Enterprise Resource Planning (ERP) Market is Thriving Worldwide: Share, Size, Growth, Opportunities, Challenges, Competitive Analysis

The global Enterprise Resource Planning (ERP) Market size is USD 48.68 billion in 2022 and is projected to reach a CAGR of 7.92% from 2023-2030.

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Enterprise Resource Planning (ERP) Market Size, Share & Trends Analysis Report, By Component (Software and Services), by Deployment Model (On-premise, Cloud, and Hybrid), by Enterprise Size (Large Enterprises, Medium Enterprises, and Small Enterprises), by Business Function (Finance, Human Resource (HR), Supply Chain, Customer Management, Inventory Management, Manufacturing Module, and Others), by Industry Vertical (Manufacturing, BFSI, Healthcare, Retail & Distribution, Government & Utilities, IT & Telecom, Construction, Aerospace & Défense, and Others), and region (North America, Europe, Asia-Pacific, Middle East, and Africa and South America).

Top Key Players: IBM Corporation, Infor, Microsoft Corporation, NetSuite Inc., Oracle Corporation, Sage Group Plc., SAP SE, SYSPRO, TOTVS S.A., Unit4

Weclapp, a leading provider of cloud ERP software in the DACH region, is acquired by Exact from German holding company 3U Holding in September 2022. Weclapp management would continue to be invested and would steer the company's future.

T.D. Bank incorporated NetSuite's Cloud-based ERP software in August 2022 to give its customers a complete digital banking experience. Using cloud-based ERP software, T.D. Bank Incorporated created a one-stop shop to improve customer service.

The global ERP market is expanding due to the rising demand for ERP software from small and medium-sized businesses and the growing need for operational efficiency and transparency in business processes. The ERP market's expansion is also being helped by an increase in the use of cloud and mobile applications.

The primary factor driving market growth is the need for operational efficiency and transparency in business processes. ERP systems are now strategic platforms that provide businesses with a solid foundation and information backbone. A fully integrated ERP system aids in making better business decisions by capturing and creating relevant data that is accurate, consistent, and up-to-date. A company's profitability is unaffected by providing individualized services and ensuring customer satisfaction unless the company's operational efficiency is exceptional. ERP systems are currently being considered by businesses to enhance information integration and increase efficiency.

Lockdowns and self-quarantine regulations brought about by the COVID-19 pandemic have resulted in closures, disruptions to the supply chain, and a lack of workforce availability. These factors had a significant impact on a variety of business sectors worldwide, including automobile manufacturers and electronics manufacturers. During this time, several events have wreaked havoc on a variety of global market sectors. However, during the pandemic, ERP software solutions assisted businesses in remaining operational remotely, supporting the expansion of the global ERP industry in the coming years.

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Key Findings

The deployment model segment is bifurcated into On-premise, Cloud, and Hybrid. On-premise ERP solutions are giving businesses a much simpler way to manage their resources and business operations, and this trend is expected to continue throughout the forecast period because the on-premise segment dominated the ERP market share in 2021. However, due to the rapid adoption of the cloud by modern businesses, the cloud segment is anticipated to experience the most growth in the coming years.

The market is divided into software and services based on components. The software segment market is expected to be one of the most lucrative and is expected to maintain its position in the forecast years as well.

The organization size is further fragmented into Large Enterprises, Medium Enterprises, and Small Enterprises. The large enterprise segment held the largest revenue share during the forecast period capturing most of the market share. But the SMEs are also expected to rise over the forecast year.

Based on business function, the market is divided into Finance, Human Resources (HR), Supply Chain, Customer Management, Inventory Management, Manufacturing Module, and Others. The finance management segment is capturing the market share and is expected to dominate the market over the forecast years as well. The inventory management sector is also expected to grow at a high rate during the forecast years.

On the basis of industry vertical segment, the market is divided into Manufacturing, BFSI, Healthcare, Retail & Distribution, Government & Utilities, IT & Telecom, Construction, Aerospace & Defence, and Others. The healthcare segment is expected to contribute the highest and grow at a high rate over the forecast years with ERP providing the facility of storing both qualitative and quantitative data in its robust database.

On the basis of the deployment model, the market is divided into On-premise, Cloud, and Hybrid. The cloud segment is expected to grow at a high rate and capture the largest market share during the forecast years. Cloud solutions allow businesses to store data over the internet along with its low infrastructure cost.

Asia Pacific to Dominate the Market

In terms of regions, North America dominated the ERP market in 2021 and is anticipated to maintain its position throughout the forecast period due to its high adoption rates of digital and cloud technology. Additionally, the region's rising productivity and efficiency standards are making ERP software solutions more widely used, which is anticipated to propel the ERP industry over the forecast period

As a result of the region's ongoing economic transformation and rising cloud adoption trends, Asia-Pacific is anticipated to experience significant growth over the forecast period.

Delvens Industry Expert's Standpoint

During the forecast period, it is anticipated that the COVID-19 outbreak will present lucrative opportunities for market expansion. This is because of the growing trend toward digital transformation in businesses, the rising demand for ERP solutions that are hosted or managed in the cloud, and the rapid rise in manufacturing supply chain disruption issues. In addition, after the pandemic, businesses will concentrate more on finding solutions that will aid in advanced planning and lessen the impact of future events of a similar nature. As a result, significant investments in ERP software are anticipated by businesses.

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