The ERP software market is predicted at around USD 48.2 billion by 2022. It was valued approximately USD 27.6 billion in 2014. The need for transparency & efficiency in organizations spurs market demand during the forecast period (2015 to 2022).
ERP (enterprise resource planning) integrates business functions within organizations and ensures smooth data flow. This improves decision making and productivity of the companies. ERP implementation can reduce inventory & raw material costs, generating profits. IT technology adoption and demand from defense & governmental industries to streamline processes propel market demand.
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The ERP software market is segmented according to functions, deployments, verticals, and geographies. Finance, human resources, and supply chain are the functions. Finance occupied 22% shares in 2014. Easy management of fiscal activities such as investments, accounting, and assets management will positively influence this segment in the coming years.
Finance should grow at about 7% CAGR over the forecast period. Human resources could command significant shares due to speedy company expansion. On-premise and cloud constitute the deployments. On-premise accounted for 60% shares and stood over USD 17 billion in 2014. Cloud deployment could experience significant expansion because of its integration with tablets, mobiles, & other devices.
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Manufacturing & services, healthcare, retail, BFSI, government utilities, aerospace & defense, and telecom are verticals of the ERP software market. Manufacturing & services was more than USD 5 billion in 2014. It uses ERP software to monitor daily activities and collaborate with multiple departments to reduce inaccuracies and improve efficiency. Government utilities accounted for respectable shares owing to IT infrastructural adoption.
Regarding geographies, North America held over 40% shares in 2014. Regional demand stood in excess of USD 11 billion in 2014. New ERP software technologies coupled with numerous regional players should drive its sales. Asia Pacific is likely to grow owing to its booming manufacturing industry. IT infrastructural adoption can also enhance regional demand in the seven years ahead.
Prominent players of the global ERP software market include SAP SE, IBM Corporation, Microsoft Corporation, NetSuite Inc., and Infor. They are involved in research & development for innovative ERP software solutions that meet ever-evolving customer needs.
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