Need For Efficiency and Transparency In Organizations To Bode Well For ERP Software Market By 2030
- by tom-clark
ERP Software Industry Overview
The global ERP software market size is anticipated to reach USD 123.41 billion by 2030, registering a CAGR of 10.7% during the forecast period, according to a new report by Grand View Research, Inc. The rising application of ERP software in banking, retail, government utility, and healthcare sectors is expected to drive market growth. The software benefits organizations by offering transparency in functions, increased productivity, and easy decision-making. Thus, the market is expected to grow significantly over the forecast period, thereby offering numerous opportunities to stakeholders.
ERP Software Market Segmentation
Grand View Research has segmented the global ERP software market based on deployment, function, enterprise size, vertical, and region:
Based on the Deployment Insights, the market is segmented into Cloud-based and On-premises.
- The on-premises segment accounted for the largest share of over 70% of the market share in 2021.
- The cloud-based deployment of ERP software helps companies achieve immediacy, efficiency, optimization of resource planning activities, scalability, and accessibility.
Based on the Functions Insights, the market is segmented into Finance, HR, Supply Chain and Others.
- The ERP software helps manage various financial activities, including accounting, investments, assets management, and cash flow management.
- The Human Resource (HR) segment accounted for a significant share of the market. Moreover, increased demand for automation in HR processes is expected to propel the growth of the market over the forecast period.
- The supply chain ERP module offers improved visibility of various supply chain operations and enhances efficiency, speed, and customer satisfaction.
Based on the Enterprise Size Insights, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs).
- The large enterprise segment accounted for the largest share of over 39% of the market share in 2021. The high spending capacity of the large-sized enterprises on the implementation of modern technology and software solutions facilitates the adoption of cloud-based ERP software.
- The medium enterprise segment is expected to witness a significant growth rate and dominate the market by 2030.
- Stringent government regulations have promoted various industries to utilize ERP software, which, in turn, has enhanced productivity and reduced the complexity of operations in multiple industries.
Based on Vertical Insights, the market is segmented into Manufacturing & services, BFSI, Healthcare, Retail, Government utilities, Aerospace & defense, telecom and Others.
- The manufacturing & services segment accounted for the largest share of over 20.0% of the market in 2021.
- In this segment, the ERP software helps monitor daily operations, track day-to-day performances, and manage customer services.
- The increasing need to track vendor performance and enhance visibility throughout the supply chain enables manufacturers to opt for ERP solutions that assist them with efficient operations planning and management.
- Mainstream manufacturing companies and ERP software vendors in North America and Europe are engaged in partnerships to enhance their productivity.
ERP Software Regional Outlook
- North America
- Asia Pacific
- South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is fragmented with numerous companies operating worldwide. To stay competitive in the market, market players are pursuing a variety of growth strategies, including partnerships, strategic agreements and collaborations, mergers and acquisitions, and new product developments. For instance, in 2020, Unit4, one of the ERP vendors, partnered with Embridge Consulting, a U.K.-based consulting firm, to offer SaaS-based ERP tools to small & medium-sized enterprises.
Some prominent players in the global ERP Software market include:
- Hewlett-Packard Development Company, L.P.
- Epicor Software Corporation
- International Business Machines Corporation
- Infor Inc.
- NetSuite Inc.
- Microsoft Corporation
- SAP SE
- Oracle Corporation
- Sage Group, plc
Order a free sample PDF of the in ERP Software Market Intelligence Study, published by Grand View Research.
ERP Software Industry Overview The global ERP software market size is anticipated to reach USD 123.41 billion by 2030, registering a CAGR of 10.7% during the forecast period, according to a new report by Grand View Research, Inc. The rising application of ERP software in banking, retail, government utility, and healthcare sectors is expected to…
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