ERP Software Market to Reach $78.41 Bn, Globally, by 2026 at 10.2% CAGR, Says Allied Market Research
Rise in need of operational efficiency & transparency in business processes, increase in adoption of cloud & mobile applications, and surge in demand for data-driven decision-making drive the growth of the global ERP software market
PORTLAND, Oregon, Oct. 16, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "ERP Software Market by Component (Software and Service), Deployment Model (On-premise, Cloud, and Hybrid), Business Function (Finance, Human Resource (HR), Supply Chain, Customer Management, Inventory Management, Manufacturing Module, and Others), End User (Large Enterprises, Medium Enterprises, and Small Enterprises), and Industry Vertical (Manufacturing, BFSI, Healthcare, Retail & Distribution, Government & Utilities, IT & Telecom, Construction, Aerospace & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2026". According to the report, the global ERP software industry was pegged at $35.81 billion in 2018, and is projected to garner $78.41 billion by 2026, registering a CAGR of 10.2% during the study period.
Major motives for market growth
Increase in need for operational efficiency & transparency in business processes, surge in adoption of cloud & mobile applications, and rise in demand for data-driven decision-making have boosted the growth of the global ERP software market. However, higher investment and maintenance costs hamper the market. On the contrary, rise in demand for ERP among small and medium enterprises and rapid technological advancement in ERP are expected to create lucrative opportunities in the near future.
Services segment to manifest fastest growth by 2026
The services segment is projected to register the fastest CAGR of 12.1% during the forecast period, as these services reduce the time and costs associated with optimizing systems in the initial phase of deployment. However, the software segment dominated the global ERP software market in 2018, accounting for more than three-fifths of the market, owing to the introduction of low-cost ERP systems such as resource ERP and increase in adoption of ERP software in industries such as automotive, consumer, durable, steel, engineering, and manufacturing.
Human resource (HR) segment to portray largest CAGR
The human resource segment is projected to manifest the fastest CAGR of 15.6% during the forecast period, as ERP HR modules are easy for integration and management of information of present and additional workforce. However, the finance segment held the largest share in 2018, contributing nearly one-fourth of the global ERP software market.
The market across the North America region held the largest share in 2018, accounting for more than one-third of the global ERP software market, owing to increased adoption of ERP software and increase in businesses in the regions to transform from on-premise to cloud-enabled ERP. However, the market across Asia-Pacific region is anticipated to portray the fastest CAGR of 13.2% during the forecast period, owing to rise in new manufacturing setups in the region and increase in number of ERP vendors who have strong foothold in North America and want to expand business in Asia-Pacific.
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