Rise in need for operational efficiency & transparency in business, in adoption of cloud & mobile applications drive the growth of the ERP software market
PORTLAND, OREGON, UNITED STATES, September 15, 2020 /EINPresswire.com/ — Rise in need for operational efficiency & transparency in business processes, increase in adoption of cloud & mobile applications, and surge in demand for data-driven decision-making are the prime factors that drive the growth of the global ERP software market. On the contrary, higher maintenance and investment costs hinder the market growth. However, an increase in demand for ERP among small and medium enterprises coupled with rapid technological advancements in ERP is anticipated to create new opportunities in the coming years.
The global ERP software market accounted for $35.81 billion in 2018 and is anticipated to reach $78.41 billion by 2026, growing at a CAGR of 10.2% during the study period.
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North America dominated the ERP Software Market in 2018, and is projected to remain dominant during the forecast period. This is attributed to number of factors such as penetration of new industries, growing economy, new emerging markets, and others. Moreover, businesses in this region are transitioning from on-premise to cloud enabled ERP software, owing to its low cost implementation and maintenance. Presence of large number of cloud ERP solution vendors across the U.S. and Canada is expected to provide lucrative opportunities for the market.
The global ERP software market is segmented on the basis of component, deployment model, business function, end-user, industry vertical, and geography. Based on the component, the market is divided into software and service. The services segment is anticipated to manifest the fastest CAGR of 12.1% during the forecast period. However, the software segment held the largest share in 2018, contributing to more than three-fifths of the market.
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On the basis of the deployment model, the market is categorized into on-premise, cloud, and hybrid. Based on business function, the market is bifurcated into finance, human resource (HR), supply chain, customer management, inventory management, manufacturing module, and others. The HR segment is expected to register the fastest CAGR of 15.6% during the forecast period. However, the finance segment held the lion’s share in 2018, accounting for one-fourth of the market.
The global ERP software market report offers an in-depth analysis of the major market players such as SAP SE, Oracle Corporation, Infor, Workday, Inc., Sage Software Solutions Pvt. Ltd., SYSPRO, Epicor Software Corporation, IFS, Microsoft Corporation, and Deskera.
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The global ERP software market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region is expected to manifest the fastest CAGR of 13.2% through 2026, owing to an increase in new manufacturing setups in the region. However, the market across the North American region dominated the market, contributing to more than one-third of the market.
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