Enterprise Resource Planning (ERP) Market Report Details Size, Share, Growth, Trends Forecast [2030]
WILMINGTON, DE, UNITED STATES, July 16, 2024 /EINPresswire.com/ -- The ERP market size was valued at $43.72 billion in 2020, and is projected to reach $117.09 billion by 2030, growing at a CAGR of 10.0% from 2021 to 2030.
North America dominated the ERP market in 2020, and is projected to remain dominant during the forecast period. This is attributed to a number of factors such as rise in penetration of industries such as manufacturing and retail & e-commerce as well as improvement in economy. Moreover, businesses in this region are transitioning from on-premise to cloud-enabled ERP software, owing to its low implementation cost 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 expansion during the forecast period.
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ERP software solutions are designed to help small and medium-sized enterprises to manage their business operations while improving collaboration, compliance, productivity, and risk management. Furthermore, ERP software solutions are often used by business organizations, as they provide businesses a more efficient tool for planning and streamlining their business processes all from a single platform. ERP software solutions assist businesses in reducing operational expenses, enhancing decision making process, thereby increasing overall sales and customer experience. Furthermore, key factors that drives the growth of the ERP market include rise in need for operational efficiency and transparency in business processes and increase in demand for ERP software from small and medium enterprises boost the growth of the global ERP industry.
In addition, surge in adoption of cloud and mobile applications are positively impacting the growth of the ERP market. However, availability of open-source applications and high implementation cost of ERP software technology hamper in the growth of ERP software market. On the contrary, rise in application of ERP software in small and medium enterprises and rapid transformation of modern business models are expected to offer remunerative opportunities for expansion of the market during the forecast period.
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Region wise, the ERP software market was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to its high digital and cloud technology adoption rates, which is expected to drive the market for ERP software technology during the forecast period. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to ongoing economic transformation in the region and increasing cloud adoption trends.
The key players profiled in the ERP market analysis are IBM Corporation, Infor, Microsoft Corporation, NetSuite Inc., Oracle Corporation, Sage Group Plc., SAP SE, SYSPRO, TOTVS S.A., and Unit4. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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