May 21, 2020
According to a recent study titled ‘Global Enterprise Resource Planning Market Size study, by Functional Analysis (Finance, Human resource (HR), Supply chain and Others.), Deployment Analysis (Cloud and On-Premises), by Vertical Analysis (Manufacturing & Services, BFSI, Healthcare, Retail, Government Utilities, Aerospace and defense, Telecom and Others) and Regional Forecasts 2020-2026’, available Market Study Report LLC, global enterprise resource planning market is expected to register a healthy growth rate throughout the forecast years.
Enterprise resource planning (ERP) is the ability to provide an integrated suite of business applications, that share common process and data model, and cover broad and deep operational end-to-end processes related with HR, finance, manufacturing, distribution, service, and the supply chain functions.
ERP can be deployed either on the cloud or on-premise and is used across various end-user industries including manufacturing & services, healthcare, BFSI, retail, government utilities, telecom, aerospace and defense, and others.
Rapid globalization, strict regulatory compliance, and centralization, and increasing adoption of ERP software for improved transparency and operational efficiency of organizations are fueling the growth of global enterprise resource planning market.
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Moreover, technological advancements, emergence of new products and services, and strategic alliances by key market players will positively impact the market outlook. For instance, in March 2020, Sage Group announced its next generation ERP for the construction industry, that combines its Sage Intacct ERP functionality with construction industry and enhances it with the information and functionality acquired from Sage Timberline/Sage 300 Construction products.
On the contrary, high investment and maintenance costs will restrain the market growth over the forecast period.
Considering the geographical landscape, the market is split into North America, Asia Pacific, Europe, Latin America, and Rest of the World. North America enterprise resource planning market is slated to advance rapidly in the coming years, owing to the paradigm shift from on-premise to cloud solutions, facilitated by the presence of several ERP solution vendors in the region.
Meanwhile, Asia Pacific enterprise resource planning market is expected to grow at a rapid pace during the estimated timeframe due to surge in the number of small and medium scale enterprises in emerging economies like India and China looking for efficient solutions to manage their business processes.
Major players operating in global enterprise resource planning market are Oracle Corporation, SAP SE, Sage Group plc, BAAN Company (now part of Infor), Kronos Incorporated, Microsoft Corporation, JD Edwards, QAD Inc., Epicor Software Corporation, and Consona Corporation.