BANGALORE, India, Sept. 10, 2020 /PRNewswire/ -- Major factors driving the growth of ERP market size are higher adoption of ERP software to improve organizational accountability and operational performance, higher demand for data-driven decision-making, and higher adoption of cloud and mobile apps.
The ERP market report focuses on the sector's growth prospects, constraints, and opportunities. The study provides Porter's five forces analysis of the ERP industry to understand the impact of various factors such as suppliers' bargaining power, competitive intensity of competitors, and the threat of new entrants.
The global Enterprise Resource Planning market size is projected to reach USD 60230 Million by 2026, from USD 43440 Million in 2020, at a CAGR of 5.6% during 2021-2026.
The increase in the need for operational efficiency and transparency in business processes drives the growth of the ERP market size.
An increase in the adoption of cloud and mobile applications is expected to increase the ERP market size's growth. Cloud-based systems reduce the company's IT computing costs. This is the prime reason why businesses are rapidly embracing cloud-based technology. As mobile devices have become an integral part of the working culture, companies are investing in cloud-connected mobile apps as they provide access to information at any time and anywhere.
Traditional ERP technology has been applied for several decades, but increased adoption of advanced technologies such as IoT, AI, and large-data analytics has led to ERP market size growth. Rising technological advances are expected to generate many opportunities for the ERP market in Asia-Pacific countries, such as India, China, Australia, and Singapore.
Furthermore, the growing demand for ERP among small and medium-sized enterprises are propelling the ERP market size.
North America is expected to hold the largest ERP market share during the forecast period. This dominance of ERP is attributed to the penetration of new industries, growing economies, and new emerging markets. In addition, this region's businesses are moving from on-site to cloud-enabled ERP applications due to its low-cost deployment and maintenance. The emergence of a large number of cloud ERP solution vendors across the United States and Canada is expected to deliver lucrative business opportunities.
Asia-Pacific is expected to witness the highest growth rate during the forecast period. This rapid growth is due to the large presence of small and medium-sized enterprises turning to host ERP solutions to efficiently manage their business processes, especially in developing countries such as China, India, and Singapore.
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