The enterprise resource planning (ERP) software market size is expected to post a CAGR of over 9% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global enterprise resource planning (ERP) software market 2019-2023 (Graphic: Business Wire)
The increasing demand for ERP software from SMEs is one of the major reasons behind the growth of the ERP software market. ERP software has become essential for enterprises across all industries as it helps in improving operations 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.
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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 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Enterprise Resource Planning (ERP) Software Market: Rise in 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. These technologies integrated with ERP help them to enhance their business operations. ERP solutions are used to perform banking operations such as cash management, payment processing, cash accounting, and transactional security. The ERP software also help financial institutions lower their financial costs and risks and optimize strategic planning, in turn, resulting in the growth of ERP software market during the forecast period.
“Other factors such as the evolution of intelligent ERP, integration of ERP with BPM, and embedded data analytics features will have a significant impact on the growth of the enterprise resource planning (ERP) software market value during the forecast period,” says a senior analyst at Technavio.
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Enterprise Resource Planning (ERP) Software Market: Segmentation Analysis
This market research report segments the enterprise resource planning (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 American 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 of the ERP software market share in North America can be attributed to the increasing need for business process efficiency and transparency through digital transformation.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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