Enterprise resource planning (ERP) is a software that enables organizations to manage and automate their business processes. The capabilities of the ERP system has evolved from back office activities to the integration of business processes. ERP software has been widely used for back office operations, which include order management, inventory control production, and accounting, etc. An ERP software system comprises several software modules and each ERP model is focused on a particular departmental area such as inventory control, material purchasing, finance, marketing, HR, and accounting. These modules can be customized according to the requirement of the organization. An ERP software system can be deployed either as a cloud based or on premise software. Integration of organizational activities and managing resources efficiently are some of the major tasks of the ERP system.
The need for enhanced operational efficiency along with transparency within the departments of an organization is one of the key drivers propelling the growth of the market. Furthermore, rising demand for cloud based deployment models is boosting the global ERP software market growth.
The ability to access the central system from any demographic due to integrated system architecture of the ERP system module, is compelling enterprises to adopt these systems. It is responsible for enhancing productivity by enabling organizations get potential return on investment by reducing their expenses. This software enables organizations to integrate large amounts of data and reconcile the shipments of companies faster. However, some of the factors restraining the market growth are high installation cost and the accessibility of open source applications.
The ERP software market has been segmented based on deployment, functions, industry, end-user, and region. Based on deployment, the ERP software market is segmented into cloud based and on-premise deployment models. The cloud based deployment model segment is estimated to hold the major share of the global ERP software market. This is attributed to the rise in adoption of cloud-based technologies coupled with rising scalability offered by these technologies.
Rising necessity for real-time data analytics is a prominent factor propelling the ERP software market. The function segment includes human resource (HR), supply chain, finance, and others. The industry segment includes key industries such as BFSI, manufacturing, healthcare, government utilities, retail, telecom, aerospace and defense and others. The end-user segment in the ERP software market includes large, small and medium enterprises. Large enterprises are estimated to have major share in the global ERP software market, due to their rising investments, whereas extensive adoption of ERP systems by mid and small sized enterprises are further supporting the growth of the SME’s in the market.
Region wise, the global ERP software market is segmented into North America, South America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA). Presently, North America is estimated to dominate the market in terms of its revenue contribution share followed by Europe. However among all the regions, APAC is expected to create significant market opportunity for key players operating in the market due to growth in industrialization in this region during the forecast period.
Key players in the market are prominently focusing on introduction of advanced services and solutions in order to strengthen their position and improve their offerings. Key vendors operating in the global ERP software market include Oracle, TOTVS S.A, Microsoft Corporation, SAP SE, Infor, IBM Corporation, Netsuite Inc., SYSPRO, Unit4, Sage Group Plc, QAD, Focus Softnet, and Ultimate Software. ERP software vendors are updating the pricing models to strengthen their position in the market. The vendors are aiming on providing better integration architecture modules owing to the rising adoption of customized ERP software.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.