The global Enterprise Resource Planning (ERP) Market size is USD 48.68 billion in 2022 and is projected to reach a CAGR of 7.92% from 2023-2030.
Companies use enterprise resource planning (ERP) solutions to help them manage their business processes and operations more effectively. The business functions of an ERP solution have evolved from merely providing assistance and planning to integrate the entire business process, which includes crucial responsibilities like hiring and decision-making. An ERP software consists of several software modules, each of which focuses on a specific business activity like material purchasing, inventory management, accounting, finance, and human resources. These modules are adaptable to the requirements of the organization.
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The global ERP market is expanding due to the rising demand for ERP software from small and medium-sized businesses and the growing need for operational efficiency and transparency in business processes. The ERP market's expansion is also being helped by an increase in the use of cloud and mobile applications.
Recent Developments
· Weclapp, a leading provider of cloud ERP software in the DACH region, is acquired by Exact from German holding company 3U Holding in September 2022. Weclapp management would continue to be invested and would steer the company's future.
· T.D. Bank incorporated NetSuite's Cloud-based ERP software in August 2022 to give its customers a complete digital banking experience. Using cloud-based ERP software, T.D. Bank Incorporated created a one-stop shop to improve customer service.
Prominent Players
· IBM Corporation
· Infor
· Microsoft Corporation
· NetSuite Inc.
· Oracle Corporation
· Sage Group Plc.
· SAP SE
· SYSPRO
· TOTVS S.A.
· Unit4
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Asia Pacific to Dominate the Market
· In terms of regions, North America dominated the ERP market in 2021 and is anticipated to maintain its position throughout the forecast period due to its high adoption rates of digital and cloud technology. Additionally, the region's rising productivity and efficiency standards are making ERP software solutions more widely used, which is anticipated to propel the ERP industry over the forecast period
· As a result of the region's ongoing economic transformation and rising cloud adoption trends, Asia-Pacific is anticipated to experience significant growth over the forecast period.
Enterprise Resource Planning (ERP) Market Segmentation:
On the basis of component
· Software
· Services
On the basis of the deployment model
· On-premise
· Cloud
· Hybrid
On the basis of enterprise size
· Large Enterprises
· Medium Enterprises
· Small Enterprises
On the basis of business function
· Finance
· Human Resources (HR)
· Supply Chain
· Customer Management
On the basis of industry vertical
· Manufacturing
· BFSI
· Healthcare
· Retail & Distribution
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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Frequently Asked Questions
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· What is the compound annual growth rate (CAGR) of the Enterprise Resource Planning (ERP) Market?
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