Global ERP Software market is expected to reach USD 48.22 billion by 2022, according to a new report by Grand View Research, Inc. Growing demand from aerospace & defense, government utilities, and retail is expected to augment growth over the next seven years. In addition, extensive R&D and technological advancements in deployment methods to reduce cost is expected to fuel growth over the forecast period.
Technology advancement has been a major factor challenging industry growth. Cloud-based applications have been highly adopted to reduce deployment costs. Furthermore, facilities including easy access to ERP software via mobile phones helps stay in contact to business related information, thus facilitating real-time decision making which is expected to increase market demand over the next seven years.
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Further key findings from the report suggest:
On-premise deployment model was valued at over USD 17,010.0 million in 2014. Organizations use and store ERP software on their own hardware at their premises, reducing dependency on third party vendor. These factors have led to increased demand for on-premise deployment software in the market, thus, is expected to drive product need over the forecast period.
Finance function segment is expected to grow at a CAGR over 7.0% from 2015 to 2022. Growing emergence of financial businesses and service sector would provide lucrative growth opportunities for the ERP software market. Most of the businesses are expected to implement financial ERP module over the next few years to improve their business efficiency and productivity which is expected to be key driver for growth.
Manufacturing & services was valued at over USD 5,110.0 million in 2014. This sector uses ERP for a wide range of business functions such as monitoring of daily operations, tracking day-to-day performances, collaborating with multiple departments to improve internal efficiencies and customer services.
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Medium enterprises have been trying to find a suitable software solutions that would help them increase their operational efficiency, reduce cost of production and ensure on-time product delivery. Development of cloud based ERP software coupled with increased demand for industry specific ERP software is expected to augment growth over the forecast period.
North America ERP software market demand was valued at over USD 11,330.0 million in 2014. Enterprises in the region have adopted ERP software in an effort to make financial transactions more transparent. The demand for ERP software for this function is expected to grow at above average rate over the forecast period.
Key market participants include Oracle Corporation, International Business Machines (IBM) Corporation, Microsoft Corporation, SAP SE, Infor, Sage Group Plc, NetSuite Inc., Totvs S.A., Unit4 and Syspro. The companies have been developing new products in order to cater to increasing demand for industry dedicated ERP software. In addition, changing technology has led to increased focus towards cloud technology.
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