Reports and Insights (R&I) has published a new report titled, “ERP Market: Opportunity Analysis and Future Assessment 2020-2028”
Global ERP Market, By Organization Size (large companies, upper mid-market companies, lower mid-market companies, and small businesses), By Application (supply chain management, product configuration, web-based ordering, financial accounting, human resource planning, project management, order processing, and others), By End-user industry (manufacturing, software solutions, insurance, hospitality, healthcare, education, governmental, pharmaceutical, automotive, and others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global ERP market was valued US$ 43.4 Bn at the end of 2020 and expected to reach at a value of US$ 89.1 Bn by 2028 with a significant CAGR of 9.4%.
ERP, acronym for enterprise resource planning, is a type of software system that assists in running the entire business, comprising processes in manufacturing, finance, services, supply chain, procurement, and many more.
Basically, ERP software relates to an integral business process management software system that is used to strengthen all the operations of an organisation into an integrated system. It supports in automating and unifying the company's central business constituents to propel efficiency and facilitate functions. It also enables all assembled data to be consolidated and used in mutual.
The ERP software allows an individual to intend, administer and establish a scalable and sustainable business in today's fast-moving environment. In the present era, the swift adoption of cloud & mobile applications among the global population as it provides reliability, scalability, agility and flexibility to the enterprises in storing and accessing their data. Attributing to which, the global ERP market is projected to witness huge breakthroughs in the years to come.
By the same token, the increased demand of enterprises to positively fuel operational efficiency and rationalize business processes is further acting as one of the primary factors for the growth of the global ERP market in the forthcoming years.
As a matter of fact, ERP for retail enables retailers to engage in planning activities as per the need of the current situation. It allows focusing on the several different strategies which need to be utilized to assist a retail store accelerate its sales turnover. Owing to which, some new players are also emerging in the retail sector despite the long established players existing in the market to seize the increasing purchasing capacity across the economies. Such factors are also expected to boost the growth of the global ERP market over the forecast period.
However, the insufficient personalization options in SaaS-based ERP is likely to act as a restraining factor and hold back the growth of the global ERP market in the coming years.
R&I Study identifies some of the key participating players in the ERP market globally are SAP, Oracle Corporation, Sage Group, Microsoft Corporation, BAAN Company (now part of Infor), Kronos Inc., JD Edwards, QAD Inc., Consona Corporation, Epicor, IFS AB, Totvs, Concur Technologies, Software Systems Associate Inc., YonYou Software Co. Ltd., UNIT4 N.V., among others.
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