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Enterprise Resource Planning Software Market Size To Grow By USD 29,213.61 Million From 2022 To 2027, The Increasing Demand For ERP Software From SMEs To Drive The Market Growth - Technavio

By PR Newswire

PR Newswire
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NEW YORK, Nov. 2, 2023 /PRNewswire/ -- The enterprise resource planning (ERP) software market size is expected to increase by USD 29,213.61 million from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of  9.93% during the forecast period. The increasing demand for ERP software from SMEs is notably driving the enterprise resource planning (ERP) software market growth. ERP software is crucial for enterprises across all end-user organizations that focus on enhancing their operational and business process efficiency. SMEs, which used standalone applications for each of their business functions, have started switching to ERP software that allows the integration of numerous functions into a single integrated application. They are majorly adopting ERP for its benefits, such as better planning and resource management, streamlining of data under one platform, regulating their operational costs, improved decision-making, and improved sales. SMEs are migrating from paper-based operations to system-based ERP automation software for business analysis and their operations. ERP is being implemented across SMEs for better management of their business operations through a centralized management system, along with improved collaboration, productivity, simplified compliance, and risk management. These factors are especially driving the adoption of ERP among SMEs which, in turn, will drive the growth of the market during the forecast period. Discover Application Software industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports. View Sample Report!

The enterprise resource planning (ERP) software market covers the following areas:

Enterprise Resource Planning (ERP) Software Market Market Sizing

Enterprise Resource Planning (ERP) Software Market Market Forecast

Enterprise Resource Planning (ERP) Software Market Market Analysis

Vendor Landscape

The enterprise resource planning (ERP) software market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

  • Acumatica Inc. - The company offers enterprise resource planning software such as Cloud ERP.
  • Computer Generated Solutions Inc. - The company offers enterprise resource planning software such as BlueCherry Enterprise Resource Planning.
  • Dassault Systemes SE - The company offers enterprise resource planning software such as the 3DEXPERIENCE Cloud platform.

For the market's vendor landscape highlights with a comprehensive list of vendors and their offerings - View Sample in a minutes

Enterprise Resource Planning Software Market - Key Market Segmentation

This report extensively covers market segmentation by type (cloud-based and on-premise), end-user (manufacturing, BFSI, healthcare, IT and telecom, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). 

  • The market share growth by the cloud-based segment will be significant during the forecast period. With the advent of cloud computing, the global ERP software market is undergoing a technological shift driven. Over the last five years, the revenues from the cloud-based ERP segment have grown at a rapid rate, and the trend is expected to continue during the forecast period. The cloud-based ERP segment is expected to dominate the market and account for a significant contribution to the incremental growth of the global ERP software market during the forecast period. Generally, cloud-based ERP software is hosted in remote data centres, allowing users to access the software through the Internet. Cloud-based ERP software offers several advantages, such as real-time application performance analytics, regular security updates, global accessibility from any location, and scalability. In addition, the growth of this segment is primarily attributed to the increasing adoption of enterprise resource planning (ERP) software, which is driven by an upsurge in the global demand for the enterprise resource planning (ERP) software industry.

View Sample Report in minutes for more highlights into the market segments.

Enterprise Resource Planning Software Market - Regional Market Outlook

·  North America is estimated to account for 42% of the global market growth during the forecast period.  Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In North America, ERP software is one of the primary segments of the enterprise software market. The US and Canada are the significant revenue contributors to the ERP software market in this region.  In addition, future investments by enterprises in ERP software in this region will be driven by their demand to integrate existing ERP platforms with advanced technologies such as blockchain, AI, and the Internet of Things (IoT)-enabled applications and data analytics. Vendors that offer in-built application programming interfaces (APIs) for these advanced technologies will have the possibility to generate additional revenues through product upgrades and maintenance fees. Additionally, a rise in the demand for business process efficiency and transparency through digital transformation is also driving the adoption of ERP software in this region. The applications of ERP software are expected to drive the growth of the market in North America during the forecast period.

For more key highlights on the regional market share of most of the above-mentioned countries.- View Sample Report

Companies Mentioned

  • Acumatica Inc.
  • Computer Generated Solutions Inc.
  • Dassault Systemes SE
  • Ellucian Co. LP
  • Epicor Software Corp.
  • Koch Industries Inc.
  • Microsoft Corp.
  • Odoo SA
  • Oracle Corp.
  • Roper Technologies Inc.
  • Sage Group Plc
  • Salesforce.com Inc.
  • SAP SE
  • SYSPRO Pty. Ltd.
  • TOTVS SA
  • UKG Inc.
  • Unit4 NV
  • Workday Inc.
  • IFS World Operations AB
  • ServiceNow Inc.

What's New? 

  • Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession  
  • Global competitiveness and key competitor positions  
  • Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - buy the report! 

Enterprise Resource Planning Software Market - - Market Dynamics

Significant Trends

Embedded data analytics features are an emerging trend driving the enterprise resource planning (ERP) software market growth. To support the real-time generation of data, the architecture and design of ERP software are also evolving. Modern ERP systems leverage transactional ERP data and in-memory computing to allow advanced reporting and analytics of data. However, these capabilities are being incorporated within the ERP software's architecture, enabling ERP end-users to execute simulation, planning, modelling, and forecasting without the need for standalone analytics applications. In addition, these extended analytical capabilities embedded within the ERP software can help enterprises enhance their response time to the market demand for their products. For instance, the supply chain of a manufacturer, which sources raw materials from different parts of the world, can become more efficient using the analytical features of the ERP software. Real-time analytics can help the manufacturer to start manufacturing as soon as the order is received, without the need to store excess inventory and stop accepting orders that could not be completed within the timelines. Such factors will propel the growth of the market during the forecast period.

Key Challenges

The increasing number of cyberattacks on ERP software may hinder the enterprise resource planning (ERP) software market growth. ERP software delivers a direct and critical link to all elements of a business. Thus, cybercriminals have started hacking ERP platforms used by their target companies to hurt their business operations. End-users of ERP software are increasingly becoming the target of cyber attackers and criminals and are facing significant issues in maintaining production efficiency. The lack of proper IT security infrastructure is making enterprise systems vulnerable to threats, thus resulting in cyberattacks such as distributed denial-of-service (DDoS), which are desired at disrupting business operations.ERP systems contain a company's sensitive information and business-critical data, which is highly attractive to hackers. Therefore, the rise in the number of cyberattacks can impede the growth of the global ERP software market during the forecast period.

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Key Topics Covered:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by End-User

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com

SOURCE Technavio

First published on Thu, Nov 2, 2023

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