COVID-19 Impact and Recovery Analysis – Enterprise Resource Planning (ERP) Software Market (2020-2024) | Growing focus on modern SMEs to drive growth | Technavio

LONDON–(BUSINESS WIRE)–Global enterprise resource planning software market size is poised to grow by $19.52 billion between 2020 and 2024, growing at a CAGR of nearly 9% throughout the period forecast, according to Technavio’s latest report. The report offers up-to-date analysis regarding the current market scenario, latest trends and drivers, and overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a free sample REPORT with analysis of the COVID-19 crisis and recovery.

ERPs are being implemented in SMBs for better management of their business operations while providing improved collaboration, simplified compliance, productivity and risk management. Moreover, ERPs are also being adopted as they offer efficient data planning and rationalization in a single platform, which helps regulate operational costs, improve decision-making and increase sales. With the growing focus of modern SMBs on improving the efficiency of their operational and business processes, the adoption of ERP software will increase, fueling the growth in ERP software market size.

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Report Highlights:

  • The major growth in the enterprise resource planning software market has come from the cloud-based segment. The ERP software market is experiencing a technological shift driven by the advent of cloud computing. Revenue from the cloud-based ERP segment has grown at a rapid rate over the past five years, and the trend is expected to continue during the forecast period. The growing demand for cloud-based ERP has led vendors to offer separate cloud-based ERP offerings or modify their existing ERP solutions. The low upfront costs of cloud-based ERP drive its adoption in all organizations, primarily SMBs that have limited IT budgets and resources.

  • North America was the largest enterprise resource planning software market in 2019, and the region will provide several growth opportunities for the market vendors over the forecast period. An increase in the need for business process efficiency and transparency through digital transformation will significantly drive the growth of the ERP software market in this region during the forecast period.

  • The global enterprise resource planning software market is fragmented. Acumatica Inc., Epicor Software Corp., IFS AB, Infor Inc., Microsoft Corp., Oracle Corp., Sage Group Plc, Salesforce.com Inc., SAP SE and ServiceNow Inc. are some of the major market players. To help clients improve their position in the market, this forecast report on Enterprise Resource Planning Software market provides detailed analysis of the market leaders.

  • As the business impact of COVID-19 spreads, the Global Enterprise Resource Planning Software Market 2020-2024 should have positive and superior growth. As the pandemic spreads in some regions and reaches plateaus in other regions, we are reassessing the impact on businesses and updating our report forecasts.

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Growing adoption of ERP by financial institutions will be a key market trend

Growing adoption of ERP by financial institutions, one of the key market trends, will also drive the market growth. Financial institutions, including credit unions, trust companies, and insurance industries, are adopting technologies such as blockchain, machine learning, and cognitive computing to improve their business operations. Moreover, these institutions are also adopting ERP to reduce their financial costs and risks. Blockchain-integrated ERP additionally enables new ways to manage financial assets, resulting in increased adoption of ERP software over the forecast period. This coupled with the demand for ERP software from SMEs will drive the growth of the ERP software market over the forecast period.

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Enterprise Resource Planning Software Market 2020-2024: Key Highlights

  • Market CAGR over the forecast period 2020-2024

  • In-depth information on factors that will contribute to the growth of the Enterprise Resource Planning Software market over the next five years

  • Estimation of the Enterprise Resource Planning Software market size and its contribution to the parent market

  • Predictions on upcoming trends and changes in consumer behavior

  • The growth of the enterprise resource planning software market

  • Market Competitive Landscape Analysis and Detailed Vendor Information

  • Comprehensive details of factors that will challenge the growth of the Enterprise Resource Planning Software Market vendors

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Summary

Market landscape

  • Market ecosystem

  • Value chain analysis

Market sizing

  • Market definition

  • Market segment analysis

  • Market size 2019

  • Market Outlook: Forecast for 2019 – 2024

Five forces analysis

  • Summary of the five forces

  • The bargaining power of buyers

  • Bargaining power of suppliers

  • The threat of new entrants

  • The threat of substitutes

  • Threat of rivalry

  • Market state

Market segmentation by type

  • Market segments

  • Comparison by type

  • Cloud-based – Market size and forecast 2019-2024

  • On-site – Market size and forecast 2019-2024

  • Market Opportunity by Type

Customer landscape

Geographic landscape

  • Geographic segmentation

  • Geographic comparison

  • North America – Market size and forecast 2019-2024

  • Europe – Market size and forecast 2019-2024

  • APAC – Market size and forecast 2019-2024

  • MEA – Market size and forecast 2019-2024

  • South America – Market size and forecast 2019-2024

  • Main leading countries

  • Market Opportunity by Geography

  • Market Drivers – Demand Driven Growth

  • Market challenges

  • Market trends

Supplier Landscape

  • Supplier Landscape

  • Landscape disturbance

Vendor analysis

  • Suppliers Covered

  • Positioning on the supplier market

  • Acumatica inc.

  • Epicor Software Corp.

  • IFS AB

  • info inc.

  • Microsoft Corp.

  • Oracle Corp.

  • Sage Group Plc

  • Salesforce.com Inc.

  • SAP SE

  • ServiceNow Inc.

Annex

  • Report scope

  • Currency conversion rates for the US dollar

  • Research methodology

  • Abreviations list

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