Top Trends In ERP Software Market 2024 - Get Full Company Profiling with Spherical Insights
RELEASE DATE: Jul 2024 Author: Spherical Insights Request Free Sample
Overview
An organization's daily operations, including accounting, purchasing, project management, risk management and compliance, and supply chain management, are coordinated utilizing a software program known as enterprise resource planning, or ERP. The global ERP software market size is expected to grow from USD 38.23 billion in 2023 to USD 73.56 billion by 2033, at a CAGR of 6.76% during the forecast period 2023-2033. Enterprise performance management, a program that supports in planning, budgeting, predicting, and reporting an organization's financial results, is also included in a full ERP suite.
Advancements in ERP Software
The global market comprises some of the leading companies in the cargo drone industry, such as Microsoft Corporation, IBM Corporation, Epicor Software Corporation, and Plex Systems Inc. The ERP software industry will continue to develop as a result of major market participants investing heavily in R&D to expand their product lines. For instance, in October 2023, In the Gartner Magic Quadrant for Cloud ERP for Product-Centric Enterprises 2023, Microsoft was ranked as a Leader. This esteemed honor highlights Microsoft's dedication to providing innovative business solutions in the digital age.
Government Initiatives and Regional Market Expansion
- The Centrally Sponsored Project for Computerization of Primary Agricultural Credit Societies was approved by the Government of India (GoI) on June 29, 2022, with a total budget outlay of Rs. 2516 Cr. The program's goal was to automate Primary Agricultural Credit Societies and make them self-sufficient in line with the "Atmanirbhar Bharat Abhiyaan." 63000 PACS were expected to benefit from the scheme. Through State Cooperative Banks (StCBs) and District Central Cooperative Banks (DCCBs), this initiative will integrate all of the functional PACS into a common ERP (Enterprise Resource Planning) software. NABARD serves as the program's implementing organization, with funding provided by the Ministry of Cooperation.
- North America's need for cloud-based enterprise resource planning (ERP) is expanding due to several factors, including rising economic standards, expanded market penetration, and the growing desire to automate company processes using digital methods.
Insights and Projections: Global ERP Software Market Analysis
The report provides a summary of the global top trends and future prospects for the global ERP software market based on historical data sets (current trends, industry statistics, and emerging trends shaping the ERP software industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global ERP software trends and future prospects for global regions in 2024 and 2025. This data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions.
Growth Factors and Emerging Trends in the ERP Software Industry
- ERP market demand is driven by the growing implementation of ERP software for data-driven decisions
Businesses typically invest an enormous amount of time and energy in offering company information and making decisions when using in-house ERP applications. Companies that want to succeed are always searching for ways to improve their customer service and boost their profit margin. ERP systems are now considered key platforms that give firms a strong information base. Make better company decisions by capturing and producing timely, accurate, consistent, and pertinent data with the aid of a fully integrated ERP system. Unless a company has exceptionally high operating efficiency, providing individualized services and guaranteeing client satisfaction have little bearing on its profitability. ERP systems are attracting the attention of businesses seeking to increase productivity and guarantee greater information integration.
- Expanding ERP utilization in medium-sized and small businesses
ERP software has made it possible for businesses to become more transparent and clearer. ERP is beneficial to most large enterprises. Small and medium-sized businesses (SMEs) can now benefit from the same benefits of ERP integration, including streamlined business procedures and enhanced business productivity. ERP directly affects operational profits, making it a great choice for SMBs. Since SMEs lack the resources to build and maintain ERP, there will likely be a rise in the use of cloud-based ERP software, which will present numerous opportunities throughout the projection period.
Opportunities and Future Prospects in the ERP Software Industry
- Growing use of blockchain in conjunction with ERP software to accelerate market expansion
Blockchain technology and ERP integration are some of the newest trends in the ERP software industry. Blockchain integration with ERP will provide a secure working environment that permits open sharing of record systems with trustworthy parties. SAP, a software company, is looking into how to successfully incorporate blockchain technology into its present ERP. It makes an effort to integrate blockchain technology with ERP to improve 3D printing and digital manufacturing. Consequently, the continuous trend of blockchain technology to improve the market's CAGR in recent years
List of Key Companies in the ERP Software Industry
- Oracle Corporation
- SAP SE
- Microsoft Corporation
- Infor
- Workday
- Epicor Software Corporation
- IFS AB
- IBM Corporation
- Acumatica
- SYSPRO
Top 5 Players in the ERP Software Industry
1. Oracle Corp.
Headquarters: Austin, Texas.
