ERP Software Market 2019 —
Enterprise resource planning, commonly known as ERP is a process used by organizations to manage and integrate the important sectors of their businesses. Several ERP software applications are valuable to organizations because they assist them to enforce resource planning by integrating all of the processes required to run their businesses with a single system. An enterprise resource planning system can integrate planning, sales, purchasing, inventory control, marketing, accounts, finance, and human resources.
ERP software includes all of the procedures needed to run an organization. These solutions have progressed over the years, and many are now commonly web-based applications that clients can access remotely. This system can be inefficient if an organization doesn't implement it properly.
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The Wiseguy Research conducted a detailed analysis of the global ERP software market. The research report concludes that the ERP software market was valued at US$32.44 billion in the year 2017 and is expected to reach US$49.03 billion by the end of 2023, growing at a CAGR of about 7.45% during the forecast period.
Implementation of enterprise resource planning boosts operational efficiency, consequently delivering the competitive edge to businesses. Rising operational complexity and rapid modifications in business models are some of the primary challenges confronted by enterprises. In order to overcome these challenges, organizations are adopting Enterprises Resource Planning Software.
Also, enhancing competition encourages organizations to adopt ERP software solutions in order to remain competitive in the industry. The demand for this software is foreseen to grow exponentially in the forecast period, owing to its significance in synchronizing and supplementing the organizational business processes.
The factors like high implementation cost, availability of open source apps and strong competition are some of the major challenges in the ERP Software market. Cloud-based ERP software would offer several opportunities for the market players as it provides additional flexibility to the companies.
The prime market players in the global ERP software market are adopting several strategies to remain competitive in the worldwide market. The main strategies include advanced product launches, efficient research and analysis techniques, partnerships, acquisitions, and collaborations.
According to the report published in Market Research Future, the global ERP software can be analyzed on the basis of mode of deployment, major functions, organization size, and important verticals.
Based on the deployment model, the ERP software market can be segmented into-
On-demand Cloud-based deployment segment is anticipated to prosper exceptionally in the future due to the low IT infrastructure cost associated with it.
Based on primary functions, the ERP software market can be categorized into-
Customer Relationship Management(CRM)
Based on the size of the organization, the ERP software market can be divided into-
Based on the crucial verticals, the global ERP software market can be segmented into-
Retail and Manufacturing
Aerospace & Defense
North America is believed to have a huge market share and will lead the global ERP software market during the forecast period, owing to the existence of numerous cloud-based ERP solution vendors across the United States and Canada.
Asia Pacific is expected to witness strong growth opportunities in the ERP software market, due to the presence of numerous medium, small and large-scale enterprises that are turning towards such hosted ERP software solutions to effectively monitor and manage their business procedures, especially in emerging countries such as India, China, and Singapore.
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