A recent study by Triton Market Research titled Global Enterprise Resource Planning Market entails the Global Analysis and Forecasts by Verticals (Retail, IT and Telecom, Government, Manufacturing, Military and Defense, Banking, Financial Services, & Insurance (BFSI), Healthcare, Other Verticals), Application (Inventory Management, Supply Chain, Finance, Customer Management, Manufacturing Module, Human Resource (HR), Other Applications), Enterprise Size (Small Enterprises, Medium Enterprises, Large Enterprises), and by Geography (Asia-Pacific, Middle East and Africa, North America, Europe, Latin America).
Enterprise resource planning is software that integrates various business operations into a unified system, including inventory handling, supply chain, and marketing.
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Triton’s report suggests that the global enterprise resource planning market is anticipated to advance at a CAGR of 7.28%, attaining revenue worth $63.13 billion by 2028.
Over the years, there has been a rising focus on real-time decision-making processes. Here, enterprise planning software offers organizations flexible, integrated, and real-time decision-making support. Thus, the increasing need to develop strategies and real-time decision-making and growing demand for efficiency support the enterprise resource planning market’s development.
On the contrary, the increase in common vulnerabilities and exposures, easy access to open-source ERP software, and elevated costs hinder the enterprise resource planning market’s growth.
The enterprise resource planning market is segmented into verticals, application, and enterprise size. Based on verticals, it is sectioned into retail, IT and telecom, government, manufacturing, military and defense, banking, financial services, & insurance (BFSI), healthcare, and other verticals. The application segment is divided into inventory management, supply chain, finance, customer management, manufacturing module, human resource (HR), and other applications. Lastly, the enterprise size includes small enterprises, medium enterprises, and large enterprises.
Globally, the Asia-Pacific dominates the enterprise resource planning market. The growing manufacturing industry is anticipated to fuel the adoption of cloud-enabled ERP systems in the upcoming years. Several international companies have set up operations in the region in recent years, which is expected to widen the scope. For instance, Infor expanded its operations in Indonesia, Thailand, Malaysia, and Singapore. Therefore, such developments propel the enterprise resource planning market on a progressive path across the Asia-Pacific region.
Oracle Corporation, IFS AB, The Sage Group Plc, Syspro Ltd, Unit4 NV, Epicor Software Corporation, Infor Inc, Deskera Holdings Ltd, Ramco Systems Limited, SAP SE, Plex Systems Inc, Qad Inc, and Workday Inc, IQMS, IBM Corporation, and Microsoft Corporation are leading firms in the enterprise resource planning market.
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Question & Answer: Enterprise Resource Planning Market
Question 1: What factors support the enterprise resource planning market’s development?
Answer: Over the years, there has been a rising focus on real-time decision-making processes. Here, enterprise planning software offers organizations flexible, integrated, and real-time decision-making support. Thus, the increasing need to develop strategies and real-time decision-making and growing demand for efficiency support the enterprise resource planning market’s development.
Question 2: What factors hinder the enterprise resource planning market’s growth?
Answer: The increase in common vulnerabilities and exposures, easy access to open-source ERP software, and elevated costs hinder the enterprise resource planning market’s growth.
Question 3: Which region dominates the enterprise resource planning market?
Answer: Globally, the Asia-Pacific dominates the enterprise resource planning market. The growing manufacturing industry is anticipated to fuel the adoption of cloud-enabled ERP systems in the upcoming years. Several international companies have set up operations in the region in recent years, which is expected to widen the scope. For instance, Infor expanded its operations in Indonesia, Thailand, Malaysia, and Singapore. Therefore, such developments propel the enterprise resource planning market on a progressive path across the Asia-Pacific region.
Question 4: Which are the leading firms in the enterprise resource planning market?
Answer: Oracle Corporation, IFS AB, The Sage Group Plc, Syspro Ltd, Unit4 NV, Epicor Software Corporation, Infor Inc, Deskera Holdings Ltd, Ramco Systems Limited, SAP SE, Plex Systems Inc, Qad Inc, and Workday Inc, IQMS, IBM Corporation, and Microsoft Corporation are leading firms in the enterprise resource planning market.
Related Report:
Global Supply Chain Management Software Market
The global supply chain management software market is anticipated to advance at a CAGR of 9.78% during the forecast period of 2019-2028, gathering revenue worth $33.58 billion by 2028.
Supply chain management helps manage material flow across the value chain. The software assists in easing supply chain operations, giving companies visibility over production, supply, distribution channel, and more.
The market is supported by factors such as the growing need for demand management systems, a surge in the e-commerce industry, and better control over the supply chain.
Additionally, the rise in digitalization and demand for cloud-based solutions open new avenues for the supply chain management software market.
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