Enterprise Resource Planning (ERP) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Enterprise Resource Planning (ERP) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global enterprise resource planning (ERP) market size reached US$ 46.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 76.3 Billion by 2028, exhibiting a growth rate (CAGR) of 9.4% during 2023-2028.

Enterprise resource planning (ERP) is a software solution that automates and manages the core business processes of an organization, such as planning, finance, accounting, procurement, supply chain operations, compliance, and inventory, project and risk management. It helps integrate various administrative and business processes into an integrated system for operational efficiency. It assists in improving supply chain management, predicting and minimizing risk chances, facilitating collaboration, and improving the financial health of organizations. As a result, several companies are adopting ERP solutions to reduce operational and capital expenses.

Enterprise Resource Planning Market Trends:

The rising digitization of corporate functionalities, along with the increasing need for operational efficiency and transparency, represents one of the key factors catalyzing the demand for ERP solutions to streamline information across various departments of an enterprise. In addition, the widespread employment of ERP in the healthcare industry to minimize clinical errors and provide better patient care at reduced clinical and administrative costs is positively influencing the market. Apart from this, it finds extensive applications in the banking, financial services, and insurance (BFSI) industry to protect the confidential information of customers and prevent security breaches. The expansion of small and medium-sized enterprises is leading to the increasing utilization of ERP to make real-time and data-driven decisions. Furthermore, the emerging trend of implementing cloud-based ERP applications in the manufacturing, telecom, and information technology (IT) industries is contributing to the market growth. Additionally, the escalating demand for smart education systems with innovative software is continuously driving the need for education ERP software. In line with this, the rising adoption of cloud-based applications helps minimize IT infrastructure costs of organizations. Moreover, increasing investments by the leading players in extensive research and development (R&D) activities are expected to propel the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global enterprise resource planning (ERP) market report, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on component, business segment, deployment type, organization size, and vertical.

Breakup by Component:

Solutions
Services

Based on the component, the market has been bifurcated into solutions and services.

Breakup by Business Segment:

Sales and Marketing
Finance and Accounting
Order Management
Others

Finance and accounting represent the largest market segment as ERP allows businesses to track their financial transactions more quickly through automation.

Breakup by Deployment Type:

On-premises
Cloud-based

On-premises ERP currently accounts for the majority of the market share as it is a resource planning software that provides optimal security to enterprises as it is not accessible through the internet.

Breakup by Organization Size:

Large Organizations
Small and Medium-Sized Organizations

Large organizations dominate the market as ERP solutions allow more accurate and efficient reporting and provide a collaboration-based and data-driven work environment.

Breakup by Vertical:

BFSI
Manufacturing
Healthcare
Education
Government
Automotive
Others

The manufacturing sector holds the largest market share as the software promotes centralized database support and helps optimize required resources during manufacturing.

Breakup by Region:

North America

United States
Canada

Asia Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others

Latin America

Brazil
Mexico
Others

Middle East and Africa

North America exhibits a clear dominance in the market due to the existence of numerous market players, rising adoption of ERP software by small and medium-sized companies, and increasing investments by the leading ERP vendors in the development of technologically advanced software.

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Epicor Software Corporation (KKR & Co. Inc.), International Business Machines Corporation, Kronos Incorporated (Hellman & Friedman LLC), Microsoft Corporation, Oracle Corporation, SAP SE, The Sage Group Plc, TOTVS S.A, Unit4 (Advent International), Workday Inc. and Yonyou Network Technology Co. Ltd.

Key Questions Answered in This Report:

How has the global enterprise resource planning (ERP) market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global enterprise resource planning (ERP) market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the business segment?
What is the breakup of the market based on the deployment type?
What is the breakup of the market based on the organization size?
What is the breakup of the market based on the vertical?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global enterprise resource planning (ERP) market and who are the key players?
What is the degree of competition in the industry?