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ERP Software Market To Offer Numerous Opportunities At A CAGR Of 10.7% By 2030, Due To Its Rising Application In Banking, Retail, Government Utility, And Healthcare | Grand View Research, Inc.

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ERP Software Market To Offer Numerous Opportunities At A CAGR Of 10.7% By 2030, Due To Its Rising Application In Banking, Retail, Government Utility, And Healthcare | Grand View Research, Inc.

June 08
07:44 2022
ERP Software Market To Offer Numerous Opportunities At A CAGR Of 10.7% By 2030, Due To Its Rising Application In Banking, Retail, Government Utility, And Healthcare | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, a rise in the number of SMEs in developing economies such as China, India, and Brazil is expected to boost product demand over the forecast period.

ERP Software Industry Overview

The global ERP software market size was valued at USD 50.57 billion in 2021 and is expected to reach USD 123.41 billion by 2030, at a CAGR of 10.7% from 2022 to 2030.

The growth is attributed to factors such as the growing need for operational efficiency and transparency in business processes, increasing demand for data-driven decision-making, and rising adoption of mobile and cloud applications. However, the increasing availability of open-source applications and higher initial investment and maintenance costs are expected to restrain the market growth.

Gather more insights about the market drivers, restraints, and growth of the Global ERP Software market

The implementation of ERP software in organizations can reduce inventory costs by 25% – 30% and raw material costs by around 15%. The software ensures a smooth flow of cross-functional information, offering better productivity and decision-making. A rise in the number of SMEs in developing economies such as China, India, and Brazil is expected to boost product demand over the forecast period. The adoption of IT technologies in these economies is expected to change consumer behavior, leading to increased adoption of ERP software instead of manual operations.

U.S. ERP software market size, by function, 2020 - 2030 (USD Billion)

Low infrastructure costs and the ability to integrate with mobile devices are expected to increase demand for cloud services. Enterprises are ready to invest in cloud-connected mobile applications to facilitate synchronization, update, and control of documents. An increase in demand for cloud-based ERP solutions since the COVID-19 pandemic, especially from small- and medium-sized businesses, is anticipated to offer various opportunities for the stakeholders in the market. Therefore, a surge in the adoption of cloud and mobile applications is propelling the growth of the ERP software market.

The increasing number of business applications and the growing size of data generated through different supply chains have enabled companies to deploy a centralized platform that manages all the operations. Additionally, the demand for ERP solutions has increased owing to rising automation and increasing technological deployments in the supply chain management process, thereby contributing to market growth.

 

ERP Software Market Segmentation

Based on the Deployment Insights, the market is segmented into On-premise and Cloud.

  • The on-premises segment accounted for the largest share of over 70% of the market share in 2021. One of the major benefits of this deployment model is it offers continuous control and high security of data in any organization.
  • The cloud segment is expected to dominate the market by 2030 owing to its increasing adoption.

 

Based on the Functions Insights, the market is segmented into Finance, HR, Supply chain and Others.

  • The finance segment accounted for the largest share of over 28.0% of the market share in 2021.
  • The Human Resource (HR) segment accounted for a significant share of the market. The growth of the segment is majorly attributed to the rapid expansion of organizations, making it difficult to manage all the company processes.
  • Growth in the e-commerce industry enables enterprises to opt for advanced solutions for managing supply chain operations effectively, thereby contributing to the growth of the segment.

 

Based on the End-User Insights, the market is segmented into Large enterprises, Medium enterprises and Small enterprises.

  • The large enterprises segment accounted for the largest share of over 39% of the market share in 2021.
  • The medium enterprises segment is expected to witness a significant growth rate and dominate the market by 2030.

 

Based on the Verticals Insights, the market is segmented into Manufacturing & services, BFSI, Healthcare, Retail, Government utilities, Aerospace & defense, Telecom and Others.

  • The manufacturing & services segment accounted for the largest share of over 20.0% of the market in 2021.
  • The increasing need to track vendor performance and enhance visibility throughout the supply chain enables manufacturers to opt for ERP solutions that assist them with efficient operations planning and management.

 

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa

  • North America dominated the market with a share of over 35.0% in 2021.
  • The Asia Pacific market is expected to grow owing to the booming manufacturing sector and growing small and medium enterprises. 

 

Browse through Grand View Research’s Technology Industry Related Reports

  • Supply Chain Management Market The global supply chain management market size was valued at USD 16.64 billion in 2021 and is expected to expand at a CAGR of 10.8% from 2022 to 2028. The rapidly growing adoption of information technology and technical breakthroughs improves and supports the overall supply chain, contributing to the market expansion. 
  • Healthcare ERP MarketThe global healthcare ERP market size was valued at USD 6.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.6% from 2021 to 2028.

 

Market Share Insights:

  • September 2020: Unit4, one of the ERP vendors, partnered with Embridge Consulting, a U.K.-based consulting firm, to offer SaaS-based ERP tools to small & medium-sized enterprises.

 

Key Companies Profile:

The market is fragmented with numerous companies operating worldwide. To stay competitive in the market, market players are pursuing a variety of growth strategies, including partnerships, strategic agreements and collaborations, mergers and acquisitions, and new product developments.

Some prominent players in the global ERP Software market include:

  • Hewlett-Packard Development Company, L.P.
  • Epicor Software Corporation
  • International Business Machines Corporation
  • Infor Inc.
  • NetSuite Inc.
  • Microsoft Corporation
  • SAP SE
  • Oracle Corporation
  • Unit4
  • Sage Group, plc

 

Order a free sample PDF of the ERP Software Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

 

Web: https://www.grandviewresearch.com

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1888202951
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/erp-software-market

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