PORTLAND, Ore., Sept. 23, 2024 /PRNewswire/ — The rise in the need for operational efficiency and transparency in business processes and the increase in demand for ERP software from small & medium enterprises boost the growth of the global market. In addition, the surge in adoption of cloud and mobile applications is positively impacting the growth of the market. Allied Market Research published a report, titled, “Enterprise Resource Planning (ERP) Market by Component (Software and Services), Deployment Model On-premise, Cloud and Hybrid), Enterprise Size (Large Enterprises, Medium Enterprises, and Small Enterprises), Business Function (Finance, Human Resource (HR), Supply Chain, Customer Management, Inventory Management, Manufacturing Module, and Others) and Industry Vertical (Manufacturing, BFSI, Healthcare, Retail & Distribution, Government & Utilities, IT & Telecom, Construction, Aerospace & Defense and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030”. According to the report, the “enterprise resource planning (ERP) market” was valued at $43.72 billion in 2020, and is projected to reach $117.09 billion by 2030, growing at a CAGR of 10.0% from 2021 to 2030.
The rise in the need for operational efficiency and transparency in business processes and the increase in demand for ERP software from small & medium enterprises boost the growth of the global market. In addition, the surge in adoption of cloud and mobile applications is positively impacting the growth of the market. However, the availability of open-source ERP applications and the high implementation cost of ERP software technology hamper the growth of the ERP market. On the contrary, the rise in the application of ERP solutions in small & medium enterprises and the rapid transformation of modern business models are expected to offer remunerative opportunities for the expansion of the enterprise resource planning market during the forecast period.
Request Sample Pages: https://www.alliedmarketresearch.com/request-sample/638 The software segment held the highest market share in 2020. By component, the software segment dominated the market in 2020, The demand for ERP software surged as businesses across industries increasingly sought to streamline operations, integrate various business functions, and enhance decision-making through centralized data management. However, the services segment is expected to witness the largest CAGR of 10.7%, this growth is driven by the increasing need for consulting, customization, implementation, and ongoing support as businesses adopt more complex ERP systems. As organizations transition to cloud-based and AI-powered ERP solutions, they require professional services for seamless integration with existing systems, data migration, training, and system optimization.
**Cloud vs.
The on-premise segment has been experiencing a decline in market share over the last few years. This decline is attributed to the increasing popularity of cloud-based ERP solutions. The cloud-based segment has been experiencing a steady growth in market share over the years.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/638 Regional Insights: The North America region held the highest market share in 2020. By region, the enterprise resource planning (ERP) market was dominated by North America in 2020. North America, particularly the United States, has a highly developed technological infrastructure and a strong presence of leading ERP vendors, which facilitates the adoption of advanced ERP solutions across various industries. Buy this Complete Report (260 Pages PDF with Insights, Charts, Tables, and Figures) at: https://www.alliedmarketresearch.com/ERP-market/purchase-options Key Industry Developments In July 2024, Eton Solutions launched an enterprise resource planning (ERP) platform – AtlasFive, for managing family offices in India.
Fortee is designed to be accessible and affordable, catering to businesses with limited IT resources. The emergence of these new cloud-based ERP solutions signifies a significant shift in the ERP landscape, moving away from traditional on-premise deployments. This shift is driven by several factors, including the increasing adoption of cloud computing, the growing demand for agility and scalability, and the desire for cost-effective solutions.
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