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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.
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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.
List of Top Players Profiled in the Report:
Further Report Findings:
Report Scope & SegmentationTable:
2015 - 2026
2019 - 2026
2015 - 2017
Value (USD billion)
By Business Function
By Enterprise Size