Enterprise resource planning refers to the integrated management of central business procedures that are mostly in real-time and are facilitated by technology & software. Generally, ERP is implied as a set of business-management software, usually a collection of integrated applications that a firm can utilize to store, collect, interpret, and manage information from several business activities. The key factor expected to fuel the global enterprise resource planning market growth is rising adoption of cloud computing. Also, new budding markets, procurement of small software firms by bigger ERP companies, economic growth, increase in requirement for transparency & operational efficiency in business processes, rise in need for data-driven decision-making, surge in implementation of mobile applications, rise in need for ERP software among SMEs, and swift technological developments are other factors projected to drive the growth of the global enterprise resource planning market during the forecast period.
The global enterprise resource planning market is bifurcated based on function, verticals, deployment, end-user, and geography. The market, based on function, is divided into finance, supply chain, human resource (HR), and others. The market, based on verticals, is segregated into BFSI, telecom, manufacturing & services, retail, healthcare, aerospace & defense, government utilities, and others. By end-user, the market is classified into medium enterprises, large enterprises, and small enterprises. The market, based on deployment, is divided into cloud deployment and on-premise deployment.
Regionally, the global enterprise resource planning market is projected to be ruled by North America during the forecast period. This regional growth can be attributed to the increasing implementation of enterprise resource planning due to rising requirement for internal process efficacy, mainly through digital methods. In addition, ERP vendors in the US are motivating logistics and manufacturing vendors to implement augmented reality and use AI-type methods to sensor data gathered from robots and machines. This is stirring ERP vendors to create industry-focused ERP software further driving the market growth.
The key players active within the global enterprise resource planning market consist of Oracle Corporation, SAP, Microsoft Corporation, Sage Group, Kronos Inc., BAAN Company, QAD Inc., JD Edwards, Epicor, Consona Corporation, Totvs, IFS AB, Software Systems Associate Inc., Concur Technologies, UNIT4 N.V., and YonYou Software Co. Ltd. Several initiatives such as agreements, partnerships, M&As, and others are taken up by the players to set a strong foot within the market. For instance, a partnership deal was inked by Siemens and SAP in July 2020 to speed up the digitization of manufacturing procedures. A new accord between Siemens and SAP merges Siemens Teamcenter PLM platform with SAP ERP systems, allowing firms to create an end-to-end digital line for manufacturing.