Market Research Report
Global Enterprise Resource Planning Market - Segmented by Deployment, Industry, End User, and Region - Growth, Trends, and Forecast
|Published by||Mordor Intelligence LLP||Product code||393741|
|Published||Content info||113 Pages
Delivery time: 1-2 business days
|Global Enterprise Resource Planning Market - Segmented by Deployment, Industry, End User, and Region - Growth, Trends, and Forecast|
|Published: April 26, 2018||Content info: 113 Pages||
The global enterprise resource planning market was valued at USD 33.6 billion in 2017, and is expected to reach a value of USD 47.85 billion by 2023, at a CAGR of 6.07% over the forecast period (2018-2023). Enterprise resource planning (ERP) systems are becoming a necessity, owing to the increasing amount of workflow and the complex planning programs. ERP can help any enterprise do business in the mobile world. One of the key benefits of ERP systems is that it helps in the cessation of work directly and modifies the inventory to ensure new business orders to keep it current on a day-to-day level. ERP systems further monitor the utilization of resources and work-flow schedules, impact diagnose trouble codes, and track preventive programs where this process helps in better understanding of the total cost of operation on a real-time basis.
Big data analytics has gradually emerged to be the most prominent collective phenomenon in the early 21st century. The ERP analytics tools enable them to translate hordes of consumer data into actionable insights. There is an immediate need to build new systems like ERP software systems to handle big data. For example, electricity supply companies are replacing the analog meters with digital alternatives, where a huge volume of data is pouring into their servers every month. These businesses now require systems that can use this data to analyze comprehensively the usage patterns, demand peaks, and consumption fluctuations, while arriving at smart decisions. All of this mandates the need for a system that handles big data effectively. The demand for analytics tools has been bolstering the ERP market worldwide.
Real-time Data Analytics is Driving Market Growth
The key drivers for growth in this market include consistent data availability across the business for faster decision-making, real-time data analytics, and increased adoption of ERP solutions for better management. Incremental technological advancements will pave the way for several growth opportunities for the ERP market, by making analytics tools more accessible to the small/medium-scale organizations. Conversely, difficulties in customization according to business needs, cost of implementing across the business, and integrating several existing systems into one legacy system could impede the growth over the forecast period.
Retail is expected to Hold the Largest Share
The global retail market is one of the rapidly growing sectors in the world. The trajectory of retail is growing at an explosive rate, supported by the rise of the middle-class segment. Internet penetration and expanding mobile users are the key drivers of this market. ERP software systems can be add-ons to the retail market, where they can manage the resources by planning the workflows and schedules.
The growth of the retail market is globalized; this is largely fueled by technological advancements and increased market penetration of broadband and mobile devices. This growth can also be attributed to the several pro-active steps taken by the nation-to-nation co-operations for development of domestic supply chains in key sectors, such as technology and retail.
Asia-Pacific is Expected to Hold the Major Share in the Market
Asia-Pacific is expected to account for a major share in the ERP software market. Many of the organizations in the APAC region are completely dependent on digital systems to perform their tasks. The ERP software technology helps the private and government organizations in resource planning, in managing their tasks on real-time basis, and in simplifying the complex workflow. Hence, the adoptability of the ERP software systems will be an added advantage to the small and medium-size organizations. IoT is predicted to undergo massive growth in APAC in the coming years, and rising mobile tools play a vital role in enabling the ERP software systems to grow. The advanced industry sector is highly metropolitan and varies considerably in its composition and depth across regions.
Key Developments in the Market
November 2017 - Microsoft launched Azure location-based services, a new azure cloud offering to power the "location of things." This could empower industrial transformation from manufacturing to automotive to retail as it includes geographical data that can better connect smart cities, IoT solutions, and infrastructure.
October 2017 - Oracle launched an autonomous cloud database capable of patching cyber security weaknesses on its own accord. Oracle Autonomous Database Cloud uses machine learning to eliminate human maintenance and error, offering self-driving, self-scaling, and self-repairing database functions.
The major players include - SAP SE, ORACLE CORPORATION, MICROSOFT CORPORATION, NETSUITE INC., SYSPRO, INFOR, EPICOR, SOFTWARE CORPORATION, INTERNATIONAL BUSINESS MACHINES CORPORATION (IBM), THE SAGE GROUP PLC, and IQMS, amongst others
Reasons to Purchase the Report
Current and future enterprise resource planning market analysis in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter's five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
List is Not Exhaustive