Enterprise Resource Planning Software Market Size to Grow by USD 29,213.61 million From 2022 to 2027- Technavio
NEW YORK, Oct. 27, 2023 /PRNewswire/ -- The enterprise resource planning (ERP) software market size is expected to increase by USD 29,213.61 million from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 9.93% during the forecast period. Discover Application Software industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports. View Sample Report!
The enterprise resource planning (ERP) software market covers the following areas:
The enterprise resource planning (ERP) software market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
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Enterprise Resource Planning Software Market - Key Market Segmentation
This report extensively covers market segmentation by type (cloud-based and on-premise), end-user (manufacturing, BFSI, healthcare, IT and telecom, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
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Enterprise Resource Planning Software Market - Regional Market Outlook
· North America is estimated to account for 42% of the global market growth during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In North America, ERP software is one of the primary segments of the enterprise software market. The US and Canada are the significant revenue contributors to the ERP software market in this region. In addition, future investments by enterprises in ERP software in this region will be driven by their demand to integrate existing ERP platforms with advanced technologies such as blockchain, AI, and the Internet of Things (IoT)-enabled applications and data analytics. Vendors that offer in-built application programming interfaces (APIs) for these advanced technologies will have the possibility to generate additional revenues through product upgrades and maintenance fees. Additionally, a rise in the demand for business process efficiency and transparency through digital transformation is also driving the adoption of ERP software in this region. The applications of ERP software are expected to drive the growth of the market in North America during the forecast period.
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Enterprise Resource Planning Software Market - - Market Dynamics
The increasing demand for ERP software from SMEs is notably driving the enterprise resource planning (ERP) software market growth. ERP software is crucial for enterprises across all end-user organizations that focus on enhancing their operational and business process efficiency. SMEs, which used standalone applications for each of their business functions, have started switching to ERP software that allows the integration of numerous functions into a single integrated application. They are majorly adopting ERP for its benefits, such as better planning and resource management, streamlining of data under one platform, regulating their operational costs, improved decision-making, and improved sales. SMEs are migrating from paper-based operations to system-based ERP automation software for business analysis and their operations. ERP is being implemented across SMEs for better management of their business operations through a centralized management system, along with improved collaboration, productivity, simplified compliance, and risk management. These factors are especially driving the adoption of ERP among SMEs which, in turn, will drive the growth of the market during the forecast period.
Embedded data analytics features are an emerging trend driving the enterprise resource planning (ERP) software market growth. To support the real-time generation of data, the architecture and design of ERP software are also evolving. Modern ERP systems leverage transactional ERP data and in-memory computing to allow advanced reporting and analytics of data. However, these capabilities are being incorporated within the ERP software's architecture, enabling ERP end-users to execute simulation, planning, modelling, and forecasting without the need for standalone analytics applications. In addition, these extended analytical capabilities embedded within the ERP software can help enterprises enhance their response time to the market demand for their products. For instance, the supply chain of a manufacturer, which sources raw materials from different parts of the world, can become more efficient using the analytical features of the ERP software. Real-time analytics can help the manufacturer to start manufacturing as soon as the order is received, without the need to store excess inventory and stop accepting orders that could not be completed within the timelines. Such factors will propel the growth of the market during the forecast period.
The increasing number of cyberattacks on ERP software may hinder the enterprise resource planning (ERP) software market growth. ERP software delivers a direct and critical link to all elements of a business. Thus, cybercriminals have started hacking ERP platforms used by their target companies to hurt their business operations. End-users of ERP software are increasingly becoming the target of cyber attackers and criminals and are facing significant issues in maintaining production efficiency. The lack of proper IT security infrastructure is making enterprise systems vulnerable to threats, thus resulting in cyberattacks such as distributed denial-of-service (DDoS), which are desired at disrupting business operations.ERP systems contain a company's sensitive information and business-critical data, which is highly attractive to hackers. Therefore, the rise in the number of cyberattacks can impede the growth of the global ERP software market during the forecast period.
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Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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