Meticulous Research®—a leading global market research company, published a research report titled, ‘Enterprise Resource Planning Market by Module (Finance and Accounting Module, Human Capital Management), Enterprise Size (Medium Enterprises, Small Enterprises), Deployment Mode (Cloud-based ERP, On-premise ERP), Sector, and Geography - Global Forecast to 2030.’
The ERP market is projected to reach $90.7 billion by 2030, at a CAGR of 14.4% from 2023 to 2030. The growth of this market is attributed to the growing need for operational efficiency and transparency in business processes, the increasing adoption of ERP software for data-driven decisions, and the rise in mobile and cloud applications. However, the growing availability of open-source applications and higher initial investment and maintenance costs restrain market growth. At the same time, the increasing demand for cloud-based ERP solutions in small and medium-sized businesses and increasing government initiatives for digitization are expected to create significant opportunities for this market. However, increasing security threats to cloud-based ERP systems pose challenges to market growth.
The global ERP market is segmented by module, enterprise size, deployment mode, sector, and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.
The key players profiled in the global ERP market study include SAP SE (Germany), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Sage Group plc (U.K.), Infor Equity Holdings LLC (U.S.), Microsoft Corporation (U.S.), Hewlett Packard Enterprise (HPE) Company (U.S.), Epicor Software Corporation (U.S.), NetSuite, Inc. (U.S.), International Business Machines Corporation (U.S.), Tyler Technologies (U.S.), Ramco Systems. (India), Acumatica, Inc. (U.S.), Workday, Inc. (U.S.), and Deltek, Inc. (U.S.).
Based on module, the global ERP market is segmented into finance and accounting module, human capital management module, sourcing and procurement module, sales module, manufacturing module, logistics and supply chain management module, customer service module, R&D and engineering module, enterprise asset management module, and other modules.
In 2023, the finance and accounting module segment is expected to account for the largest share of the global ERP market. The large market share of this segment is mainly attributed to the growing need for rapid financial processes and auditable revenue management and expense management. This module enables enterprises to communicate financial information to external parties, including vendors and customers. In addition to managing the general ledger and automating key financial tasks, it helps businesses track accounts payable (AP) and receivable (AR), close the books efficiently, generate financial reports, comply with revenue recognition standards, and mitigate financial risk. However, the manufacturing module segment is expected to grow at the highest CAGR during the forecast period.
Based on enterprise size, the global ERP market is segmented into large, medium, and small enterprises. In 2023, the large enterprises segment is expected to account for the largest share of the global ERP market. The large share of this segment is driven due to the growing need for robust, market-leading ERP systems with embedded AI, machine learning, & analytics, and rising demand for intelligent automation to transform business models and processes in large companies with global or subsidiary operations. Large enterprises adopt ERP systems deployed on-premise, in the cloud, or a hybrid scenario, depending on business needs. They can integrate with existing databases or run on newer, powerful in-memory databases. Moreover, the small enterprises segment is expected to grow at the highest CAGR during the forecast period.
Based on deployment mode, the global ERP market is segmented into cloud-based ERP, on-premise ERP, and hybrid ERP. In 2023, the cloud-based ERP segment is expected to account for the largest share of the ERP market. Low infrastructure costs and the ability to integrate with mobile and tablet devices are projected to increase the market share of the cloud segment over the forecast period. Cloud solutions enable businesses to store data over the Internet and provide tools to restore data in case of any data loss or breach. However, the hybrid ERP segment is expected to grow at the highest CAGR during the forecast period.
Based on sector, the global ERP market is segmented into BFSI, energy & utilities, telecommunications, education, healthcare, HORECA, pharmaceuticals, consumer electronics, automotive, aerospace & defense, life sciences, professional services, oil and gas, and other sectors. In 2023, the automotive segment is expected to account for the largest share of the ERP market. ERP software helps manage several tasks in this sector, from production scheduling to inventory management. ERP software can help businesses optimize their operations and reduce waste by providing real-time visibility into production processes and inventory levels. This can help businesses become more competitive and profitable in a crowded market. However, the healthcare segment is expected to grow at the highest CAGR during the forecast period.
Based on geography, the global ERP market is segmented into Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the ERP market. The large share of the market in this region is attributed to the increasing adoption of ERP software by small and medium-sized businesses, the increasing investments made by ERP vendors in creating software using cutting-edge technologies, and numerous market players. The market is also predicted to rise throughout the forecast period due to increased accessibility to ERP functionalities through smartphone applications. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
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