ERP Software Market: Rise In Adoption Of Cloud-Based Technologies
ERP software has been widely used for back office operations, which include order management, inventory control production, and accounting, etc. An ERP software system comprises several software modules and each ERP model is focused on a particular departmental area such as inventory control, material purchasing, finance, marketing, HR, and accounting.
These modules can be customized according to the requirement of the organization. An ERP software system can be deployed either as a cloud based or on premise software. Integration of organizational activities and managing resources efficiently are some of the major tasks of the ERP system.
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The need for enhanced operational efficiency along with transparency within the departments of an organization is one of the key drivers propelling the growth of the market. Furthermore, rising demand for cloud based deployment models is boosting the global ERP software market growth.
The ability to access the central system from any demographic due to integrated system architecture of the ERP system module, is compelling enterprises to adopt these systems. It is responsible for enhancing productivity by enabling organizations get potential return on investment by reducing their expenses.
This software enables organizations to integrate large amounts of data and reconcile the shipments of companies faster. However, some of the factors restraining the market growth are high installation cost and the accessibility of open source applications.
The ERP software market has been segmented based on deployment, functions, industry, end-user, and region. Based on deployment, the ERP software market is segmented into cloud based and on-premise deployment models. The cloud based deployment model segment is estimated to hold the major share of the global ERP software market.
This is attributed to the rise in adoption of cloud-based technologies coupled with rising scalability offered by these technologies. Rising necessity for real-time data analytics is a prominent factor propelling the ERP software market.
The function segment includes human resource (HR), supply chain, finance, and others. The industry segment includes key industries such as BFSI, manufacturing, healthcare, government utilities, retail, telecom, aerospace and defense and others. The end-user segment in the ERP software market includes large, small and medium enterprises.
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Large enterprises are estimated to have major share in the global ERP software market, due to their rising investments, whereas extensive adoption of ERP systems by mid and small sized enterprises are further supporting the growth of the SME’s in the market.
Region wise, the global ERP software market is segmented into North America, South America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA). Presently, North America is estimated to dominate the market in terms of its revenue contribution share followed by Europe. However among all the regions, APAC is expected to create significant market opportunity for key players operating in the market due to growth in industrialization in this region during the forecast period.
Key players in the market are prominently focusing on introduction of advanced services and solutions in order to strengthen their position and improve their offerings. Key vendors operating in the global ERP software market include Oracle, TOTVS S.A, Microsoft Corporation, SAP SE, Infor, IBM Corporation, Netsuite Inc., SYSPRO, Unit4, Sage Group Plc, QAD, Focus Softnet, and Ultimate Software. ERP software vendors are updating the pricing models to strengthen their position in the market. The vendors are aiming on providing better integration architecture modules owing to the rising adoption of customized ERP software.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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