Enterprise Resource Planning (ERP) Market is expected to grow at a CAGR of around 6.3% over the forecast Period (2013-2018): Radiant Insights

Radiant Insights, Inc has announced the addition of the “Global Enterprise Resource Planning (ERP) Market 2014-2018” report to their offering.

The global enterprise resource planning (ERP) market is expected to grow at a CAGR of around 6.3% over the forecast period (2013-2018). Regulatory compliances, globalization, and centralization are some of its key drivers. Penetration of new industries, emerging markets, economic growth, company acquisitions, expansion of product portfolio, can propel market growth in the coming years. Cloud computing is also expected to impel market growth.

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Recession, high implementation costs, and high competition within the market can curtail market growth.
ERP is business management software that enables the business to manage and organize their business process. It also integrates organizational activities. This software can be deployed either as cloud based software or as premise.

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The ERP consists of individual modules focusing on individual domains like human resources, accounting, finance, marketing, etc. These modules can be customized as per company requirement. The software can thus help organize internal collaborations and customer relationships, increasing user productivity while reducing the business process cycle. The industry is segmented into types, size of industry, and regions.

Types consist of the verticals the ERP caters to, such as, automotive, pharmaceuticals, insurance, software solutions, healthcare, hospitality, education, government, and others. Within these verticals the ERP can be put to use for project management, web-based ordering, financial accounting, human resources, product configuration, chain management, and many others uses.

On the basis of size of Enterprise Resource Planning (ERP) Market, For instance, in small businesses in a single location, require low-cost standardized packages. The lower mid-market companies need minimal scalability with multinational services.

On the other hand upper mid-market companies require multinational functionality with lesser scalability. While large companies require large scalability and global purpose.

Regions encompass, North America, Europe, MEA (the Middle East & Africa), and Asia Pacific. Europe and North America are the dominating market regions.

Some of the major market players are Microsoft Corporation, Oracle Corporation, SAP, and Kronos Inc. 

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