The global enterprise resource planning (ERP) software market is expected to create lucrative growth opportunities over the assessment period by registering a CAGR of 9.1% from 2023 to 2033. The global market is set to reach a valuation of US$ 58.2 Billion in 2023 to reach US$ 139.4 Billion by the year 2033.
According to the historic analysis conducted by Future Market Insights, the global enterprise resource planning (ERP) software market registered a 7.0% CAGR from 2018 to 2022 with a revenue of US$ 50.3 Billion in 2022. ERP helps to draw a central database that saves inputs from departments including manufacturing, accounting, supply chain management, marketing, sales, and human resources (HR).
The ERP software market represents approximately 3% of the global business process management market. Enterprise resource planning (ERP) is software that businesses use to manage daily business activities such as procurement, risk management, accounting, supply chain operations, and project management.
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It is an integrated platform that offers various business functions such as financial management, human capital management, supply chain management, customer management, inventory and work order management, and others. In addition to that, the growing need for ERP software to manage customer orders, and deliver the right products and services to customers on time, and the growing demand for cloud-based ERP software are expected to drive the market over the forecast period.
The ERP software comprises enterprise performance management that assists businesses in planning, predicting, budgeting, and reporting their annual/financial results. The global enterprise resource planning (ERP) software market is estimated to expand considerably over the assessment period due to factors such as the growing need for an effective and affordable solution among organizations and increasing digitalization, changing consumer behavior, and others.
Additionally, ERP software is a type of application that helps in business process automation. It also provides insights and internal controls for the user firms that install and utilize it.
Key Takeaways
- The augmenting demand for cloud-based ERP software is on the rise attributed to the factors such as the surging adoption of new and evolving SaaS technologies, extending the value of existing ERP systems, reducing third-party dependencies, more robust security resources, evolving financial systems, and others.
- The propelling trend of implementation of cloud-based ERP applications in the manufacturing, banking, financial services, and insurance (BFSI) and IT & telecom industries has bolstered ERP software sales across the globe.
- Cloud-based ERP software has offered numerous benefits such as improved business insight, lower operational costs, enhanced collaboration, improved efficiency, higher user adoption rates, and others. Such benefits drive the growth of the ERP software market. There are different cloud hosting options for cloud-based ERP software such as single-tenant cloud ERP and multi-tenant cloud ERP.
- These days, consumers are more focused on cloud-based ERP software owing to lower implementation costs, easier ERP integration, greater scalability and agility, and others.
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Competitive Landscape
The ERP software providers are concentrating on improving their existing products and on developing new products for existing as well as new markets. This strategy helps the company diversify its product offerings and enhance its customer base & user experience.
More Insights into the Enterprise Resource Planning (ERP) Software Market
The East Asian market is anticipated to dominate the global ERP software market over the projection period. The overall ERP software spending in China alone is likely to increase by 9.8% CAGR between 2023 and 2033, with a market value reaching US$ 4.4 Billion in 2023. There is increasing adoption of ERP software across China due to various factors such as high demand for IT and supply chain management.
The European region is another vital region to exhibit lucrative growth in the assessment period. France is expected to register a CAGR of 12.7% over the forecast period. The growth of the region is attributed to the high digital and cloud-based ERP application adoption rates. Moreover, an increase in the use of ERP software is enabling higher productivity and efficiency standards in France, which is anticipated to drive the ERP software industry during the forecast period.
Europe comprises of developed economies such as Germany, France, and Spain, among others that have fairly adopted cloud-based ERP software, besides incorporating advanced technologies. It offers various benefits such as higher productivity, deeper insights, accelerated reporting, lower risk, and improved agility, among others. Such benefits create new growth opportunities for the ERP software market across Europe.
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Enterprise Resource Planning (ERP) Software Outlook by Category
By Deployment Mode:
- On-premise Enterprise Resource Planning (ERP) Software
- Cloud-based Enterprise Resource Planning (ERP) Software
By Enterprise Size:
- Small and Mid-Sized Enterprises (SMEs)
- Large Enterprises
By Business Function:
- Financial Management
- Human Capital Management
- Supply Chain Management
- Customer Management
- Inventory and Work Order Management
- Others
By Industry:
- IT & Telecom
- Retail
- Government
- Healthcare
- BFSI
- Manufacturing
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East and Africa (MEA)
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