The factors contributing to the growth of the global ERP software market include the accelerating penetration of cloud and mobile applications, resulting in high ERP software adoption due to the reduction in cost offered to support and maintain the application and aid in decreasing the IT support services. Also, the surging implementation of ERP software by the small and medium-sized enterprises to improve the business insight & efficiency and the ongoing technological developments in the software, including the implementation of IoT and artificial intelligence will further boost the global ERP software market growth over the forecast period.
Several benefits related to the usage of ERP software like the reduction in duplication & error, improvement in customer services, simplification of operations, coupled with the optimization of the supply chain, enhancement in the financial consolidation, and emphasized efficiency, will attract enormous end-users to choose ERP software. The growing penetration of IT technologies in developing countries, including China and India, results in a change in consumer behavior, leading to an adoption of ERP software to augment profitability and flexibility. This factor is predicted to strengthen the ERP software market share. However, the factor restraining the growth of the global ERP software market is the high installation cost of the software.
Based on the deployment model, the cloud segment is projected to expand at a faster CAGR over the forecast period because of the adoption of cloud-based ERP software as it helps to minimize the infrastructural cost, permits the business to store the data over the internet and aids in dealing with the problems associated with the data loss or data breaches by providing tools to restore the data.
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On the basis of business function, the Finance segment is anticipated to increase at a higher CAGR during the forecast period owing to augment in the implementation of finance modules across various enterprises as it allows the enterprises to speed up the financing process and provide expense and auditable revenue management. Moreover, several features of the ERP finance module include improvement in productivity, provision of real-time financial monitoring, financial transparency, minimize the human error, and integrates with other business systems like CRM while helping with the marketing budgets and sales numbers also boosts the adoption of the ERP financial module.
Based on the regional coverage, North America is expected to lead the market over the forecast period attributed to the shift of businesses from on-premises to cloud ERP software, which further leads to high ERP software usage. Moreover, rising technological advancements and the presence of many players offering ERP software fuel the growth of the market.
Various notable players operating in the market include SYSPRO, Workday, Inc., IBM Corporation, TOTVS S.A, Infor, SAP SE, Sage Group Plcand Epicor Software Corporation, Microsoft, Oracle Corporation, among others.
The global ERP software market has been segmented on the basis of deployment model, component, business function, enterprise size, industry, and region. Based on the deployment model, the market is segmented into cloud, on-premise, and hybrid. Based on the component, the market is segmented into software and services. Based on the business function, the market is segmented into the supply chain, human resource, finance, inventory management, customer management, manufacturing module, and others. Based on the enterprise size, the market is segmented into small & medium enterprises and large enterprises. Based on the industry, the market is segmented into manufacturing, BFSI, healthcare, government & utilities, retail & distribution, aerospace & defense, IT & telecom, construction, and others.
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ERP Software Market Segmentation:
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