Latin America Enterprise Resource Planning (ERP) Software Market Size, Share & COVID-19 Impact Analysis, By Enterprise Type (Small & Medium Enterprises (SMEs) and Large Enterprises), By Deployment (Cloud, On-premise, and Hybrid), By Business Function (Financial Management, Human Capital Management, Supply Chain Management, Customer Management and Others), By End-user (Manufacturing, BFSI, IT & Telecom, Retail & Consumer Goods, Healthcare & Life Sciences, Transportation & Logistics, Government, and Others), and Regional Forecasts, 2023-2030

Latin America is the fifth largest region in the global Enterprise Resource Planning (ERP) software market. It is projected to grow at a CAGR of 7.6% during the forecast period. The global ERP software market is projected to grow from USD 44.47 billion in 2022 to USD 71.34 billion by 2030.

Latin America is an emerging ERP market, owing to SMEs' increasing adoption of SaaS and cloud. Further, the market is driven by the emergence of many SMEs in numerous sectors, including telecom, retail, manufacturing, and IT services. The need for workplace automation in such industries is expected to fuel the Enterprise Resource Planning (ERP) software market size in the region.

Our report on the Latin America ERP software market covers the following countries/regions - Brazil, Mexico, and the Rest of Latin America.

LATEST TRENDS

Usage of Cloud-based ERP Systems to fuel the Demand for the Solution

Latin America has a growing trend towards cloud-based ERP systems, which offer greater flexibility and scalability than traditional on-premise solutions. Cloud-based solutions can be accessed from anywhere with an internet connection, particularly useful in the current work-from-home environment. The rising demand for cloud-based ERP systems in the region is expected to fuel the Latin America Enterprise Resource Planning software market growth during the projected period.

DRIVING FACTORS

Growing Economy and Increased Competition to Boost the Market Growth

Latin America has seen steady economic growth over the last decade, leading to increased business activity and the need for better management and automation of business processes. Additionally, the region has become more globalized, and companies have had to compete with international firms that have already adopted ERP systems. This factor has driven many companies in Latin America to implement ERP software to improve their efficiency and competitiveness. Thus, the abovementioned factors will boost the Latin America ERP software market share.

RESTRAINING FACTORS

Higher Implementation and Maintenance Costs to Hinder the Market

Implementing and maintaining an ERP system can be expensive, particularly for small and medium-sized businesses. The cost of licenses, hardware, and customization can be prohibitive for some companies, which may opt for more affordable alternatives or delay implementation.

KEY INDUSTRY PLAYERS

In terms of the competitive landscape, the Enterprise Resource Planning market depicts the presence of emerging and established companies in Latin America. In addition, the aim toward higher investments in these solutions and government support has enabled the organizations to deliver enhanced ERP solutions.

LIST OF KEY COMAPNIES PROFILED:

• Totvs S.A. (Brazil)
• Dolibarr ERP CRM (Argentina)
• Odoo (Belgium)
• Acumatica, Inc. (U.S.)
• SAP SE (Germany)
• Unit4 (Netherlands)
• Microsoft Corporation (U.S.)
• Oracle Corporation (U.S.)
• IBM Corporation (U.S.)
• Infor (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• In July 2022: Infor declared that Brandili, a Brazilian textile organization, applied to Infor CloudSuite Industrial Enterprise to renovate its business. Moreover, Brandili chose Infor OS, a low-code platform, and Infor LN as its ERP, allowing incorporation with other solutions and offered an integrated and comprehensive solution connected to several other systems.
• In March 2022: Visma, a provider of business software, acquired an Argentinian ERP cloud software company, Calipso, to strengthen its offering in Latin America.

REPORT COVERAGE

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The research on the Latin America market includes key areas to understand the industry better. Additionally, it provides insights into the most recent market trends and analyses of technologies implemented worldwide. Further, it highlights the growth restrictions and elements, allowing the reader to understand the market.

Report Scope & Segmentation