At present, the IT sector is undergoing a whole lot of changes and now of all times it is most open to accepting new and innovative technologies. Because of this fact, it can be asserted that the global ERP Software Market will register remarkable success in the coming years. This industry is expected to generate a revenue of around 47 billion during the forecast period of 2017-2022. In terms of CAGR, the market is estimated to tread forward at the rate of 7%.
There are many growth factors that are responsible for the growth and development of this market. Economic growth seems to be a major growth factor for this industry. Slowly and steadily the investment in the IT sector has started to go up thanks to economic growth. Thus, in consequence to this the market gets benefitted.
There are two more additional aspects that further foster the growth of the market and they are the addition of new industries under this umbrella and upcoming market trends. However, the market will experience certain drawbacks in the form expensiveness of the software and price irregularities. Although, experts believe that the market will cope with such issues as it grows.
Market Players & Key Trends
The most famous and long standing players of this market can be listed as Consona Corp, SAP SE, Epicor, QAD and Syspro. The two major strategies utilized by these players are strategic expansion and novel product development.
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ERP Software Market – An Introduction
ERP stands for enterprise resource planning, it is a boon for the modern day business pioneers. Since the time of its discovery it has been successful in gaining a loyal clientele base owing to its beneficial features. This software helps business owners to get constantly updated regarding their core business processes. In short, ERP software has changed the face of the current day IT industry. In recent times, the demand for the same has skyrocketed. Owing to this the global ERP software market is gaining impetus.
ERP (enterprise resource planning) is a procedure through which principal businesses processes can be managed in a comprehensive manner. It offers results in real-time and they are mostly assisted by technology and software. Majority of the people believe that ERP is a division of business-management software. Basically, it is an accumulation of applications that a professional firm could utilize to manage, assimilate, interpret and store data.
There are a number of benefits of using an ERP software. It can enhance the quality and efficiency of any given business set-up, it aids the upper level management by providing important information that helps in decision making, it helps in forming a company that is updated with the ongoing industry trends. Thus, on the whole it can be concluded that this market has a great future potential.
The worldwide ERP software market has been segmented into four main divisions. They can be listed as industry verticals, installation, geographies and applications.
When it comes to industry verticals, the market is separated into manufacturing, BFSI, entertainment, healthcare and IT.
On account of installation, the industry has been divided into on premises and on cloud.
Geographically, the market has its reach across various areas of the world like North America, Europe, Asia Pacific and Rest of the World.
Lastly, on the basis of applications, the industry is fragmented into accounting, CRM, HR, sales and business intelligence.
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There are three main trends that will rule the global ERP software during the forecast period – inclusion of artificial intelligence (AI), cloud computing will become pivotal and ERP security measures will be improved.
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