Enterprise Resource Planning (ERP) Market is Set To Fly High in Years to Come | $117.09 Billion by 2030

According to a recent report published by Allied Market Research, titled, "ERP Market by Component, Deployment Model, Enterprise Size, Business Function, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030,"

The ERP market size was valued at $43.72 billion in 2020, and is projected to reach $117.09 billion by 2030, growing at a CAGR of 10.0% from 2021 to 2030.

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ERP software solutions are designed to help small and medium-sized enterprises to manage their business operations while improving collaboration, compliance, productivity, and risk management. Furthermore, ERP software solutions are often used by business organizations, as they provide businesses a more efficient tool for planning and streamlining their business processes all from a single platform. ERP software solutions assist businesses in reducing operational expenses, enhancing decision making process, thereby increasing overall sales and customer experience.

Furthermore, key factors that drives the growth of the ERP market include rise in need for operational efficiency and transparency in business processes and increase in demand for ERP software from small and medium enterprises boost the growth of the global ERP industry. In addition, surge in adoption of cloud and mobile applications are positively impacting the growth of the ERP market. However, availability of open-source applications and high implementation cost of ERP software technology hamper in the growth of ERP software market. On the contrary, rise in application of ERP software in small and medium enterprises and rapid transformation of modern business models are expected to offer remunerative opportunities for expansion of the market during the forecast period.

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Competitive Analysis:
The competitive environment of Enterprise Resource Planning (ERP) Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Enterprise Resource Planning (ERP) Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

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

Region-wise, the ERP software market was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to its high digital and cloud technology adoption rates, which is expected to drive the market for ERP software technology during the forecast period. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to ongoing economic transformation in the region and increasing cloud adoption trends.

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The outbreak of COVID-19 is anticipated to have a positive impact on growth of the ERP industry. This is attributed to the rapid growth in demand for cloud-based ERP software, which helped many businesses to endure the disruption caused by the COVID-19 outbreak. The ERP software solutions were one of the critical components that were helping in keeping the overall business operations of an organization to run smoothly and efficiently during the period of a global pandemic.

ERP software solutions provided capabilities such as real-time work floor control, remote resource monitoring, faster data sharing, and automated reporting. Furthermore, the growing remote working trends in many countries further aided in the growth of ERP software solutions market during the period.

Read More: https://www.alliedmarketresearch.com/press-release/global-ERP-software-market-is-expected-to-reach-41-69-billion-by-2020.html

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.