Global ERP software market is anticipated to witness
tremendous gains over the next seven years on account of its increasing
application in defense & aerospace, retail, and government utility sectors.
The software enables organizations to function with transparency, increases
productivity, and enables decision making. The industry is expected to be worth
USD 48.22 billion in 2022.
ERP software as a finance
function facilitates management of different financial activities including
cash flow management, asset management, accounting, and investment. Finance was
the largest segment of the market contributing to over 22.0% of the share in
2014 and is estimated to grow at a CAGR exceeding 7.0% from 2015 to 2022.
Human resource is likely to be
the fastest growing functional segment owing to rapid organizational
development and expansion. Automated HR processes are also expected to drive
growth.
North America ERP software demand, by function, 2012 -
2022 (USD Million)
Browse full research report on ERP
Software Market
On-premise ERP software deployment model accounted for over 60.0% of the
total revenue in 2014, owing to the various benefits offered including high
data security and continuous control in the organizations, thereby reducing the
dependency on third party vendors. The market was valued at USD 17.01 billion
in 2014. Cloud deployment was the second largest segment in 2014 owing to the
introduction of mobile devices coupled with lower infrastructure requirements.
Manufacturing & services were valued at USD 5.11 billion in 2014,
capturing over 15.0% of the revenue share in 2014. This segment utilizes ERP
software for a broad range of business activities including customer services,
inventory management, production scheduling, day-to-day performance management,
daily operations monitoring and inter-departmental collaboration. Government
utilities are expected to capture a significant share due to rising adoption of
IT infrastructure.
Medium-enterprises were the largest end-users, accounting for over 40.0%
of the global share in 2014, owing to the factors including minimized
production costs, increased operational efficiency, and timely product
delivery. Stringent government regulations and compliances in organizations
have augmented market demand thereby, achieving high productivity and reduced
complexity.
North America contributed to over 40.0% of the revenues in the global
industry and was valued at USD 11.33 billion in 2014. Increasing technological
advancements and rising adoption of ERP software in the finance function by the
enterprises in the region to achieve transparency in financial transactions is
expected to augment the market demand.
Europe and Asia Pacific are projected to register a speedy growth in the
ERP software market owing to the mounting number of enterprises and booming
manufacturing industry. Government initiatives, particularly in the emerging
economies of Asia Pacific for implementing IT infrastructure are expected to
augment the market demand over the forecast period. Key players present in the
industry includes IBM Corporation, Oracle Corporation, SAP SE, Sage Group Plc,
Syspro, Unit4, Microsoft Corporation and NetSuite Inc.
For more information: http://www.grandviewresearch.com
No comments:
Post a Comment