The global ERP software market is showing immense growth; mainly due to the emergence of cloud technologies. ERP software refers to a set of various ERP modules such as finance, sales, marketing, HR etc. and provides seamless integration of these modules. Implementing an ERP software has various benefits such as it improves efficiency, scalability and decreases costs. An ERP software helps in eliminating repetitive processes and hence provides improved efficiency. It also provides integrated information at a single location which helps in keeping data consistent, accurate, and unique. Having a centralized database also offers mobility to the users. ERP software also provides various forecasting tools which ultimately helps in making realistic estimates and more effective forecasts.
According to a recent study report published by Market Research Future, The global market of ERP software is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023). ERP or enterprise resource planning software is used in organizations to monitor certain activities and maintain records for the same. ERP software is gaining popularity with to the major software providers like Oracle and SAP coming up with developments in the market. Oracle’s ERP, EPM, & SCM Cloud business has over 2,600 customers whereas, the number of customers for SAP for its next-generation ERP suite has exceeded 3,700 by July 2016. An ERP system allows an organization to run a synchronized configuration that connects all the business processes. Technological advancements and economic growth influence the industry dynamics. Also, increasing demand for ERP software from medium and small enterprises is one major factor driving the market growth.
On the other hand, lack of proper analysis of requirements at the beginning will lead to unavailability of certain essential requirements and will affect the business operations in the long run. Compatibility issues with different ERP modules and other technology limitations are some of the factors hindering the growth of ERP Software Market. Also, implementation of ERP software will require upgradation of infrastructure, which will ultimately result in added costs and may hamper the market growth.
Global ERP Software is estimated to reach at USD 47 billion by the end of year 2022 with 7% of compound annual growth rate.
Major Key Players:
- SAP SE (Germany)
- Oracle (U.S.)
- Infor (U.S.)
- Microsoft (U.S.)
- Epicor (U.S.)
- QAD (U.S.)
- Sage (UK)
- NetSuite Inc. (U.S.)
- Consona Corp. (U.S.)
- Syspro (South Africa)
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North America is dominating the global ERP software market. factors such as presence of global players and nations such as of U.S. and Canada gives North America competitive advantage over other countries. Also, adoption rate of software in the business process in the organizations is giving boost to the North America ERP software market.
Europe stands as second biggest market due to the growing BFSI and automotive industry. Asia Pacific has emerged as fastest growing market due to the growing manufacturing and semiconductor industry in China, Japan, Taiwan and South Korea.
Study Objective of ERP Software Market:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Global ERP Software Market
- To provide insights about factors affecting the market growth
- To analyze the ERP software market based on various factors- value chain analysis, porter’s five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW)
- To provide country level analysis of the market with respect to the current market size and future prospective
- To provide country level analysis of the market for segment by installation, by application and by industry vertical and sub-segments
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Global ERP Software Market
Segmentation by Installation: On Cloud & On Premises.
Segmentation by Application: CRM, Sales, Business Intelligence, Accounting, HR among others.
Segmentation by Industry Verticals: BFSI, Manufacturing, IT, Communication, Entertainment, Healthcare.
- In September 2016, Syspro announced update of its ERP software which will be helpful to manufacturers and distributors.
- In July 2016, Sage announced update for cloud-based solutions which will be helpful for accountants and entrepreneurs.
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- ERP Software Providers
- Accounting firms
- Manufacturing companies
- IT and Software developers
Table of Content
1. Report prologue
2.2 Scope of the study
2.2.1 Research objective
2.3 Market structure
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