According to the latest report by IMARC Group, titled "Enterprise Resource Planning (ERP) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global ERP market reached a value of US$ 41.8 Billion in 2021. Enterprise resource planning (ERP) refers to a corporate management software that collects, stores, manages, interprets, and processes different organizational data into a unified system. It provides an updated view of business operations, which enables the management of core, end-to-end, real-time enterprise activities, such as purchase orders, supply chain operations, marketing, strategy planning, procurement of raw materials, payroll, and compliance. EPR offers effective communication, reduced capital expenses, enhanced management of a project lifecycle, and accurate data reporting.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Enterprise Resource Planning (ERP) Market Trends:
The increasing need for operational efficiency and transparency, along with the rising digitization in corporate functionalities, is majorly driving the global ERP market growth. The widespread adoption of ERP in the healthcare sector to minimize clinical errors and effectively monitor administrative tasks is further contributing to the market growth. Moreover, the increasing utilization of ERP amongst small- and medium-sized enterprises to make data-driven decisions is acting as a growth-inducing factor. Apart from this, the sudden outbreak of coronavirus disease (COVID-19) is positively influencing product adoption as the cloud-based system efficiently helps enterprises to sustain business operations, electronic data exchange, and automated reporting through remote access. Looking forward, the market is expected to reach US$
70.6 Billion by 2027, exhibiting a CAGR of 9.7% during 2022-2027.
- Based on the component, the market has been bifurcated into solutions and services. Currently, solutions represent the leading component in the market.
- On the basis of the business segment, the market has been divided into sales and marketing, finance and accounting, order management and others.
- Based on the deployment type, the market has been segmented into on-premises and cloud-based. At present, on-premises ERP accounts for the majority of the total market share.
- On the basis of the organization size, the market has been classified into large and small- and medium-sized organizations. Presently, large organizations dominate the market.
- Based on the vertical, the market has been segregated into BFSI, manufacturing, healthcare, education, government, automotive, and others. At present, manufacturing holds the majority of the total market share.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa. Amongst these, North America dominates the market.
- The competitive landscape of the market has also been examined, with some of the key players being Epicor Software Corporation (KKR & Co. Inc.), International Business Machines Corporation, Kronos Incorporated (Hellman & Friedman LLC), Microsoft Corporation, Oracle Corporation, SAP SE, The Sage Group Plc, TOTVS S.A, Unit4 (Advent International), Workday Inc. and Yonyou Network Technology Co. Ltd.
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