Worldwide ERPs software industry contributed over USD 27,600 million in 2014. Augmented need for efficiency and transparency in several organizations is anticipated to boost the market demand over the coming years. Additionally, rising demand from government utilities and defense & aerospace due to requirement of streamlined processing in industries is anticipated to play a vital role in boosting the ERP market growth.
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ERP aids incorporation of smooth flow of cross functional information of several procedure within an organization, therefore enable better decision making and productivity. Increasing number of SMEs in emerging countries especially in Brazil, China and India are projected to drive the demand further. Furthermore, penetration of IT technologies in these regions is anticipated to change consumer behavior, which will result in improved adoption of ERP software as an alternative of manual operations.
ERP implementation can lead to reduction of raw material cost by around 15% and inventory cost by 25% to 30%. Furthermore, it also leads to augmented profitability for a firm, hence driving the overall demand for ERP market.
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In 2014, the product in finance function contributed over 22.0% of the industry share. Ease of managing financial activities involving assets management, accounting, cash flow management and investment is projected to boost demand over the coming years. On-Promise deployment models supply benefits like high security and continuous control of data on an organization, which is anticipated to boost the market demand over the coming years.
In 2014, cloud deployment contributed for the largest market share and is further estimated to undergo significant demand. In addition, ability to integrate with other devices coupled with low infrastructure requirement is expected to boost the demand over the coming years.
Medium enterprises contributed over 40% of the total market share in 2014. On-time production delivery, increase operational cost and reduced production cost are factors estimated to escalate the industry demand over the coming years. Additionally, development of firms requires proper management of database which is anticipated to boost the demand further.
North America contributed over 40% of the total market share. Existence of numerous market players coupled with rapid technological advancement in the region is anticipated to boost industry growth further. Additionally, ERP software with mobile devices is anticipated to propel demand over the forecast period.
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