Oracle Corp., also known as Oracle, offers cloud-based solutions to businesses. The firm provides hardware systems, application software, cloud-based infrastructure software, database and middleware software, and hardware. Globally, Oracle Corporation provides enterprise information technology environments with products and services. Oracle Fusion cloud enterprise resource planning (ERP), Oracle Fusion cloud enterprise performance management, Oracle Fusion cloud supply chain and manufacturing management, Oracle Fusion cloud human capital management, Oracle Cerner healthcare, NetSuite applications suite, and Oracle Fusion Sales, Service, and Marketing are just a few of the cloud software applications that are included in its Oracle cloud software as a service offering. The company also provides Oracle application licenses, Oracle license support services, and cloud-based industrial solutions for a range of sectors. Additionally, it offers middleware, which includes development tools and other tools, software development language Java, and cloud and license business infrastructure technologies, like the Oracle and MySQL databases. The infrastructure technologies used by the company's cloud and licensing division additionally include cloud-based networking, storage, and processing capacities; Oracle autonomous database and MySQL HeatWave; and Internet of Things, digital assistants, and blockchain.
2. SAP SE
Headquarters: Walldorf, Baden-Württemberg.
SAP SE is a global software enterprise. The company creates business software, such as enterprise management and e-business software, and offers training services in addition to consulting on how best to use its solutions within organizations. SAP advertises its goods and services globally. In addition, it offers SAP SuccessFactors solutions for staffing, including HR and payroll, talent and worker experience management, supply chain and management of assets, and people and employee analytics; and spend management services encompassing direct and indirect expenditure, travel and expense, and third-party workforce management. SAP S/4HANA offers software features for finance, risk and project management, procurement, manufacturing, supply chain and asset management, and research and development. Additionally, the business offers SAP customer experience solutions, SAP Business Technology platform, which lets partners and customers create, integrate, and automate applications, and SAP Business Network, a platform for business-to-business collaboration that facilitates communication between trading partners and helps digitize important business processes throughout the supply chain.
3. Infor Inc
Headquarters: New York City
Infor Inc (Infor), a division of Koch Industries Inc, is a worldwide pioneer of enterprise cloud software products. The company's main goal is to assist organizations in undergoing digital transformation by offering software solutions tailored to certain industries. Its primary products, which are designed for different industries and feature analytics, artificial intelligence, and cutting-edge technology built in, are Infor Enterprise Cloud, Infor OS (Operating Service), and Infor CloudSuite. Numerous clients in a variety of sectors, including industrial manufacturing, aerospace, automotive, and healthcare, use Infor's solutions. The corporation has operations in Asia-Pacific, Europe, and the Americas. Infor's US headquarters are located in New York.
4. Acumatica Inc.
Headquarters: Bellevue, Wash
Acumatica Inc. creates cloud-based enterprise resource planning (ERP) software for businesses in the mid-sized range. The company provides content, business management, customer relationships, and web-based accounting solutions to increase efficiency. The products are offered by Acumatica Inc. as software-as-a-service or via license purchase. A complete business management system made for the modern digital economy is Acumatica Cloud ERP. It was created on the cloud and promotes networked, team-oriented work environments. Acumatica's flexibility, customer-friendly procedures, and industry-specific features, specifically designed for small and mid-market firms, enable them to grab control of their destiny and react quickly to changing market conditions.
5. Epicor Software Corp
Headquarters: Austin, Texas, United States
Epicor Software Corp. (Epicor) is a supplier of enterprise software services. Business software tailored to the requirements of manufacturing, distribution, retail, and services companies is offered by Epicor Software Corporation. Every solution, whether it is on-premises or in the cloud, benefits from our more than 45 years of experience with the distinct business processes and operational requirements of our clients. Currently, more than 20,000 clients in 150 nations depend on our knowledge and products to boost productivity and profitability. Products from Epicor are currently in use throughout the world, providing businesses just like yours with outstanding advantages. Epicor solutions manage complexity, boost productivity, and foster growth with a thorough understanding of your sector. Strong solutions that free up your resources to help you expand your business are the result. Reach out to us for additional details.
Recent Development
- In July 2024, to deploy SAP S/4HANA Cloud, a state-of-the-art ERP system, Cupid Limited and SAP have launched a strategic alliance. Through this project, Cupid Limited is demonstrating its commitment to using cutting-edge technology to drive sustainable growth, improve decision-making processes, and increase operational efficiency.
- In June 2024, Oracle and Google Cloud partnered to enable clients to choose how to integrate Google Cloud and Oracle Cloud Infrastructure (OCI) technologies to speed up application modernization and migrations.
- In October 2023, the industrial cloud firm, Infor®, has announced several new platform technology advancements and improvements to its industry-specific CloudSuites. These solutions are intended to help businesses run more rapidly, effectively, and dynamically than they have in the past.
- In September 2023, Oracle Database@Azure, which provides users with direct access to Oracle database services operating on Oracle Cloud Infrastructure (OCI) and deployed in Microsoft Azure datacenters, was introduced by Oracle Corp. and Microsoft Corp.
- In May 2022, Accenture (NYSE: ACN) and SAP (NYSE: SAP) announced a new joint service to assist major organizations in transitioning to the cloud and delivering continuous innovation.
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