Global Enterprise Resource Planning (ERP) Software Market

Global Enterprise Resource Planning (ERP) Software Market Size, Share, Growth Analysis, By Deployment Type(On-Premises, Cloud), By Function(HR, Supply Chain), By Enterprise Size(Large Enterprises, Medium Enterprises), By Vertical(Manufacturing & Services, BFSI) - Industry Forecast 2024-2031

Report ID: SQMIG45F2120 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 121 | Figures: 77

Global Enterprise Resource Planning (ERP) Software Market Dynamics

Enterprise Resource Planning Software Market Driver

Businesses increasingly need to increase operational effectiveness and streamline business processes in order to spur growth.

  • Global organizations have been compelled to adopt a variety of business models due to the increasing need for operational efficiency and transparency in corporate processes. Enterprise resource planning (ERP) system complexity has decreased due to advances in technology, and third-party apps can now more efficiently assist corporate procedures. 
  • In the upcoming years, 80% of technology stakeholders anticipate that the commercialization of their products would have a substantial impact on their organizations and business models, according to PwC's 22nd Annual Global CEO Survey.
  • Businesses all around the world are focusing on streamlining their operations to improve operational effectiveness while monitoring operating expenses. Businesses are looking for a single solution to manage a range of corporate processes, including procurement, supply chain management, sales and marketing, finance and accounting. Business operations are now simpler and more effective thanks to the integration of ERP software. It eliminates the need for manual data entry and enables businesses to view all of the data on a single unified platform. 

Enterprise Resource Planning Software Market Restraint

High costs and a lack of skilled workers followed with limited integration challenges to limit the market growth.

  • Enterprise resource planning software is a viable yet expensive option, and setting up ERP systems can be pricey for SMEs and new businesses. Businesses struggle to run smoothly and efficiently, thus good planning, qualified personnel, and an experienced team are crucial. 
  • Over time, businesses have started to include cloud enterprise resource planning services and solutions. Due to system complexity and implementation costs, businesses still have a lot of trouble integrating new solutions with their current systems. For cloud ERP to be successfully implemented, new systems must be closely integrated with legacy ones.
  • Few organizations still use their current systems, which are based on old technology and manual processes, leading to a high rate of errors and a lengthy response time, because of a lack of resources. Additionally, since most current legacy systems are on-premises, connecting them to brand-new cloud-based systems could be a challenge for businesses looking to implement digital process automation solutions and services.
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FAQs

Enterprise Resource Planning (ERP) Software Market size was valued at USD 45.82 billion in 2019 and is poised to grow from USD 49.28 billion in 2023 to USD 90.63 billion by 2031, growing at a CAGR of 9.1% in the forecast period (2024-2031).

Most companies are actively investing in R&D activities to develop innovative products that help the company to improve its market share and generate more revenue. On the other hand, Unit 4 Company is planning to increase its market revenue by acquiring small market players. In its Unit 4 partner program, Unit 4 collaborated with Enbridge Consulting. With this alliance, the businesses hope to provide SaaS-based ERP systems for small and medium-sized businesses while also gaining access to the services and technology business experience that other businesses provide. 'Acumatica', 'Aptean', 'Deltek', 'Epicor Software Corporation', 'IFS AB', 'Infor', 'Intuit Inc.', 'Microsoft Corporation', 'NetSuite Inc.', 'Oracle Corporation', 'QAD Inc.', 'Ramco Systems', 'Sage Group', 'SAP SE', 'SYSPRO', 'Technology One Limited', 'Unit4', 'Workday, Inc.', 'Xledger', 'Zoho Corporation'

Global organizations have been compelled to adopt a variety of business models due to the increasing need for operational efficiency and transparency in corporate processes. Enterprise resource planning (ERP) system complexity has decreased due to advances in technology, and third-party apps can now more efficiently assist corporate procedures. 

Robust Adoption of Cloud-Based ERP Solutions: The market is expected to increase as a result of the rising demand for cloud-based solutions. Enterprises can save their data on shared computing resources thanks to cloud-based solutions. Contrary to traditional software, cloud-based solutions assist businesses in sharing information between divisions. 

Due to the presence of key providers like Oracle, Microsoft, Infor, and Epicor in the area, North America accounted for the biggest market share. Advanced technologies including cloud computing, IoT, Big Data, and business intelligence are more widely used in North America, which further contributes to the expansion of the regional market. Additionally, increased ERP solution adoption across business verticals is boosting the market in North America.

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