LONDON–(BUSINESS WIRE)–The enterprise resource planning (ERP) software market size is expected to grow at a CAGR of over 9% during the period 2019-2023, according to Technavio’s latest market research report. Request a free sample report
The growing demand for ERP software from SMBs is one of the major reasons for the growth of the ERP software market. ERP software has become essential for businesses across all industries as it helps to improve the efficiency of operations and business processes. ERP software provides benefits such as better resource planning and management, operational cost regulation, data streamlining under one platform, improved decision making and increased sales. As a result, SMBs are moving from using stand-alone applications for each of their business functions to ERP software that allows integration of multiple functions into a single application.
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According to Technavio, the increase in the adoption of ERP by financial institutions will have a positive impact on the market and contribute significantly to its growth during the forecast period. This research report also analyzes other important trends and market drivers that will affect the growth of the market during the period 2019-2023.
Enterprise Resource Planning (ERP) Software Market: Increase in ERP Adoption by Financial Institutions
Financial institutions are increasingly adopting new technologies such as machine learning, IoT, cognitive computing, and blockchain to drive their business growth. These ERP-integrated technologies help them improve their business operations. ERP solutions are used to perform banking operations such as cash management, payment processing, cash accounting and transaction security. ERP software also helps financial institutions reduce their financial costs and risks and optimize strategic planning, which drives the growth of the ERP software market over the forecast period.
“Other factors such as the evolution of intelligent ERP, the integration of ERP with BPM and the integrated data analysis functionalities will have a significant impact on the growth of the planning software market value. of enterprise resources (ERP) during the forecast period”, says a senior analyst at Technavio.
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Enterprise Resource Planning (ERP) Software Market: Segmentation Analysis
This market research report segments the Enterprise Resource Planning (ERP) Software Market by type (on-premises ERP and cloud-based ERP) and by geographic regions (North America, Europe, APAC, MEA and South America).
The North American region led the market in 2018, followed by Europe, APAC, MEA and South America respectively. The United States and Canada are major contributors to the ERP software market in this region. The market growth in ERP software market share in North America can be attributed to the growing need for business process efficiency and transparency through digital transformation.
Technavio’s sample reports are free and contain several sections of the report, such as market size and forecast, drivers, challenges, trends, etc.
Some of the main topics covered in the report include:
Market Segmentation Analysis
Market size and forecast
Five forces analysis
Main leading countries
Ranking of suppliers
Positioning on the supplier market
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