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.
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Further key findings from the study suggest:
- 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.
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