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ERP Software Market Outlook And Analysis Through 2024-2033
ERP Software Market Outlook
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
ERP Software Market 2024 Key Insights:
• 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%.
• Expanding E-Commerce Drives Growth In The Enterprise Resource Planning (ERP) Software Market
• The Convergence Of Blockchain Technology And Erp Software In The Quest For Enhanced Security And Collaboration
• Asia-Pacific was the largest region in the ERP software market in 2023
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