ERP Software Market to Hit USD 71.63 Bn by 2026; Growing Focus on Improving Operational Efficiency to Favor the Market: Fortune Business Insights™

Pune, June 04, 2020 (GLOBE NEWSWIRE) — The global ERP software market size is set to reach USD 71.63 billion by 2026, exhibiting a CAGR of 8.5% during the forecast period. Integration of Internet of Things (IoT) with business processes is expected to emerge as the central growth driver for this market, finds Fortune Business Insights™ in its new report, titled “Enterprise Resource Planning (ERP) Software Market Size, Share & Industry Analysis, By Component (Software, Services), By Business Function (Financial Management, Human Capital Management, Supply Chain Management, Customer Management, Inventory and Work Order Management, Others); By Enterprise Size (SMEs, Large Enterprises), By Deployment (Cloud, On-Premises, Hybrid); By End-use (Manufacturing, BFSI, IT and Telecommunications, Retail and Consumer Goods, Healthcare, Transportation and Logistics, Government, Others), and Region Forecast, 2019-2026”.IoT is a form Artificial Intelligence-based technology that allows inanimate objects to get interconnected with each other and transmit data over the internet. When embedded in ERP solutions, IoT facilitates data collection, collation, analysis, and processing for businesses, empowering them to take informed decisions and strategize. For example, IoT makes possible the origination of orders from multiple sources for the Quote to Cash (Q2C) process. Moreover, one of the important ERP software market trends is the improvement in communication between vendors, suppliers, and end-consumers, which is boosting the uptake of ERP solutions in organizations.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.Click here to get the short-term and long-term impact of COVID-19 on this market.Please visit: https://www.fortunebusinessinsights.com/enterprise-resource-planning-erp-software-market-102498
Panoramic overview of the industry trends;In-depth analysis of the market drivers and challenges;Comprehensive study of the regional and competitive dynamics; andMicroscopic research into the various market segments and accurate computation of market values.Dearth of ERP Expertise to Impede GrowthAlthough enterprise resource planning promises high efficiency and enhanced productivity, it has a high initial price for setting up, making it difficult for small and medium scale enterprises to implement it. Even large, financially-strong organizations find it tedious to adopt ERP software as managing it requires expertise and currently, there is a shortage of such professionals in the IT sector. Not every company is equipped with the necessary wherewithal to train its employees in handling ERP, and any kind of wrong training might have counterproductive results. Therefore, the implementation of this technology has not yet achieved the traction that it should have, in spite of offering a host of advantages to businesses.Regional AnalysisRapid Adoption of ERP Solutions to Drive the Market in North AmericaThe market size in North America in 2018 stood at USD 14.36 billion and the region is poised to dominate the ERP software market share in the coming years. One of the major reasons for this is the high adoption rate of AI-based technologies such as IoT, Machine Learning, and cloud computing among organizations in the region. Furthermore, many companies are implementing ERP solutions to streamline their processes in a bid to elevate efficiency through advanced automation of routine tasks, which is augmenting the enterprise resource planning software market growth.Expansion of the BFSI, logistics, and manufacturing sectors will be the major factor accelerating this market in Asia-Pacific, as per the ERP software market analysis. In addition to this, growth in the IT industry will further propel the market in this region.Rising Collaborations Among Players to Intensify Market CompetitionThe ERP software market players are increasingly partnering with each other and other organizations to develop novel and sustainable solutions for consumers. This is helping them reinforce their position as industry leaders and at the same time, expand their global footprint. Apart from this, companies are also focusing on enhancing their manufacturing capacity to cater to the rising demand for advanced ERP solutions.Industry Developments:November 2019: Michigan-based software company Plex Systems launched its shop floor-specific designed product, Plex Manufacturing Execution Suite (Plex MES). The offering is a cloud-based suite made up of packages to deliver smart manufacturing solutions to industries.October 2019: SYSPRO, a South African software development firm, collaborated with Clean Energy Smart Manufacturing Innovation Institute (CESMII) to provide smart manufacturing software and solutions to manufacturing companies across the US. The partnership is part of a community-driven project that brings together academia, governments, and industry to promote sustainable manufacturing and R&D practices.List of Companies Covered in the ERP Software Market Research Report are:PLEX SYSTEMS (United States)Acumatica, Inc. (United States)Epicor Software Corporation (United States)Unit4 (Netherlands)Oracle Corporation (United States)Rootstock Software (United States)QAD, Inc. (United States)Sage Group plc (United Kingdom)SAP SE (Germany)SYSPRO (South Africa)IntroductionDefinition, By SegmentResearch ApproachSourcesExecutive SummaryMarket DynamicsDrivers, Restraints and OpportunitiesEmerging TrendsKey InsightsMacro and Micro Economic IndicatorsConsolidated SWOT Analysis of Key PlayersGlobal Enterprise Resource Planning (ERP) Software Market Analysis, Insights and Forecast, 2015-2026Key Findings / SummaryMarket Size Estimates and ForecastsBy Component (Value)SoftwareServicesConsultingImplementation and IntegrationSupport and MaintenanceBy Business Function (Value)Financial ManagementHuman Capital ManagementSupply Chain ManagementCustomer ManagementInventory and Work Order ManagementOthersBy Enterprise Size (Value)SMEsLarge EnterprisesBy Deployment (Value)CloudOn-PremisesHybridBy End-User (Value)ManufacturingBFSIIT and TelecommunicationsRetail and Consumer GoodsHealthcareTransportation and LogisticsGovernmentOthersBy Region (Value)North AmericaEuropeAsia PacificMiddle East and AfricaLatin AmericaTOC Continued…!!!
Customer Experience Management Market Size, Share & Industry Analysis, By Component (Solution, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By Touchpoint (Telephone, Email, Web, Social Media, and Others), By End-User (BFSI, Retail, IT and Telecommunications, Healthcare, Manufacturing, Government, Travel and Transportation and Others) and Regional Forecast, 2019-2026Unified Communication as a Service (UCaaS) Market Size, Share & Industry Analysis, By Component (Telephony, Unified Messaging, Collaboration Platforms, Conferencing, and Reporting and Analytics), By Organization Size (SMEs, Large Enterprises), By End-User (Banking, Financial Services, and Insurance (BFSI), IT and Telecommunications, Healthcare, Public Sector and Utilities, and Others) and Regional Forecast, 2019-2026AI Market Size, Share and Industry Analysis By Component (Hardware, Software, Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, Others), By Industry Vertical (BFSI, Healthcare, Manufacturing, Retail, IT & Telecom, Government, Others) and Regional Forecast, 2019-2026
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