The $76.8 Billion Enterprise Resource Planning Software Market Will be Driven by Increasing Need for Efficiency in Business Operations | Report by The Business Research Company
LONDON, Sept. 3, 2019 /PRNewswire/ -- Increased need for bringing efficiency and transparency in business operations is expected to benefit the enterprise resource planning software market in the forecast period as enterprise resource planning (ERP) enables the integration of high volume of data among several departments and manages the flow of information and communication throughout the organization. The global ERP software market was valued at about $76.8 billion in 2018 and is expected to grow to $105.26 billion at an annual growth rate of 8.2% through 2022.
In addition, the use of cloud-based technologies for storing and accessing real time data, analytical reporting for business decisions, and the need to meet industry standards processes which are already implanted in the software are also enhancing the growth of the global ERP software market. For example, Annabelle Candy implemented the STSPRO ERP, an ERP software provided by SYSPRO for manufacturing and distribution industries, which enabled them to expand their marketing practices to more locations and track their progress with ease.
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Cyber-Attacks May Limit ERP Software Market Growth
Increasing number of cyber-attacks are expected to limit the growth of companies in the enterprise resource planning software market during the forecast period to 2022. These attacks on ERP applications including compromise and distributed denial of service (DDoS) attacks damage the operations of businesses. According to Onapsis, which is an ERP cyber security and compliance firm, ERP applications such as SAP and Oracle have a combined total of over 9000 security vulnerabilities.
The strict guidelines taken by the UK and French governments on Internet of Things (IoT) device manufacturers break the split of regulations for ERP software. The adoption of advanced technologies such as IoT and machine learning in almost all the applications including ERP resulted in a lot of fraud practices and the need to prevent such practices through stringent regulations. Some examples of regulations are the stringent guidelines implemented by the French government and the UK government which have to be followed by IoT device manufacturers. These strict regulations hinder the growth of the market and prevent other companies to enter the ERP market. For instance, leading ERP software vendors such as SAP and Oracle have been looking at ways to integrate the latest technologies including IoT and machine learning, but the strict policies constraining the development of their products are restricting the growth of the market. Major players in the market are SAP, Oracle, Microsoft, Epicor and Infor.
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Integration Of Block Chain Technology With ERP
The enterprise resource planning (ERP) software market consists of sales of enterprise resource planning software. ERP software helps connect the various departments in a business for the smooth flow of communication and information by providing a central database. This central database is a shared database which gathers, stores, analyzes and interprets data, allows any department to retrieve required information at any time, and supports multiple departments with ease.
One of the latest trends in the ERP software market is the integration of block chain technology with ERP. Block chain is a chronological series of data managed by multiple computers owned by multiple entities, and each block of data is secured by a cryptographic code. ERP vendors need to keep their software updated in order to maximize the value addition provided to their clients. Integration of ERP with block chain will create a secured platform for collaboration, through which systems of records can be freely shared to trusted parties. For example, SAP, a software company, is exploring ways in which it can implement block chain efficiently to its existing ERP. It is trying to integrate block chain to ERP to improve 3D printing and digital manufacturing.
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