The global ERP software market is expected to post a CAGR of more than
9% during the period 2019-2023, according to the latest market research
report by Technavio.
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Technavio has published a new market research report on the global enterprise resource planning (ERP) market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global ERP software market is the
increasing demand for ERP software from SMEs. ERP software has become
extremely essential for enterprises across all industries as it helps in
improving operation and business process efficiency. ERP software offers
advantages such as better planning and resource management, regulating
operational costs, streamlining of data under one platform, enhanced
decision-making, and increased sales. As a result, SMEs are shifting
from using standalone applications for each of their business functions
to ERP software that allows the integration of multiple functions into a
single application. Therefore, high demand from SMEs will drive the
market growth of ERP software during the forecast period.
As per Technavio, the rise in adoption of ERP by financial
institutions will have a positive impact on the market and contribute to
its growth significantly over the forecast period. This global
ERP software market 2019-2023 research
report also analyzes other important trends and market drivers that will
affect market growth over 2019-2023.
Global ERP software market: Rise in the
adoption of ERP by financial institutions
Financial institutions are increasingly adopting new technologies such
as machine learning, IoT, cognitive computing and blockchain to drive
the growth of their business. They are primarily adopting technologies
that are integrated with ERP which helps them in enhancing their
business operations. ERP is mainly being used to perform banking
operations such as cash management, payment processing, cash accounting,
and transactional security. The ERP software helps financial
institutions in lowering their financial costs and risks and optimize
strategic planning. Moreover, the recent evolution of ERP into
intelligent ERP with blockchain technology, cloud, AI and machine
learning, will further drive the adoption of ERP by financial
institutions.
“Cloud-based ERP is gaining immense popularity across end-user
industries owing to the lower up-front costs and implementation time.
Cloud-based ERP provides various business benefits including process
alignment and business consistency across an organization. It also
enables accessing of applications by users, employees, and partners from
anyplace and eliminates the need for a dedicated IT support team
for maintenance and update of the software. Such benefits of cloud-ERP
will boost its demand and adoption, thereby fueling the growth of the
ERP software market during the forecast period,” says a senior
research analyst at Technavio.
Global ERP software market: Segmentation
analysis
This market research report segments the global ERP software market by
type (on-premise ERP and cloud-based ERP) and geographic regions (North
America, Europe, APAC, MEA, and South America).
The North America region led the market in 2018, followed by Europe,
APAC, MEA, and South America respectively. The US and Canada are major
contributors to the ERP software market in this region. The market
growth in North America can be attributed to an increase in the need for
business process efficiency and transparency through digital
transformation.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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