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The Global Enterprise Resource Planning Market to Generate a Revenue of $66.685 Million by 2027

06-10-2020 02:17 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Triton Market Research

Global Enterprise Resource Planning Market

Global Enterprise Resource Planning Market

As per a Triton Market Research report, the global enterprise resource planning market, which accumulated $35.268 billion in 2018, is set to grow at a CAGR of 7.43% by the year 2027.

A recent study by Triton Market Research titled ‘Global Enterprise Resource Planning Market,’ covers the Global Analysis and Forecasts for 2019-2027 by Organization Size (Small- & Medium-sized Enterprises; Large Enterprises), Deployment (On-premise; Cloud; Hybrid), Functions (Finance; Human Resources (HR); Supply Chain; Customer Management; Inventory Management; Manufacturing Module; Other Functions), Verticals (Retail; Manufacturing; Banking, Financial Services & Insurance (BFSI); Government; IT & Telecom; Healthcare; Military & Defense; Other Verticals), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

Enterprise resource planning (ERP) is a type of software which helps organizations to manage their business processes by using automation. There has been a large-scale adoption of this software for use in back-office operations, which include order management, inventory control production, human resource (HR), accounting, and others. An ERP software system consists of several software modules, each of which is focused on a particular departmental area, like inventory control, material purchasing, finance, marketing, accounting, and HR. These modules are customizable as per an organization’s business requirements.

Request Free Sample of the Global Enterprise Resource Planning Market Report @ https://www.tritonmarketresearch.com/reports/enterprise-resource-planning-market#request-free-sample

The report predicts that the global enterprise resource planning market is set to chart a CAGR of 7.43% during the period 2019-2027, with a revenue of $66.685 billion by 2027. The rising need to develop competitive strategies and make real-time decisions, as well as the growing demand for efficiency, with the help of informed and data-driven decisions, are driving the growth of this market. However, the increase in common vulnerabilities and exposures (CVEs) is restricting the growth of this market. Moreover, the high costs associated with ERP software are limiting its adoption.

Based on organization size, the market is bifurcated into small- & medium-sized enterprises and large enterprises. Whereas, according to deployment, it is divided into (on-premise, cloud, and hybrid. The functions segment is segregated into finance, human resources (HR), supply chain, customer management, inventory management, manufacturing module, and other functions). And the verticals can be classified into (retail, manufacturing, banking, financial services & insurance (BFSI), government, IT & telecom, healthcare, military & defense, and other verticals.

The Asia-Pacific region is expected to showcase the fastest growth rate in the global market for enterprise resource planning, as well as hold the largest market share by 2027. The region has the presence of many manufacturing firms, given the easy accessibility to resources and availability of a skilled workforce at low wages.

At present, on-premise ERP solutions lead the APAC market. However, strong IT infrastructure development would help increase the adoption of cloud-enabled ERP software in the forthcoming years. Further, a number of renowned North America-based ERP vendors are expanding their business across the Asia-Pacific, thereby creating lucrative growth opportunities for the ERP market in this region.

Major players in the enterprise resource planning market include Unit4 NV (acquired by Advent International), Oracle Corporation, International Business Machines Corporation (IBM), Industrial and Financial Systems (IFS) AB, QAD Inc, Infor Inc, Microsoft Corporation, Deskera Holdings Ltd, Ramco Systems Limited (RSL), Sage Group Plc, Epicor Software Corporation, SAP SE, IQMS (acquired by Dassault Systemes) and Workday Inc.

Purchase this Report @ https://www.tritonmarketresearch.com/reports/enterprise-resource-planning-market#purchase-option

Question & Answer: Enterprise Resource Planning Market

Question 1: What factors are driving the growth of the enterprise resource planning market?
Answer: The rising need to develop competitive strategies and make real-time decisions, as well as the growing demand for efficiency, with the help of informed and data-driven decisions, are driving the growth of this market.

Question 2: What factors are restricting the growth of the enterprise resource planning market?
Answer: The increase in common vulnerabilities and exposures (CVEs) is restricting the growth of this market. Moreover, the high costs associated with ERP software are limiting its adoption.

Question 3: How is the Asia-Pacific region influencing the global enterprise resource planning market landscape?
Answer: The Asia-Pacific region is expected to showcase the fastest growth rate in the global market for enterprise resource planning, as well as hold the largest market share by 2027. The region has the presence of many manufacturing firms, given the easy accessibility to resources and availability of a skilled workforce at low wages.

At present, on-premise ERP solutions lead the APAC market. However, strong IT infrastructure development would help increase the adoption of cloud-enabled ERP software in the forthcoming years. Further, a number of renowned North America-based ERP vendors are expanding their business across the Asia-Pacific, thereby creating lucrative growth opportunities for the ERP market in this region.

Question 4: Which are the major players operating in the enterprise resource planning market?
Answer: Major players in the enterprise resource planning market include Unit4 NV (acquired by Advent International), Oracle Corporation, International Business Machines Corporation (IBM), Industrial and Financial Systems (IFS) AB, QAD Inc, Infor Inc, Microsoft Corporation, Deskera Holdings Ltd, Ramco Systems Limited (RSL), Sage Group Plc, Epicor Software Corporation, SAP SE, IQMS (acquired by Dassault Systemes) and Workday Inc.

Related Report:
Global Enterprise Application Market

The global enterprise application market is set to witness a substantial growth in revenue over the forecasting years 2019-2027, and generate $333.28 million by 2027, while growing a CAGR of 7.71%.

The growing interest in cloud-based enterprise applications, along with an increasing focus on real-time decision-making, is influencing the growth of the enterprise application market. The growing demand for real-time data access calls for having a software solution to meet organizational needs. Moreover, enterprise applications offer business-specific advantages, such as easy flow of information and faster response time.

Enterprises are increasingly adopting a customer-oriented approach. They are having more interactions with their clients to understand their business requirements. They have increased their IT budgets to offer better user experience to their customers. Therefore, they are increasingly making use of ERP software systems; these are known to have a user-friendly interface.

The emergence of cloud computing and mobile apps has boosted the adoption of ERP software. Cloud technology is becoming increasingly popular as it is agile, flexible, scalable, and reliable. Cloud-based applications considerably reduce the IT infrastructure cost to a business, which is the primary factor driving their adoption among enterprises. Besides, mobiles have gained immense importance. Enterprises are willing to spend on cloud-connected mobile applications as they enable easy access to information, anytime and anywhere.

Triton Market Research
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