Press release
Global ERP Market Estimated to Garner revenue at $63.13 Billion by 2028
Enterprise Resource Planning Market
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Based on Triton Market Research's estimates, the global enterprise resource planning market is set to progress at a CAGR of 7.28%. It is expected to attain revenue worth $63.13 billion by 2028.
Enterprise resource planning, also known as ERP, refers to a system that helps manage various company operations, including marketing and inventory handling, on a unified system.
ERP systems help companies align their objectives with customer requirements by merging technical and management capabilities. These systems offer flexibility with technical integration via innovative management platforms, optimizing overall business operations. Hence, the growing need for efficiency and demand for real-time decision-making are prominent factors driving the enterprise resource planning market on a progressive path. However, the high cost of these systems and easy access to open-source ERP solutions negatively impact the overall market's growth globally.
The global enterprise resource planning market is segmented into application, enterprise size, and verticals. In terms of application, it is subdivided into manufacturing modules, finance, human resource (HR), customer management, supply chain, inventory management, and other applications. The enterprise size section is trifurcated into medium, large, and small enterprises. Lastly, the verticals segment includes banking, financial services, & insurance (BFSI), IT and telecom, manufacturing, government, military and defense, retail, healthcare, and other verticals.
The Asia-Pacific is expected to observe the fastest growth in the market over the forecasted phase. The region's manufacturing sector has witnessed significant growth over the years, which is expected to fuel the adoption of ERP systems. In this regard, the sector is anticipated to witness high demand for cloud-based ERP systems to ensure efficient and transparent processes. Besides, numerous prominent players are expanding operations in the region's nations, including Singapore and Thailand.
Such steps by major companies are expected to widen the scope and growth of the enterprise resource planning market's development.
Ramco Systems Limited, Oracle Corporation, Microsoft Corporation, Unit4 NV, IFS AB, and Workday Inc, Deskera Holdings Ltd, The Sage Group Plc, IBM Corporation, SAP SE, IQMS, Infor Inc, Epicor Software Corporation, Syspro Ltd, Qad Inc, and Plex Systems Inc are major firms in the enterprise resource planning market.
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Question & Answer: Enterprise Resource Planning Market
Question 1: What factors are driving the enterprise resource planning market on a progressive path?
Answer: ERP systems help companies align their objective with customer requirements by merging technical and management capabilities. These systems offer flexibility with technical integration via innovative management platforms, optimizing overall business operations. Hence, the growing need for efficiency and demand for real-time decision-making are prominent factors driving the enterprise resource planning market on a progressive path.
Question 2: What restraints negatively impact the enterprise resource planning market's growth globally?
Answer: The high cost of these systems and easy access to open-source ERP solutions negatively impact the overall market's growth globally.
Question 3: Which region is expected to observe the fastest growth in the market over the forecasted phase?
Answer: The Asia-Pacific is expected to observe the fastest growth in the market over the forecasted phase. The region's manufacturing sector has witnessed significant growth over the years, which is expected to fuel the adoption of ERP systems. In this regard, the sector is anticipated to witness high demand for cloud-based ERP systems to ensure efficient and transparent processes. Besides, numerous prominent players are expanding operations in the region's nations, including Singapore and Thailand. Such steps by major companies are expected to widen the scope and growth of the enterprise resource planning market's development.
Question 4: Which are the major firms in the enterprise resource planning market?
Answer: Ramco Systems Limited, Oracle Corporation, Microsoft Corporation, Unit4 NV, IFS AB, and Workday Inc, Deskera Holdings Ltd, The Sage Group Plc, IBM Corporation, SAP SE, IQMS, Infor Inc, Epicor Software Corporation, Syspro Ltd, Qad Inc, and Plex Systems Inc are major firms in the enterprise resource planning market.
Related Report:
Global Marketing Automation Software Market - https://www.tritonmarketresearch.com/reports/marketing-automation-software-market
The global marketing automation software market is estimated to progress in revenue from 2019 to 2027 at 9.16% of CAGR, gaining $9616 million in revenue by 2027.
Marketing automation includes a suite of software that helps simplify various tasks, including integrating customer data, campaign management, social media postings, and scheduling emails.
The rise in demand for digital marketing, growth in marketing efforts, and the need for higher ROI drive the studied market on a growth path. Besides, the growing adoption of cloud-based technology is expected to generate new opportunities for the marketing automation software market.
However, data concerns and interoperability issues are likely to restrict the studied market's growth over the forecast period.
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