ERP Software Market Size Worth $123.41 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, May 10, 2022 /PRNewswire/ -- The global ERP software market size is anticipated to reach USD 123.41 billion by 2030, registering a CAGR of 10.7% during the forecast period, according to a new report by Grand View Research, Inc. The rising application of ERP software in banking, retail, government utility, and healthcare sectors is expected to drive market growth. The software benefits organizations by offering transparency in functions, increased productivity, and easy decision-making. Thus, the market is expected to grow significantly over the forecast period, thereby offering numerous opportunities to stakeholders.
Key Insights & Findings from the report:
Request a free sample copy or view report summary, "ERP Software Market Size, Share & Trends Analysis Report By Deployment (On-premises, Cloud), By Function, By Enterprise Size, By Vertical, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
ERP Software Market Growth & Trends
The cloud deployment of ERP software accounted for maximum revenue in 2021 owing to the increased adoption of cloud-based ERP software during the COVID-19 pandemic. The rising number of sizeable data and increasing benefits provided by cloud technology in terms of data & remote accessibility, low maintenance, security, and efficiency are creating traction in the market. Additionally, this segment is expected to grow at a faster pace owing to benefits such as rapid implementation and low installation costs.
The finance function accounted for the largest share of the market in 2021 owing to the increased adoption of ERP solutions for several financial management activities, such as asset management, investment, cash flow management, and accounting. Furthermore, the increasing need to centrally manage customer data and keep track record of customer payments, revenues, and invoices promotes companies to deploy ERP software solutions, thereby contributing to the growth of the segment.
ERP software is widely used in the manufacturing and servces segment. In this segment, the software is used in business activities such as inventory management, daily operations monitoring, customer services, day-to-day performance management, and production scheduling. With the rising adoption of IT infrastructure, verticals such as healthcare, aerospace & defense, and government utilities are expected to capture a significant market share.
The medium enterprises segment accounted for the largest share of over 35.0% of the global share in 2021. The growth of this segment is attributed to factors such as timely product delivery, increased operational efficiency, and minimized production costs. Additionally, the rising adoption of cloud ERP software by small- and medium-enterprise end-users is anticipated to fuel the market growth in the coming days.
ERP Software Market Segmentation
Grand View Research has segmented the global ERP software market based on deployment, function, enterprise size, vertical, and region:
ERP Software Market - Deployment Outlook (Revenue, USD Million, 2017 - 2030)
ERP Software Market - Functions Outlook (Revenue, USD Million, 2017 - 2030)
ERP Software Market - End-User Outlook (Revenue, USD Million, 2017 - 2030)
ERP Software Market - Verticals Outlook (Revenue, USD Million, 2017 - 2030)
ERP Software Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
List of Key Players in the ERP Software Market
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About Grand View Research
Grand View Research, U.S. based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.