ERP Software Market is Expected to Show Noteworthy Growth by 2023

17^th May 2019 - The Global ERP Software Market is expected to display higher growth rate over the next five years. Growing demand from defense & aerospace, retail, and government utility sectors for ERP software is propelling the market demand. Streamlined processing is gaining traction among several end-user sectors, thus fostering market growth in the past few years. Globally, Enterprise Resource Planning (ERP) software market is predicted to generate massive revenue over the next five years, providing numerous opportunities for industry participants to invest in research and development of ERP software market.

Enterprise resource planning (ERP), also referred as business process management software, is used by an organization to monitor various business functions and automate number of back office applications, which are associated with technology, services and human resources. Enterprise resource planning (ERP) software is used to integrate different facets of business operation that includes product-planning, development, manufacturing, sales and marketing. Enterprise resource planning (ERP) software contains a single database, application and user interface.

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Enterprise resource planning (ERP) software is suitable for large-scale organizations due to constant need for dedicated teams that customizes and analyzes the data and handle upgrades. However, deployment of small business ERP solutions that are lightweight business management software solutions is expected to expand market reach of ERP software industry. Small business ERP solutions can be customized for a specific business industry or vertical.

Increase in number of small & medium-sized enterprises, particularly in Asia pacific region, is anticipated to fuel product demand over the next five years. Furthermore, rising penetration of IT technologies in India, China and Brazil is predicted to vary consumer behavior towards enterprise resource planning (ERP) software. Early adoption of enterprise resource planning (ERP) software reduces inventory and raw material cost.

The ERP software market is broadly categorized into seven major segments based on the application type such as BFSI (Banking, finance services and insurance) sector, aerospace & defense sector, manufacturing sector, telecomm industry, healthcare sector, retail industry and government utilities. BFSI (Banking, finance services and insurance) segment is growing rapidly in the market with substantial revenue generation in the last few years.

The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in IT sector, surge in number of research & development activities in the region and existence of well-established IT infrastructure. In European region, Germany, France, and United Kingdom are projected to witness steady growth.

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Asia-Pacific region is estimated to hold a major share in the ERP software industry with massive growth in forecast period. Countries such as India, China, Japan and Singapore are leading the Asia-Pacific market with strong economic growth, rising number of small & medium-sized enterprises, growing focus to improve organizational productivity & performance, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the ERP software market are Oracle Corp., International Business Machines Corp., Microsoft Corp., SAP AG, Infor Pvt., Ltd., NetSuite Inc., Totvs S.A., Unit4 Co., and Syspro Ltd.