Pune, Oct. 30, 2020 (GLOBE NEWSWIRE) — The world ERP software market The size is expected to reach USD 71.63 billion by 2026, showing a CAGR of 8.5% during the forecast period. The integration of the Internet of Things (IoT) into business processes is expected to become the primary growth driver for this market, according to Fortune Business Insights™ in its new report titled “Enterprise Resource Planning (ERP) Software Market Size, Share and Industry Analysis, By Component (Software, Services), By Business Function (Financial Management, Human Capital Management, Supply Chain Management, Customer Management, Inventory and work orders, others); By business size (SMB, enterprise), by deployment (cloud, on-premises, hybrid); By End Use (Manufacturing, BFSI, IT & Telecom, Retail & Consumer Goods, Healthcare, Transportation & Logistics, Government, Others) and Regional Forecast, 2019-2026”.
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IoT is a form of technology based on artificial intelligence that allows inanimate objects to interconnect with each other and transmit data over the Internet. When integrated with ERP solutions, the IoT makes it easier for businesses to collect, collate, analyze and process data, enabling them to make informed decisions and develop strategies. For example, the IoT makes it possible to create orders from multiple sources for the Quote to Cash (Q2C) process. Moreover, one of the prominent trends in the ERP software market is the improved communication between vendors, suppliers, and end consumers, which is driving the adoption of ERP solutions in organizations.
According to the ERP software market report, the market value stood at USD 38.15 billion in 2018. Further, the report provides the following information:
- Panoramic overview of industry trends;
- In-depth analysis of market drivers and challenges;
- An in-depth study of regional and competitive dynamics; and
- Microscopic research on different market segments and precise calculation of market values.
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Shortage of ERP expertise to hamper growth
Although enterprise resource planning promises high efficiency and increased productivity, it comes at a high upfront price to set up, which makes it difficult for small and medium-sized businesses to implement. Even large, financially sound organizations find it cumbersome to adopt ERP software as its management requires expertise and currently, there is a shortage of such professionals in the IT sector. Not all companies are equipped with the necessary means to train their employees in ERP management, and any form of incorrect training can have counterproductive results. Therefore, the implementation of this technology has not yet achieved the appeal it should have, despite offering a host of benefits to businesses.
Rapid Adoption of ERP Solutions to Drive Market in North America
The market size in North America in 2018 stood at USD 14.36 billion and the region is poised to dominate the ERP software market share in the coming years. One of the main reasons for this is the high adoption rate of AI-based technologies such as IoT, machine learning, and cloud computing among organizations in the region. Additionally, many companies are implementing ERP solutions to streamline their processes with the aim of increasing efficiency through advanced automation of routine tasks, which is increasing the growth of the resource planning software market by business.
The expansion of BFSI, logistics and manufacturing sectors will be the main factor accelerating this market in Asia Pacific, according to ERP software market analysis. In addition to this, the growth in the IT industry will further propel the market in this region.
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Growing collaborations among players to intensify competition in the market
ERP software market players are increasingly partnering with each other and other organizations to develop innovative and sustainable solutions for consumers. This helps them strengthen their position as industry leaders and, at the same time, expand their global footprint. Apart from this, companies are also focusing on improving their manufacturing capability to meet the growing demand for advanced ERP solutions.
- November 2019: Michigan-based software company Plex Systems has released its product designed specifically for the shop floor, Plex Manufacturing Execution Suite (Plex MES). The offering is a cloud-based suite of packages to deliver smart manufacturing solutions to industries.
- October 2019: SYSPRO, a South African software development company, has partnered with the Clean Energy Smart Manufacturing Innovation Institute (CESMII) to provide smart manufacturing software and solutions to manufacturing companies across the United States. The partnership is part of a community project that brings together universities, governments and industry to promote sustainable manufacturing and R&D practices.
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List of Companies Covered in ERP Software Report:
• PLEX SYSTEMS (USA)
• Acumatica, Inc. (USA)
• Epicor Software Corporation (USA)
• Unit4 (Netherlands)
• Oracle Corporation (USA)
• Rootstock Software (US)
• QAD, Inc. (USA)
• Sage Group plc (UK)
• SAP SE (Germany)
• SYSPRO (South Africa)
Major TOC of ERP Software Market:
- Definition, by segment
- Research approach
- Market dynamics
- Drivers, constraints and opportunities
- Emerging trends
- key ideas
- Macro and micro economic indicators
- Consolidated SWOT analysis of key players
- Global Enterprise Resource Planning (ERP) Software Market Analysis, Outlook and Forecast, 2015 – 2026
- Main results/summary
- Market size estimates and forecasts
- By component (value)
- Implementation and integration
- Support and maintenance
- By business function (value)
- Financial direction
- Human capital management
- Supply chain management
- Customer management
- Inventory and work order management
- By business size (value)
- Per deployment (value)
- Per end user (value)
- IT and Telecommunications
- Retail and consumer goods
- Health care
- Transport and logistics
- By region (value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- By component (value)
Table of contents continued..!!
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