The MarketWatch News Department was not involved in the creation of this content.
Nov 11, 2020 (The Expresswire) —
The globalERP softwaremarket 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 and 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”.
Gain More Insights into theERP Software MarketResearch Report:https://www.fortunebusinessinsights.com/enterprise-resource-planning-erp-software-market-102498
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.
According to the ERP software market report, the value of the market stood at USD 38.15 billion in 2018. Besides this, the report provides the following information:
- Panoramic overview of the industry trends;
- In-depth analysis of the market drivers and challenges;
- Comprehensive study of the regional and competitive dynamics; and
- Microscopic research into the various market segments and accurate computation of market values.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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/enquiry/covid19-impact/enterprise-resource-planning-erp-software-market-102498
List of Companies Covered in the ERP Software Market Report:
- 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)
Request a Sample Copy for more detailed ERP Software Market Overview:https://www.fortunebusinessinsights.com/enquiry/sample/enterprise-resource-planning-erp-software-market-102498
Dearth of ERP Expertise to Impede Growth
Although 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.
Rapid Adoption of ERP Solutions to Drive the Market in North America
The 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 Competition
The 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.
- 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 RandD practices.
Request for customization:https://www.fortunebusinessinsights.com/enquiry/customization/enterprise-resource-planning-erp-software-market-102498
Major Table of Content forERP Software Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Enterprise Resource Planning (ERP) Software Market Analysis, Insights and Forecast, 2015-2026
Complete TOC Available Here…
Purchase Full Report for Exclusive ERP Software Market Growth Forecast –https://www.fortunebusinessinsights.com/checkout-page/102498
Other Exclusive Reports:
Smart Labels Marketto Soar at 17.3% CAGR; Growing Number of Retail Stores Worldwide to Boost the Market
LiDAR MarketSize To Reach USD 6.71 Billion By 2026; Will Benefit from the Increasing Number of Mergers and Acquisitions
IGBT MarketSize to be Worth USD 9.90 Billion by 2026; Rise in Popularity of Electric Vehicles to Boost Market
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.
US :+1 424 253 0390
UK : +44 2071 939123ac
APAC : +91 744 740 1245
Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit ERP Software Market to Get Expansion admist COVID 19, Scope With Advanced Technologies Top Key Players and Forecast 2020-2026
Is there a problem with this press release? Contact the source provider Comtex at [email protected] You can also contact MarketWatch Customer Service via our Customer Center.
The MarketWatch News Department was not involved in the creation of this content.