Enterprise Resource Planning: By Component (Solutions and Services), By Business Segment (Sales and Marketing, Finance and Accounting, Order Management and Others), By Deployment Type (On-premises, Cloud-based and Hybrid), And Region - Global Analysis of Market Size, Share & Trends for 2019-2020 And Forecasts to 2031
Global Enterprise Resource Planning to surpass USD 111.8 billion by 2031 from USD 46.9 billion in 2021 at a CAGR of 9.1% in the coming years, i.e., 2021-31.
Companies employ enterprise resource planning(ERP) technologies to improve the efficiency of their corporate operations and processes. The business activities of an ERP solution have changed from minimal assistance and planning operations to complete business process integration, which includes critical responsibilities like recruiting and decision-making. An ERP system is made up of several software systems, each of which focuses on a different aspect of company, such as materials purchasing, inventory control, accountancy, finance, and human resources. These modules can be tailored to the organization's specific requirements. Using a common database managed by a DBMS, ERP delivers an integrated and continually updated view of fundamental business activities.
Global Enterprise Resource Planning market is expected to project a notable CAGR of 9.1% in 2031.
Global Enterprise Resource Planning to surpass USD 111.8 billion by 2031 from USD 46.9 billion in 2021 at a CAGR of 9.1% in the coming years, i.e., 2021-31. Growing desire among businesses to improve operating effectiveness and optimize business operations, the impact of the COVID-19 epidemic, and increasing use of cloud-based solutions are all driving the expansion of the cloud ERP sector.
Solution segment to grow with the highest CAGR during 2021-31
On the basis of component, the global ERP market is segmented into solution and services. In terms of revenue, the solution accounted for the largest portion. The world market size includes a variety of software provided by major vendors. The rising use of the products among businesses to manage all aspects of the business-like financial management, human resource management, supply chain management, and making it easier and efficient for enterprises to collect data is largely responsible for the segment's growth. Furthermore, the widespread adoption of big-data technology and the ever-evolving customer-centric industry are likely to provide significant potential for major players to invest in ERP software solutions.
Cloud-Based ERP segment to grow with the highest CAGR during 2021-31
On the basis of deployment, the global Enterprise Resource Planning market is segmented into cloud, on premises and hybrid. During the predicted period, cloud-based ERP held the greatest market share. Over the projection period, global market for cloud-ERP is expected to grow because to low infrastructure & point for structure expenses, as well as the ability to interact with mobile phones and tablets. Cloud solutions allow companies to store data via the Internet as well as provide methods for data restoration in the event of data loss or intrusion.
Growing business process and digitalization
Primary elements driving the market growth for ERP systems to automate procedures and simplify information across departments is the growing digitization of corporate processes. It also integrates financial operations, synchronizes human resource practices, supports services, offers managers with strong analytics from multiple construction processes, and aids in the efficient management of a project's whole lifecycle. As a result, it's used all over the world in the banking services, financial sectors, and insurance (BFSI) industry. Apart from that, it is useful in the healthcare industry since it reduces clinical errors, improves patient care, and keeps track of clinical and administrative expenditures.
Rising need of ERP in small & medium enterprises.
The global Enterprise market is growing due to an increase rising demand for operational accountability and effectiveness in corporate operations, as well as an increase in demand of Enterprise resource planning software from small and medium businesses. Furthermore, the rapid usage of mobile and cloud apps is boosting the ERP market's growth. The increased use of Enterprise resource planning solution in medium and small firms, as well as the quick change of business model innovation, are expected to present profitable opportunities for the ERP software industry to flourish over the forecast period.
Scarcity of competent professionals and excessive costs.
Enterprise resource planning software is a costly option, and implementing ERP software for small businesses and startups can be prohibitively expensive. It is difficult for a firm to run efficiently and smoothly; thus, appropriate planning and a skilled and experienced team are required. Employees may mistreat technology as a result of insufficient training, leading to the loss of vital information. These factors could be a major stumbling block for the world market.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Enterprise Resource Planning market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Due to the presence of key providers including such Oracle, Microsoft, Infor, and Epicor in the region, North America gained the greatest market share. North America has a higher usage of modern technology including cloud computing services, IoT, big data, and business intelligence, which helps the region's market grow. Furthermore, the market in this Region is being fueled by a rising adoption of ERP software across various business verticals. The growing demand for digital methods to automate company functions is fueling market growth during the forecast period in North America.
Due to the COVID-19 pandemic, a number of lockdowns & self-quarantine measures were implemented, resulting in business closures, supply chain problems, and worker shortages. Such variables had a significant impact on a wide range of industries around the world, from electronic to automobile manufacturing. During that time, such occurrences wreaked havoc on a variety of global business sectors. ERP software solutions, on the other hand, enabled firms to operate remotely even during pandemic, boosting the worldwide ERP industry's growth in the subsequent years.
Market size value in 2021
USD 46.9 billion
Revenue forecast in 2031
USD 111.8 billion
CAGR of 9.1% from 2021 to 2031
Base year for estimation
Revenue in USD billion and CAGR from 2021 to 2031
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Component, Business Segment, Deployment type and Region.
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled
Oracle Corporation, IBM Corporation, Microsoft Corporation., SAP, Infor, Sage, Netsuite Inc., SYSPRO, Epicor Software Company, and Daffodil Software Ltd. and Other Prominent Players.
Enterprise Resource Planning market size was estimated at USD 46.9 billion in 2021 and is expected to reach USD 111.8 billion in 2031.
Companies employ enterprise resource planning(ERP) technologies to improve the efficiency of their corporate operations and processes. The business activities of an ERP solution have changed from minimal assistance and planning operations to complete business process integration, which includes critical responsibilities like recruiting and decision-making.
Software and Cloud ERP segments accounted for the largest Enterprise Resource Planning market share.
Key players: Oracle Corporation, IBM Corporation, Microsoft Corporation., SAP, Infor, Sage, Netsuite Inc., SYSPRO, Epicor Software Company, and Daffodil Software Ltd. are the key players in the Enterprise Resource Planning market.
Increasing business process and digitalization and Increasing need of ERP in small & medium enterprises are the factors driving the commodity plastic market.
Select License Type
US : +1 (716) 218-3733
UK : +44 (208) 1235555
Select License Type
FATPOS CLIENT Appriciation DURING THE PROJECT