ERP Software Market Size, Share, Growth Factors, Trends and Forecast 2024-2030

MMR has recently released a report titled "ERP Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2030." The study provides a detailed analysis, including the global ERP Software Market share, size, growth, trends, and forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

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ERP Software Market was valued at USD 51.21 Bn in 2023 and is expected to grow at 11.98% CAGR from 2024 to 2030, reaching USD 113.08 Bn by 2030.

Drivers of the ERP Software Market

Growing Need for Operational Efficiency

The ERP Software Market is driven by the increasing need for operational efficiency, which streamlines company procedures, permits real-time data access, lowers human error rates, maximizes resources, and fosters teamwork. ERP systems help firms cut expenses and boost efficiency, which drives market expansion. They also improve data security, guarantee compliance, provide scalability, and improve decision-making.

Digital Transformation Initiatives

ERP solutions provide a common platform to optimize operations across finance, HR, supply chain, and more, increasing overall efficiency as digital transformation forces firms to automate procedures. Adoption of cloud ERP solutions offers remote access, scalability, and reduced maintenance costs, which will encourage more companies to use ERP systems. By adopting Agility and Flexibility, ERP enables companies to grow operations or swiftly alter procedures.

ERP Software Market Segmentation

By Deployment Module: The On-premise segment holds 25-30% of the market and is deployed locally on a business's servers under the supervision of its IT staff. The Cloud ERP is estimated to reach $80 billion by 2025. Cloud ERP is accessible online and housed on remote servers. Flexibility and control are combined in a hybrid ERP, which is becoming more and more popular for cloud adoption over time.

By Organization Size: The ERP software industry is divided between small and medium-sized businesses (SMEs), who are expanding quickly and are predicted to reach $50 billion by 2025, and large enterprises, which control 60-70% of the market. Cloud-based ERP systems are accelerating the adoption of SME software due to their affordability, scalability, and simplicity of use.

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ERP Software Market Regional Analysis

North America: North America dominates the ERP software market, holding 35-40% of the worldwide market. Adoption is led by the major key players like SAP, Oracle, and Microsoft, and is fueled by digital transformation projects, robust economies, and technology breakthroughs. Cloud-based solutions are popular, with U.S. enterprises making significant investments in flexible, adaptable ERP systems to increase operational effectiveness.

Europe: Europe boasts a strong manufacturing sector that includes industries like machinery, aircraft, and automobiles. Particularly in Germany, France, and the UK, businesses such as SAP, Infor, Microsoft, and Sage are embracing cloud-based ERP systems at an increasing rate to enhance productivity, data management, and customer experiences.

ERP Software Market Competitive Landscape

SAP: Qualtrics, a pioneer in experience management (XM), was purchased by SAP for $8 billion in a historic transaction. SAP purchased Concur Technologies, a pioneer in travel and cost management, for $8.3 billion.

Oracle: NetSuite was purchased by Oracle for approximately $9.3 billion. A prominent supplier of financial, HR, and CRM software, PeopleSoft, was purchased by Oracle for $10.3 billion.

Recent Developments:

SAP recently improved its BTP to include analytics, AI, and data management in all of its ERP systems.
Oracle's Autonomous Database technology, which enables self-driving, self-securing, and self-repairing databases and greatly increases speed, security, and scalability, was announced. It is completely integrated with Oracle's ERP products.

Conclusion

The industry is fiercely competitive, and major competitors are often changing the products they offer to meet the demands of various sectors and sizes of businesses.
ERP product innovation is also influenced by the growing significance of cybersecurity, business agility, and customer experience.

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