Enterprise Resource Planning Market

Enterprise Resource Planning Market Outlook

The Enterprise Resource Planning Market was USD 44.47 Billion in 2022 and is likely to reach USD 76.42 Billion by 2031, expanding at a CAGR of 6.2% during 2023 - 2031. The growth of the market is attributed to the rising demand among enterprises to improve operational productivity and simplify business processes.

Enterprise resource planning is a procedure used by enterprises to accomplish and incorporate the important parts of their businesses. Numerous enterprise resource planning programming applications are critical to organizations since they assist them with carrying out asset arrangements by coordinating each cycles with a solitary framework. Enterprise resource planning software include purchasing inventory, marketing, human resources, integrate planning, finance, and sales, among others.

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Enterprise resource planning is a system that brings coordination between various computer systems for large businesses. With help of ERP system, each department can access various platforms with one interface. ERP applications also allow different departments to communicate and share information more easily with the rest of the company. It collects information about the activity and state of different divisions, making information available to other parts, where it can be used productively.

ERP applications additionally permit various departments to convey and share data effectively with the remainder of the organization. During the COVID-19 pandemic, ERP systems were in huge demand as it helped the businesses to support various business tasks through remote access, robotized revealing, electronic information trade, and constant production line controls.

Market Trends, Drivers, Restraints, and Opportunities

• Growing awareness about its benefits such as timely delivery of accurate financial information and improved financial performance is anticipated to spur the growth of the market.
• Integration of Internet of Things (IoT) with business processes is estimated to contribute to the market growth.
• Limited customization options for SaaS-based ERP can hinder the growth of the enterprise resource planning market.
• System complexities and implementation costs can create challenges for the market growth.
• Evolving big data concept in enterprises and businesses can create lucrative opportunities during the forecast period.

Scope of Enterprise Resource Planning Market Report

The report on the global enterprise resource planning market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Enterprise Resource Planning Market Segment Insights

Cloud segment to grow at a rapid pace

Based on deployments, the market is segregated into cloud, on-premise, and hybrid. The cloud segment is estimated to grow at a rapid pace due to low cost of installation. Rising information utilization in the manufacturing industry has made the ERP framework a fundamental system as it helps in coordinating the information from different departments. The majority of the manufacturing companies are presently coordinating all their business activity through database management system, business management software, and ERP HR module.

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Large enterprises segment to expand at a robust CAGR

On the basis of organization sizes, the enterprise resource planning market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment is projected to expand at a considerable CAGR during the forecast period due to the high economies of scale and affordability that permit organizations to deploy the benefits of the cloud ERP solution. Large enterprises heavily spends  on advanced digital solutions, including cloud ERP to further develop their business processes.

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Retail segment is projected to account for a significant market share

In terms of end-users, the market is categorized as manufacturing, government, military and defense, retail, BFSI, telecom, healthcare, and others. The retail segment is projected to account for a significant market share during the forecast period. System permits retailers to carry out exercises as per the requirement. It focuses on different methodologies to be utilized to help retailers increase their revenue.

North America anticipated to constitute a key market share

Based on regions, the enterprise resource planning market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the forecast period due to rising demand for internal process competence, primarily through digital systems. Many major ERP merchants are working together with banks in the region for the advancement of quicker installment techniques. ERP dealers are empowering logistics and manufacturing merchants to accept increased reality and apply artificial intelligence (AI)-type advancements to sensor information gathered from machines and robots.

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Segments

The enterprise resource planning market has been segmented on the basis of:

Deployments

• Cloud
• On-premise
• Hybrid

Organization Sizes

• Small and Medium Enterprises
• Large Enterprises

End-Users

• Manufacturing
• Government
• Military and Defense
• Retail
• BFSI
• Telecom
• Healthcare
• Others

Regions

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East
• Africa

Key Players

• Infor Inc.
• Oracle Corporation
• Microsoft Corporation
• SAP SE
• IBM Corporation.

Competitive Landscape

The key players competing in the enterprise resource planning market are Infor Inc.; Oracle Corporation; Microsoft Corporation; SAP SE; and IBM Corporation.

In July 2020, SAP and Siemens contracted a partnership agreement to accelerate the digitization of manufacturing processes, which allows companies to develop an end-to-end digital thread for manufacturing process.