 2023 (GLOBE NEWSWIRE) -- The North America ERP Software Market is estimated to generate a revenue of USD 24,362.36 million in 2022 and is expected to achieve a valuation of USD 63,172.62 million by 2031, with a compounded annual growth rate (CAGR) of 11.67% from 2023-2031.
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The ERP software market is experiencing a significant transformation in North America, with a growing number of organizations in the region adopting this software. This trend is primarily driven by the need for efficient management of complex business processes, enhanced productivity, and improved decision-making capabilities. Large enterprises are the largest end-users of ERP software, accounting for over 60% of the market revenue. This can be attributed to their larger scale of operations, which requires a sophisticated system to manage their processes effectively.
The finance and accounting segment is expected to capture more than 29.75% of the market share of the North America ERP software market, indicating the critical role played by ERP software in financial management. The software's ability to automate financial processes, improve accuracy, and provide real-time insights into financial performance has made it an essential tool for finance professionals in the region.
The manufacturing industry is expected to dominate the North America market with 28% of the revenue. This is primarily due to the complex nature of manufacturing operations, which require a comprehensive system to manage inventory, production, supply chain, and other critical aspects of the business. ERP software provides an integrated solution to manage these functions, resulting in enhanced operational efficiency, reduced costs, and improved customer satisfaction.
Key Findings of North America ERP Software Market
- By Component: The software segment dominates market by component, accounting for the largest market share.
- By Deployment: The cloud deployment segment is expected to generate over 64% of the revenue.
- By Enterprise Size: The large enterprises segment is expected to capture over 60% revenue share.
- By Business Function: The finance and accounting segment is expected to capture more than 29.75% of the market share.
- By Industry: The manufacturing industry is expected to dominate the market with 28% revenue.
Astute Analytica’s Survey Reveals that Companies that Implement ERP Witness Average Reduction of 20% In Inventory Costs and 15% Reduction in Administrative Costs
Enterprise Resource Planning (ERP) software for finance and accounting applications has become increasingly prominent in the North America ERP software market due to its ability to streamline business processes, improve financial reporting accuracy, and increase overall efficiency. ERP software integrates various aspects of business operations, including finance, accounting, procurement, inventory management, human resources, and customer relationship management.
One of the key benefits of ERP software for finance and accounting applications is that it provides end-users with real-time access to financial data, which enables them to make informed decisions. This is particularly important in the finance and accounting field, where accurate and up-to-date information is critical. By centralizing financial data, ERP software eliminates the need for manual data entry, reduces the likelihood of errors, and saves time.
A survey conducted by Astute Analytica on the North America ERP Software Market found that 81% of organizations that implemented ERP software experienced a reduction in manual data entry, resulting in cost savings. It was also found that companies that implemented ERP software experienced an average return on investment (ROI) of 2.2 years, with an average ROI of 250%. The survey also revealed that businesses that implemented ERP software experienced an average reduction of 20% in inventory costs and a 15% reduction in administrative costs. Apart from this, 83% of finance professionals believe that cloud-based ERP software can improve financial reporting accuracy. In addition to this, the companies that implemented ERP software experienced a 20% reduction in time spent on manual data entry and a 16% reduction in time spent on financial reporting.
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Exploring Key Trends Shaping the North American ERP Software Market: From Cloud Adoption to Industry 4.0 Integration
- Cloud-based ERP Adoption: The increasing demand for flexibility and scalability is driving businesses towards cloud-based ERP solutions. These solutions allow for seamless access and enhanced capabilities, enabling companies to achieve digital transformation more effectively.
- Comprehensive and Integrated Solutions: Businesses are seeking ERP solutions that provide end-to-end business process management, streamlining operations, reducing costs, and improving decision-making capabilities. In response, vendors are offering tailored solutions featuring various functionalities, such as financial management, procurement, project management, supply chain management, and human capital management.
- Industry 4.0 and IoT Integration: The rise of Industry 4.0 and IoT is driving businesses to integrate their ERP systems with connected devices for improved real-time data collection and analysis. This integration leads to better decision-making capabilities and enhanced operational efficiency.
- SMB Sector Demand: The growing demand for ERP solutions among small and medium-sized businesses highlights the need for improved operational efficiency, cost reduction, and enhanced decision-making capabilities in this sector.
Top 4 Players Hold Over 44% Revenue Share of North America ERP Software Market
The North America Market is highly competitive, with many companies operating to provide a variety of products. The cumulative market share of the four major players, including Oracle, SAP SE, Microsoft, and Infor, is close to 44.1%. Oracle currently dominates the market, with a market share of 18.28%, followed by SAP SE, with a market share of 10%. However, the market also consists of local players and small-scale players, as shown in the chart of top players for the North America ERP Software Market.
Oracle, for instance, has adopted a strategy of bringing together most of its ERP customers and building transactional connectivity between them. To achieve this, the company opened its applications platform, allowing customer developers and partners to design their own applications for their ERP systems. This move has enabled Oracle to compete with its rivals like Microsoft, SAP, Infor, and IFS effectively.
Oracle's revenue strategy is focused on offering comprehensive and integrated ERP solutions that provide end-to-end business process management. The company offers a range of ERP solutions, including financial management, procurement, project management, supply chain management, and human capital management. This approach has enabled Oracle to offer a complete solution to its customers, resulting in increased revenue and market share.
SAP SE, on the other hand, is focusing more on the adoption of a two-tier ERP strategy in the ERP Software Market. This approach involves deploying two ERP systems in a company, with one system acting as the core ERP system and the other serving as a satellite system. This strategy is particularly useful in large companies with multiple subsidiaries, where a centralized ERP system may not be practical.
Some of the Top Market Players Are:
- Acumatica
- Deltek
- Epicor Software Corporation
- Hewlett-Packard Development Company, L.P.
- IBM Corporation
- Infor Inc.
- Microsoft Corporation
- NetSuite Inc.
- Oracle Corporation
- QAD Inc.
- Sage Group, plc
- SAP SE
- SYSPRO
- TOTVS S.A.
- Workday Inc.
- Other prominent players
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