A key factor driving the growth of the global ERP software market is the increasing demand for ERP software from SMEs. ERP software has become extremely essential for enterprises across all industries as it helps in improving operation and business process efficiency. ERP software offers advantages such as better planning and resource management, regulating operational costs, streamlining of data under one platform, enhanced decision-making, and increased sales. As a result, SMEs are shifting from using standalone applications for each of their business functions to ERP software that allows the integration of multiple functions into a single application. Therefore, high demand from SMEs will drive the market growth of ERP software during the forecast period.
As per Technavio, the rise in adoption of ERP by financial institutions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global ERP software market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global ERP software market: Rise in the adoption of ERP by financial institutions
Financial institutions are increasingly adopting new technologies such as machine learning, IoT, cognitive computing and blockchain to drive the growth of their business. They are primarily adopting technologies that are integrated with ERP which helps them in enhancing their business operations. ERP is mainly being used to perform banking operations such as cash management, payment processing, cash accounting, and transactional security. The ERP software helps financial institutions in lowering their financial costs and risks and optimize strategic planning. Moreover, the recent evolution of ERP into intelligent ERP with blockchain technology, cloud, AI and machine learning, will further drive the adoption of ERP by financial institutions.
“Cloud-based ERP is gaining immense popularity across end-user industries owing to the lower up-front costs and implementation time. Cloud-based ERP provides various business benefits including process alignment and business consistency across an organization. It also enables accessing of applications by users, employees, and partners from anyplace and eliminates the need for a dedicated IT support team for maintenance and update of the software. Such benefits of cloud-ERP will boost its demand and adoption, thereby fueling the growth of the ERP software market during the forecast period,” says a senior research analyst at Technavio.
Global ERP software market: Segmentation analysis
This market research report segments the global ERP software market by type (on-premise ERP and cloud-based ERP) and geographic regions (North America, Europe, APAC, MEA, and South America).
The North America region led the market in 2018, followed by Europe, APAC, MEA, and South America respectively. The US and Canada are major contributors to the ERP software market in this region. The market growth in North America can be attributed to an increase in the need for business process efficiency and transparency through digital transformation.
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