Press release
ERP Software Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region
ERP Software Market Share
The Business Research Company offers in-depth market insights through ERP Software Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The erp software market size has grown rapidly in recent years. It will grow from $182.22 billion in 2023 to $202.69 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to business process optimization, integration needs, legacy system replacement, regulatory compliance, global expansion.
The erp software market size is expected to see rapid growth in the next few years. It will grow to $311.4 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to cloud erp adoption, digital transformation, mobile and remote work, ai and automation, user-friendly interfaces. Major trends in the forecast period include cloud erp adoption, mobile erp, iot integration, saas erp, blockchain integration.
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Market Segmentation:
The main function types of ERP software are finance, HR, Supply Chain and Others. The ERP finance module is the software component of an enterprise resource planning system that handles the primary accounting and financial management functions. The software is deployed as on premise ERP and cloud ERP that are used by manufacturing and services, BFSI, healthcare, retail, government utilities, aerospace and defense, telecom, and other industry verticals.
Major Driver - Expanding E-Commerce Drives Growth In The Enterprise Resource Planning (ERP) Software Market
A rise in the e-commerce industry is expected to propel the growth of the enterprise resource planning (ERP) software market going forward. E-commerce refers to the activity of electronically buying or selling products and services on online services or over the Internet. ERP software can provide real-time data and updates to customers, keeping them informed throughout the sales process and reducing potential frustrations. For instance, according to the United States Census Bureau, a US-based government agency, e-commerce sales in the second quarter of 2023 accounted for 15.4% of total sales in the U.S. On a not-adjusted basis, the estimate of U.S. retail e-commerce sales for the second quarter of 2023 totaled $269.5 billion, an increase of 6.6% from the first quarter of 2023. Thus, a rise in the e-commerce industry is driving the growth of the ERP software market.
Competitive Landscape:
Major companies operating in the erp software market include SAP SE, Oracle Corporation, Microsoft Corporation, Epicor Software Corporation, Infor, Sage Intacct Inc., NetSuite Inc., IFS AB, Syspro Technologies, Brightpearl Limited, FinancialForce, Dolibarr ERP CRM, Awery Software FZ LLC, WP ERP, Kechie ERP, Stafiz, BatchMaster Software Pvt Ltd., Intuit Inc., Fidelity National Information Services Inc., Finserv Inc., Cerner Corporation, SS&C Technology Holdings Inc., Constellation Software Inc., Odoo, Lawson, Consona Corp, Activant Solutions Pvt Ltd., QAD Inc., Kronos Incorporated, International Business Machines Corporation
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Top Trend - The Convergence Of Blockchain Technology And Erp Software In The Quest For Enhanced Security And Collaboration
One of the latest trends in the ERP software market is the integration of block chain technology with ERP. Block chain is a chronological series of data managed by multiple computers owned by multiple entities, and each block of data is secured by a cryptographic code. ERP vendors need to keep their software updated in order to maximize the value addition provided to their clients. Integration of ERP with block chain will create a secured platform for collaboration, through which systems of records can be freely shared to trusted parties. For example, SAP, a software company, is exploring ways in which it can implement block chain efficiently to its existing ERP. It is trying to integrate block chain to ERP to improve 3D printing and digital manufacturing.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. ERP Software Market Characteristics
3. ERP Software Market Trends And Strategies
4. ERP Software Market - Macro Economic Scenario
5. ERP Software Market Size And Growth
…..
27. ERP Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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