ERP Software Market is Thriving including key players Oracle, IBM, Microsoft Corporation, SAP, NetSuite Inc - Hitech News Daily.

ERP Software Market

Allied Market Research recently published a report, titled, “ERP Software Market by Deployment (On-premise deployment and Cloud deployment) and Function (Finance, Human resource, Supply chain, and Others): Global Opportunity Analysis and Industry Forecast, 2013–2020”. According to the report, the global ERP Software Market is estimated to garner $41.69 billion by 2020, registering a CAGR of 7.2% during the period 2016–2020.

Dire need for operational efficiency and transparency in business processes, adoption of cloud and mobile applications, and increased demand for ERP from small to medium enterprises have boosted the growth of the global ERP software market. However, high cost and availability of open source applications hinder the market growth. On the contrary, rapid innovations in business model and geographical expansion of business are expected to create lucrative opportunities for the market players in the near future.

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ERP software comprises of several ERP modules such as finance, sales, marketing, HR, etc. Integration of business functions is effectively done through the implementation of ERP software. Thus, it enables smooth and efficient functioning of businesses. These benefits lead to a large adoption of ERP software among customers. Among the various functions, finance function would drive the ERP software market significantly by the year 2020 and would contribute to near about 30% of the overall market revenue.

Aerospace and Defense verticals have adopted ERP software to monitor and control their operational process. Aerospace and Defense verticals would grow at a relatively higher CAGR of 8.86% from 2014-2020 compared with other verticals. The prime reason for this growth would be to maintain data transparency on real-time basis. Based on deployment type, cloud ERP is gaining prominence over on-premise ERP in Aerospace and Defense verticals. Realizing the business potential, market players such as Oracle, SAP and Infor are focusing to develop ERP system for Aerospace and Defense verticals. Adoption of ERP software among mid-size enterprises would grow rapidly at a CAGR of 7.9% during 2014-2020. The major reason behind the increased adoption among mid-sized enterprises is to reduce the operational cost related to IT so as to sustain in the competitive era.

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Global ERP vendors in the market like Oracle, SAP and Microsoft are launching ERP products, which can be easily accessed via mobile devices like smartphones and tablets. These players are putting efforts to develop ERP system that could be easily delivered from third-party vendor’s platform. The market is increasingly witnessing a shift towards Software as a Service (SaaS) model.

Key Advantages of ERP Software Market Study:

• On-premise ERP software would continue to have a larger market share occupying around 57% of the market in 2020. However, cloud-based ERP would witness higher growth, at a CAGR of 10% during 2014-2020
• Adoption of ERP software would increase rapidly in Aerospace and Defense vertical, growing at a CAGR of 8.86% during 2014-2020
• Asia-Pacific would prove to be one of the most lucrative markets, in terms of growth. It is anticipated to reach$ 9.77 billion by the year 2020

ERP software streamlines business processes and offers scalability feature. Thus, to fulfill the needs of changing business models, ERP software would gain high acceptance among enterprises. Customers today, prefer cloud ERP software over on premise ERP deployment as it enables their workforce to access information for critical business decision anytime and anywhere. The surge in cloud technology would drive the adoption of cloud-enabled applications. By 2020, cloud-enabled ERP would grow at a CAGR of 10% due to easy access and low cost factors.

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ERP Software Market Key Segments:

By Deployment

• On-premise deployment
• Cloud deployment

By Functions

• Finance
• Human resource (HR)
• Supply chain
• Others

By Verticals

• Manufacturing & Services
• BFSI
• Healthcare
• Retail
• Government Utilities
• Aerospace and defense
• Telecom
• Others

By End-user

• Large enterprises
• Medium enterprises
• Small enterprises

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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