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Cloud ERP Is Fastest Growing Segment Fueling The Growth Of Enterprise Resource Planning Market

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Dhanesha Patil
Cloud ERP Is Fastest Growing Segment Fueling The Growth Of Enterprise Resource Planning Market

The global Enterprise Resource Planning Market is estimated to be valued at US$ 46.86 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Enterprise resource planning (ERP) systems are used by various organizations to manage day-to-day business activities like accounting, procurement, project management, risk management, and compliance. ERP helps in business process automation by integrating different departments into a single system. It provides a centralized platform for data sharing in real-time across the organization.

Market Overview:

Enterprise Resource Planning (ERP) market provides various solutions like finance, human resource, supply chain etc. integrated into a single system for efficient business process management. ERP solutions help organizations improve operational efficiency, reduce costs and support data-driven decision making.

Market key trends:

One of the major trends in the ERP market is the rising adoption of cloud-based ERP systems. Cloud deployment offers benefits like low upfront costs, scalability, easy updates and 24/7 accessibility from any location. According to recent surveys, about 75% of ERP implementations will be cloud-based by 2025. This shift from on-premises to cloud-based delivery models is expected to drive the growth of ERP market during the forecast period.

Segment Analysis

The global Enterprise Resource Planning Market Share is segmented by component, deployment, functionality, industry vertical, and region. Based on component, the market is classified into software and services. The services segment is expected to dominate the market over the forecast period owing to the increasing demand for implementation and support services along with the software.

Key Takeaways

The global enterprise resource planning market is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing demand for centralized management of business processes. The global enterprise resource planning market size is expected to reach US$ 46.86 Bn in 2023.

Regional analysis

 North America is expected to dominate the global enterprise resource planning market over the forecast period. This is attributed to the high availability of advanced IT infrastructure in the region.

Asia Pacific is expected to grow at the highest CAGR during the forecast period due to rapid digitalization and increasing adoption of ERP solutions across small and medium enterprises in the region.

Key players operating in the enterprise resource planning market are Oracle Corporation (U.S.), IBM Corporation (U.S.), SAP SE (Germany), Workday, Inc. (U.S.), Microsoft Corporation (U.S.), Sage Group plc (U.K.), Infor (U.S.), Deltek (U.S.), Acumatica, Inc. (U.S.), Epicor (U.S.). These players are focused on adopting organic and inorganic growth strategies to expand their global reach and strengthen their product portfolio.

Get more insights on this topic: https://www.newsstatix.com/enterprise-resource-planning-market-size-share/


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Dhanesha Patil
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