Enterprise Resource Planning (ERP) Software Market size is set to grow by USD 34.728 billion from 2024-2028, increased operational efficiency associated with erp software to boost the market growth, Technavio

NEW YORK, May 17, 2024 /PRNewswire/ -- The global enterprise resource planning (erp) software market size is estimated to grow by USD 34727.6 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  10.67%  during the forecast period. 

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Key Market Trends Fueling Growth

Enterprise Resource Planning (ERP) software market trends include the integration of real-time data capabilities, operational efficiency, business processes, data-driven decisions, open-source applications, and cloud-based solutions in various industries such as IT & telecom, retail & consumer goods, healthcare & life sciences, transportation & logistics, government, aerospace & defense. ERP systems now offer advanced reporting and analytics, enabling simulation, planning, modeling, and forecasting, improving response time to market demands. Key features include inventory costs, raw material costs, profitability, manufacturing businesses, production process, supply chain operations, financial activities, human resource segment, cloud deployment segment, enterprise size, supplier-relationship management, customer-relationship management, and integrated applications. ERP platforms offer productivity enhancements through workflows, customer service, mobile-friendly solutions, and real-time decision-making. 

Market Challenges

• ERP software plays a pivotal role in businesses by connecting various aspects. However, its importance makes it a prime target for cybercriminals. Sensitive information and business-critical data are at risk due to insufficient IT security infrastructure. Distributed denial-of-service (DDoS) attacks disrupt operations, affecting production efficiency. ERP systems in various environments, including manufacturing SMEs and large enterprises, often use default passwords and lack control. Adaptability and flexibility are crucial in implementing digital technology solutions, such as ERP, in organizational structures. Effective communication, departments, and employees require dedicated hardware and customization capabilities. SAP solutions, regional operations, and manufacturing companies face high costs and IT budget constraints. Consulting services and technical experts aid in digital transformation investments, including two-tier ERP and cloud & hybrid solutions, for midsize enterprises and large-scale organizations.

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Segment Overview 

This enterprise resource planning (erp) software market report extensively covers market segmentation by

1. Type 
• 1.1 Cloud based
• 1.2 On-premise
2. End-user 
• 2.1 Manufacturing
• 2.2 BFSI
• 2.3 Healthcare
• 2.4 IT and telecom
• 2.5 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Cloud based-  The global Enterprise Resource Planning (ERP) software market is experiencing significant transformation through the adoption of cloud and hybrid deployment models. Teamwork and adaptability are key benefits, enabling effective communication and coordination among departments and employees in organizations of various sizes. This shift caters to new product lines, new markets, and organizational structure changes, aligning with the business online concept and contactless transactions. Manufacturing SMEs and large enterprises alike are embracing this technological evolution, with staff size and operational efficiency driving the decision-making process. Cloud & hybrid solutions offer flexibility, streamlining manufacturing processes, and transparency, while adhering to compliance requirements. SAP solutions and other digital technology software are essential tools for businesses seeking control, customization capabilities, and IT budget efficiency. Regional operations and manufacturing companies, in particular, are investing in digital transformation, with high costs and the need for technical experts and consulting services driving the demand for cloud solutions. On-premises deployment models remain relevant for some enterprise types, but the trend is moving towards cloud and hybrid solutions. Midsize enterprises are also adopting these technologies to improve procurement, supply chain management, and overall operational efficiency. In summary, the ERP software market is undergoing a significant shift towards cloud and hybrid solutions, driven by the need for teamwork, adaptability, and flexibility, as well as the desire to reach new markets and product lines. This transformation is essential for organizational success in today's business landscape.

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Research Analysis

The Enterprise Resource Planning (ERP) software market is experiencing significant growth due to the increasing demand for supplier-relationship and customer-relationship management solutions among manufacturing SMEs and Large Enterprises. Cloud-based ERP platforms are becoming increasingly popular, offering integrated applications for financial systems and ERP systems that enhance productivity through workflows and real-time decision-making. These mobile-friendly solutions enable teamwork, adaptability, and flexibility, enabling businesses to expand into new product lines and markets. Organizational structure changes, the business online concept, and contactless transactions are also driving the adoption of ERP systems. Customization capabilities, control, and custom hardware are essential features for businesses with regional operations and high IT budgets. Streamlining and coordination, effective communication, and the ability to adapt to changing business needs are key benefits of ERP systems.

Market Research Overview

The Enterprise Resource Planning (ERP) software market encompasses solutions that manage and integrate essential business processes, including financial, procurement, supply chain, manufacturing, and human resources. These systems provide real-time data access and analysis, enabling organizations to streamline operations, improve efficiency, and make informed decisions. ERP solutions can be deployed on-premises or in the cloud and cater to various industries, from small businesses to large enterprises. The global ERP software market is expected to grow significantly due to the increasing digitization of businesses and the need for integrated and automated business processes. Additionally, the market is driven by factors such as the integration of artificial intelligence and machine learning, the rise of Industry 4.0, and the growing trend towards remote work.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Cloud Based
• On-premise
• End-user
• Manufacturing
• BFSI
• Healthcare
• IT And Telecom
• Others
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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