ERP Software Industry Overview
The global ERP software market size was valued at USD 50.57 billion in 2021 and is expected to reach USD 123.41 billion by 2030, at a CAGR of 10.7% from 2022 to 2030.
The growth is attributed to factors such as the growing need for operational efficiency and transparency in business processes, increasing demand for data-driven decision-making, and rising adoption of mobile and cloud applications. However, the increasing availability of open-source applications and higher initial investment and maintenance costs are expected to restrain the market growth.
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The implementation of ERP software in organizations can reduce inventory costs by 25% – 30% and raw material costs by around 15%. The software ensures a smooth flow of cross-functional information, offering better productivity and decision-making. A rise in the number of SMEs in developing economies such as China, India, and Brazil is expected to boost product demand over the forecast period. The adoption of IT technologies in these economies is expected to change consumer behavior, leading to increased adoption of ERP software instead of manual operations.
Low infrastructure costs and the ability to integrate with mobile devices are expected to increase demand for cloud services. Enterprises are ready to invest in cloud-connected mobile applications to facilitate synchronization, update, and control of documents. An increase in demand for cloud-based ERP solutions since the COVID-19 pandemic, especially from small- and medium-sized businesses, is anticipated to offer various opportunities for the stakeholders in the market. Therefore, a surge in the adoption of cloud and mobile applications is propelling the growth of the ERP software market.
The increasing number of business applications and the growing size of data generated through different supply chains have enabled companies to deploy a centralized platform that manages all the operations. Additionally, the demand for ERP solutions has increased owing to rising automation and increasing technological deployments in the supply chain management process, thereby contributing to market growth.
ERP Software Market Segmentation
Based on the Deployment Insights, the market is segmented into On-premise and Cloud.
Based on the Functions Insights, the market is segmented into Finance, HR, Supply chain and Others.
Based on the End-User Insights, the market is segmented into Large enterprises, Medium enterprises and Small enterprises.
Based on the Verticals Insights, the market is segmented into Manufacturing & services, BFSI, Healthcare, Retail, Government utilities, Aerospace & defense, Telecom and Others.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
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Key Companies Profile:
The market is fragmented with numerous companies operating worldwide. To stay competitive in the market, market players are pursuing a variety of growth strategies, including partnerships, strategic agreements and collaborations, mergers and acquisitions, and new product developments.
Some prominent players in the global ERP Software market include:
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