Enterprise Resource Planning (ERP) Software Market will grow at a CAGR of 8.8% by the year 2032

According to the Enterprise Resource Planning (ERP) software market analysis carried out by Future Market Insights (FMI), the demand registered in the market will increase at a CAGR of around 8.8% from 2022-2032. The report states that the market is expected to reach the valuation of ~US$ 54,179.8 Mn by end of 2022. As per Future Market Insights, growing need for operational transparency and efficiency in business process to drive the growth of ERP software market in the coming years.

Cloud-based ERP software helps business to create complete report on their daily operational activity. With cloud-based ERP software, firms can easily monitor the company expenditure, profits and losses, and returns on investments (ROI). Furthermore, cloud-based ERP software provides KPI reports for performance analysis. ERP software systems provide tools like data visualization, utilizing real-time data sets and others. Companies can use ERP software solutions to fix issues in real time. Most of the cloud-based ERP software providers offer uptime rates.

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Key Takeaways: ERP Software Market

• By deployment mode, the on-premise ERP software segment has emerged dominant, growing at a CAGR of close to 7.7% between 2022 & 2032.
• By enterprise size, the demand for ERP software solutions from small & mid-sized enterprises (SMEs) is estimated to be growing at higher rate than large enterprises.
• By business function, the financial management industry is showcasing high growth and is expected to hold dominant market share by 2032. However, the supply chain management industry is projected to showcase a tremendous growth of close to 11.4% between 2022 & 2032.
• By industry, the IT & telecom industry will hold the highest market share by 2032. However, the BFSI industry is projected to showcase impressive growth at around 11.8% CAGR between 2022 & 2032.
• By region, North America held the highest market share of around 32% in 2021, but South Asia & Pacific will showcase growth at a higher rate of ~12.8% during the forecast period.

Across various industries, enterprises are looking for opportunities to strengthen their operational efficiency and improve their workflow process. In addition to this, these enterprises are currently focusing on improving their business operations in terms of increasing operational productivity and maintaining costs under control. Firms are looking for a centralized solution to manage a variety of business activities, including sales and marketing, accounting and finance, procurement and supply chain management.

Cloud-based ERP software offers scalability and flexibility to the organization that helps to improve productivity and optimize operations. Fast and accurate financial data delivery, improved quality and inventory controls, quick data-driven decisions, software and network infrastructure, simplified hardware, improved financial performance, integration of acquired technology, simple adoption of common standards across facilities and business divisions, and more consistent operating performance are all advantages of cloud-based ERP software.

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Increase in Demand for Operational Efficiency and Transparency in Corporate Operations Driving Growth

The worldwide ERP software market is growing due to an increase in demand for operational efficiency and transparency in corporate operations, as well as an increase in demand for ERP software from small and mid-sized enterprises. Furthermore, the rapid usage of cloud-based and mobile apps are boosting the development of the ERP software market.

The development of the ERP software market is hampered by the availability of open-source ERP software solutions and the high implementation cost of ERP software. On the other hand, the growing use of ERP software solutions in small and mid-sized enterprises, as well as the fast transition of current business models, are projected to provide lucrative prospects for the ERP software market to expand throughout the forecast period.