The global enterprise resource planning (ERP) software market is expected to create lucrative growth opportunities over the assessment period by registering a CAGR of 9.1% from 2023 to 2033. The global market is set to reach a valuation of US$ 58.2 Billion in 2023 to reach US$ 139.4 Billion by the year 2033.
The ERP software market represents approximately 3% of the global business process management market. Enterprise resource planning (ERP) is software that businesses use to manage daily business activities such as procurement, risk management, accounting, supply chain operations, and project management.
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It is an integrated platform that offers various business functions such as financial management, human capital management, supply chain management, customer management, inventory and work order management, and others. In addition to that, the growing need for ERP software to manage customer orders, and deliver the right products and services to customers on time, and the growing demand for cloud-based ERP software are expected to drive the market over the forecast period.
The ERP software comprises enterprise performance management that assists businesses in planning, predicting, budgeting, and reporting their annual/financial results. The global enterprise resource planning (ERP) software market is estimated to expand considerably over the assessment period due to factors such as the growing need for an effective and affordable solution among organizations increasing digitalization, changing consumer behavior, and others. Additionally, ERP software is a type of application that helps in business process automation. It also provides insights and internal controls for the user firms that install and utilize it.
The overall ERP software spending in China alone is likely to increase by 9.8% between 2023 and 2033. Demand for ERP software in France is expected to rise at 12.7% CAGR over the forecast period. The ERP software industry in South Asia & Pacific is estimated to expand 3.3X over the forecast period.
Key Takeaways from the Enterprise Resource Planning (ERP) Software Market Report:
The augmenting demand for cloud-based ERP software is on the rise attributed to factors such as the surging adoption of new and evolving SaaS technologies, extending the value of existing ERP systems, reducing third-party dependencies, more robust security resources, evolving financial systems, and other.
The propelling trend of implementation of cloud-based ERP applications in the manufacturing, banking, financial services, and insurance (BFSI) and IT & telecom industries has bolstered ERP software sales across the globe.
Cloud-based ERP software has offered numerous benefits such as improved business insight, lower operational costs, enhanced collaboration, improved efficiency, higher user adoption rates, and others. Such benefits drive the growth of the ERP software market. There are different cloud hosting options for cloud-based ERP software such as single-tenant cloud ERP and multi-tenant cloud ERP.
These days, consumers are more focused on cloud-based ERP software owing to lower implementation costs, easier ERP integration, greater scalability and agility, and others.
Leading Key Players:
Major key players in the Enterprise Resource Planning (ERP) software market include Oracle Corporation, Infor, The Sage Group plc, Unit 4, Epicor Software Corporation (USA), Workday, Inc., SYSPRO, Acumatica, Ramco Systems, and QAD Inc. Each of these companies offers comprehensive ERP solutions tailored to meet the diverse needs of businesses across various industries, playing vital roles in shaping the landscape of enterprise management systems worldwide.
