ERP Software Market Report 2021 Industry Trends, Share and Size, Expected CAGR, Analysis across the Region and Globe, Opportunities and Growth till 2023 | Says Kenneth Research

Global ERP software market is expected to grow from USD 32.44 billion in 2017 to USD 49.03 billion by 2023, at a compound annual growth rate (CAGR) of 7.45% during the forecast period. Key drivers for the growth of this market are the growing adoption of ERP software to increase transparency and operational efficiency of organizations. Also, the high adoption of cloud-based deployment model is driving the growth of ERP software market. However, high cost and availability of open source applications are a few factors restraining the market growth. The market is expected to open-up numerous opportunities due to the adoption of cloud ERP software which offers more flexibility to businesses. North America is expected to dominate the ERP software market during the forecast period.

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ERP software enables efficient resource management and integration of organizational activities. Implementation of ERP enhances the operational efficiency thus providing competitive edge to enterprises. The ERP software includes several ERP modules such as sales, finance, HR, marketing, among others. Integration of business functions are effectively performed using ERP software. Thus, it enables efficient and smooth functioning of businesses.

Among the several verticals, finance vertical is expected to drive the ERP software market significantly and would contribute a large share in the overall market revenue. Many key players in the market are launching ERP products which can be easily accessed via mobile devices like smartphones and tablets. Also, efforts are been taken by several companies to develop ERP system that could be easily delivered from third-party vendor platforms. Some major players in the ERP software market are Oracle Corporation, SAP SE, Infor, Syspro, Sage Software Inc and Epicor Software Corporation.

ERP Software Market

Segmentation

By deployment, the market is segmented into cloud and on-premise.By function, the market is segmented into CRM, sales, accounting and finance, HR and others.By organization size, the market is segmented into SMEs and large enterprises.By vertical, the market is segmented into BFSI, manufacturing, IT, communication, retail, healthcare, aerospace & defense, education and others.By region, the market is segmented into North America, Europe, Asia-Pacific and the rest of the world.

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Regional Analysis

The global market for ERP software is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of ERP software market is done for North America, Europe, Asia-Pacific, and the rest of the world.North America is expected to have huge market share and dominate the ERP market during the forecast period, owing to the presence of large number of cloud ERP solution vendors across the US and Canada. APAC is expected to see potential growth opportunities in the ERP market, due to the wide presence of small- and medium scale enterprises that are turning towards such hosted ERP solutions to efficiently manage their business processes, particularly in developing countries such as China, India, and Singapore.

Competitive Analysis

Many key players adopt organic strategies such as product development and enhancement as well as inorganic strategies such as merger & acquisitions, collaborations, partnerships, and joint ventures to gain significant share in the market. Companies actively aim at increasing participation through partnerships and new product launches in order to expand their operations and offerings to better target potential customers.

Key players

The prominent players in the ERP software market are Microsoft Corporation (US), IBM Corporation (US), Oracle Corporation (US), SAP SE (Germany), Infor (US), Sage Software Inc. (UK) and Epicor Software Corporation (US).Other players in the ERP software market are Intacct Corporation (US), Plex Systems Inc. (US), Ramco Systems (India), Plex Systems Inc. (South Africa), Unit4 (Netherlands) and NetSuite Inc (US).

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Intended Audience

• ERP Software Providers

• Accounting firms

• Manufacturing companies

• IT and Software developers

• Entrepreneurs

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