Global ERP software market is expected to witness significant growth over the forecast period, on account of increasing demand from small & medium enterprises and rapid technological advancement. Growth of aerospace & defense sector in various countries including India, China, and Brazil is expected to be one of the key driving factors for the product over the forecast period.
ERP integrates various processes within an organization and facilitates smooth flow of cross functional information, thus allowing better productivity and decision making. Rising number of SMEs in developing economies especially China, India, and Brazil is expected to propel demand for the technology. In addition, penetration of IT technologies in these regions is expected to change consumer behavior leading to increased adoption of ERP software instead of manual operations.
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Implementation of ERP by companies is expected to reduce inventory cost by 25% to 30% and raw material cost by around 15%. However, high cost of implementation and maintenance services lead to low demand from small companies which cannot afford expensive ERP services. In addition, presence of cost effective open access applications are expected to have a negative impact on the market over the forecast period.
On-premise is the major mode of deploying ERP software worldwide owing to high security concerns and real-time data monitoring. Cloud deployment is expected to witness fastest growth on account of rapid development in the field, low infrastructure cost, and ease of integration with mobile devices. Many industries including retail, aerospace & defense and manufacturing are adopting cloud deployment in order to facilitate real time information availability and timely decision making within the firm.
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Finance, human resource, and supply chain are some of the major functions of ERP software. With expansion of business activities, requirement of streamlining various process increase, thus leading to higher demand for the software. Growing demand for the technology in finance management by companies coupled with rising use of process integration software is expected to propel demand for the technology over the projected period.
The product is utilized in verticals including manufacturing & services, BFSI, healthcare, retails, government utilities, aerospace & defense, and telecom. Rapid growth of manufacturing industries in developing economies is expected to propel demand for the product. In addition, proper compliance of government regulations through implementation of ERP software facilitates cross-functional information flow within an organization. In addition, ease of inventory management, production scheduling, and real time data tracking is expected to propel growth.
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