Rising usability and increased ROI to push ERP Software Market to USD 52.4Bn by 2023
ERP software is a complete business solution which intends to provide multiple technology, database, and operating system. With the technological innovation in product and the positive result coming out of these systems, a broad range of industries from large size to mid-sized companies are employing ERP solutions. Now, ERP has moved to another direction where it has expanded to adopt business intelligence (BI) and also manages "front-office" functions such as marketing automation, sales force automation (SFA), and e-commerce. The ERP software market is bound to show a CAGR of 7.51% during the forecast period of 2017 to 2023, reaching a valuation of US$ 52.4 bn by 2023, up from its evaluated worth of US$ 31.6 bn in 2016 as mentioned in the report “Global ERP Software Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast 2016 to 2023” available at DecisionDatabases.com.
On the basis of functions, the ERP market is classified as finance, human resource, supply chain and others. The practice of ERP in the financial division is an effective way to maintain the accounting updated in a reliable and precise way. Moreover, adoption of ERP in financial area help in decision- making as it assures reliability and total security on the accounting information, thus enhancing the growth of the market. On the other hand, the ever-changing dynamic of the market and increasing competition require efficiency and effectiveness in the management of companies which is expected to propel the market growth of ERP in the finance area.
The ERP HRM module comprises of four broad sections, mainly Training, Recruitment, and Attendance. HRM is a very useful tool to keep track on each employee details, and enhancing productivity in large MNC’s enterprises. It maintains complete details of the employee including contact information, attendance, salary details, performance evaluation and promotion of all employees. Mostly, the market of HRM ERP is likely to grow on the ground of rising demand from MNC’s corporate.
SCM ERP module manages product flow from production to the consumer and vice-versa for returns or recalls. A key feature of this module is a process automation, which simplifies the entire supply chain and makes it adaptive to sudden market shifts which are expected to drive the market growth. Moreover, from manufacturing and warehouse resources to transportation and execution processes, ERP systems offer cross-platform visibility in all aspects of the supply chain which is further stimulating the market growth at a significant pace. In addition, this module also handles sales workflows like sales inquiries, quotation, sales invoice and sales order.
Other extensive applications include CRM module which helps to examine the customer relationship along with the profit per capita.
At, present the cloud ERP system is highly in demand from various industries, as it offers the user to access the Enterprise Resource Planning (ERP) programming over the Internet. Cloud ERP help organizations to access their business-basic applications whenever from wherever. Rising adoption of cloud services and mobile applications across various organizations in order to achieve efficiency and transparency are the major factors driving the global cloud ERP market.
North America is dominating the ERP market due to the presence of strong top players. The growth is mainly triggered by the rising adaptation of cloud-based and hybrid ERP systems for operational efficiency along with the entering new players in the market. Asia-Pacific region is projected to grow on account of rising manufacturing sector in countries like China and India. Many large enterprises have implemented the on-premise ERP solution in order to improve efficiency and performance of their businesses. Europe is matured market for ERP system and is growing at a significant pace on account of the recovery of manufacturing industries in the region. Moreover, the presence of various market players including Syspro, Oracle, Unit4, and SAP is expected to speed up the market growth in the region.
However, the high cost of the ERP software is the only concern which can hinder the growth of the market. Availability of open source applications is also expected to limit the market growth.
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