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ERP Software Market to Grow at 8.5% CAGR till 2026; Increasing Automation of Business Processes to Feed Market Growth

March 20, 2020 | Information & Technology

The global Enterprise Resource Planning (ERP) software market size is projected to reach USD 71.63 billion by 2026 owing to rising demand for efficient human resource management technologies across organizations. This information is contained in the recent Fortune Business Insights™ report, titled “Enterprise Resource Planning (ERP) Software Market Size, Share & Industry Analysis, By Component (Software, Services), By Business Function (Financial Management, Human Capital Management, Supply Chain Management, Customer Management, Inventory and Work Order Management, Others); By Enterprise Size (SMEs, Large Enterprises), By Deployment (Cloud, On-Premises, Hybrid); By End-use (Manufacturing, BFSI, IT and Telecommunications, Retail and Consumer Goods, Healthcare, Transportation and Logistics, Government, Others), and Region Forecast, 2019-2026”. The report states that the value of the market stood at USD 38.15 billion in 2018 and is expected to display a CAGR of 8.5% from 2019 to 2026.


Oracle Fuses Its ERP Platform with Artificial Intelligence (AI) Capabilities


Incorporation of AI-powered technologies as a way of upgrading existing products is one of the leading ERP software market trends. In March 2019, the American computer software giant Oracle Corporation strengthened its ERP platforms, the Oracle Enterprise Performance Management (EPM) Cloud and the Oracle ERP Cloud, by integrating AI capabilities within them. Based on Machine Learning (ML), the platforms would now include a project management digital assistant, superior controls for financial management, reporting assistant, and enhanced supply chain management. Another AI-based technology that is gathering momentum in the field of ERP is Internet of Things (IoT), which is witnessing rising implementation in organizations where automation of administrative tasks is of prime importance.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/enterprise-resource-planning-erp-software-market-102498


Growing Uptake of Cloud-Based ERP Software to Fuel the Market


Introduction of cloud computing has eliminated the need for companies to judiciously use the predetermined storage space in their hardware. Cloud-based technologies have enabled data storage and sharing highly convenient for members of an organization. A manager, for example, can access and retrieve any kind of data at any point of time and make decisions accordingly, which was not possible in conventional ERP systems. The enterprise resource planning software market demand is further driven by the fact that cloud computing can bring down costs substantially as they do not require hardware and are easy to install. Moreover, they ensure data security and provide businesses with the necessary means to efficiently sift and analyze complex data. Combined with ERP, this technology can boost productivity of an organization significantly.


Market Competition to Heat up as Players Focus on Innovation


According to the findings of the ERP software market report, key companies in this market are stepping their investment in R&D to come up with innovative solutions for their customers. A diverse portfolio of products will aid companies make a mark in this market, the ERP software market analysis says. Furthermore, financially stable ERP software market players such as Oracle and SAP are heavily investing in ramping up their innovation capacity, enhancing the potential of the market in the process.


Industry Development:



  • May 2017: Oracle Corporation, the US technology giant, announced that its flagship ERP platform, the Enterprise Resource Planning (ERP) Cloud, will be commercially available in India. The platform will conform to GST norms and the company hopes that upgrading traditional software with its advanced offering will speed up India’s digital economy and further tax reforms.


List of Top Players Profiled in the Report:



  • Rootstock Software (United States)

  • QAD, Inc. (United States)

  • Sage Group plc (United Kingdom)

  • SAP SE (Germany)

  • SYSPRO (South Africa)

  • PLEX SYSTEMS (United States)

  •  Acumatica, Inc. (United States)

  • Epicor Software Corporation (United States)

  • Unit4 (Netherlands)

  • Oracle Corporation (United States)


Further Report Findings:



  • North America boasted of a market size of USD 14.36 billion in 2018 and the region is anticipated to continue its dominance of the ERP software market share during the forecast period. The main reason for this is the strong presence global tech companies in the region who are developing advanced intelligent management solutions.

  • Asia-Pacific is expected to register an impressive CAGR owing to increasing implementation of cloud-based software by the small- and medium-scale enterprises in the region.

  • As financial services companies such as banks are increasingly relying on scalable ERP platforms to comply with government regulations, the financial management segment is set to lead the enterprise resource planning software market share. The supply chain management held a share of 13.7% in 2018.


Report Scope & SegmentationTable:

















































SEGMENTATION



DETAILS



Study Period



  2015 - 2026



Base Year



  2018



Forecast Period



  2019 - 2026



Historical Period



  2015 - 2017



Unit



  Value (USD billion)



Segmentation



By Component



  • Software

  • Services

    • Consulting

    • Implementation and Integration

    • Support and Maintenance





By Business Function



  • Financial Management

  • Human Capital Management

  • Supply Chain Management

  • Customer Management

  • Inventory and Work Order Management

  • Others



By Enterprise Size



  • SMEs

  • Large Enterprises



By Deployment



  • Cloud

  • On-Premises

  • Hybrid



By End-User



  • Manufacturing

  • BFSI

  • IT and Telecommunications

  • Retail and Consumer Goods

  • Healthcare

  • Transportation and Logistics

  • Government

  • Others



By Region



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Spain, Italy, the Netherlands, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, Southeast Asia, and Rest of Asia- Pacific)

  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

  • Latin America (Brazil, Mexico, and Rest of Latin America)


Enterprise Resource Planning (ERP) Software Market
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  • 2018
  • 2015-2017
  • 160

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