Enterprise Resource Planning (ERP) Software Market to Reach USD 90.63 Billion by 2029; IBM Corporation and SAP SE Declared Hybrid Cloud Collaboration to Attain Momentum

The global Enterprise Resource Planning (ERP) software market size was valued at USD 45.82 billion in 2021. The market is projected to grow from USD 49.28 billion in 2022 to USD 90.63 billion by 2029, exhibiting a CAGR of 9.1% during the forecast period.

This information is provided by Fortune Business Insights, in its report titled, “Enterprise Resource Planning (ERP) Software Market Size, Share & COVID-19 Impact Analysis, By Deployment (Cloud, On-premise, Hybrid), By Business Function (Financial Management, Human Capital Management, Supply Chain Management, Customer Management, Inventory, and Work Order Management, Others (Sourcing and Procurement, Work-Order Management)), By Organization Size (Small & Medium Size Enterprise, Large Enterprise), By End-user (Manufacturing, Banking, Financial Services, and Insurance (BFSI), IT and Telecom, Retail and Consumer Goods, Healthcare & Life Sciences, Transportation & Logistics, Government, Others (Aerospace and Defense)), and Regional Forecasts, 2022-2029.”

Surging Acceptance of Digital Transformation Tactics During COVID-19 Pandemic has Reinforced Market Growth

Various small and medium-scale establishments have employed digital tactics to automate their business procedures. Companies have also witnessed to implement an ERP software system that augments their revenue flows and lucrativeness by administering various functions, involving its finance, projects, and material administration.

Epicor Hurries Digital Transformation with Novel Epicor Automation Studio

Epicor, a global pioneer of industry-centric enterprise software to encourage business growth, introduces Epicor Automation Studio, an Integration Platform as a Service (iPaaS) solution rooted within Epicor Kinetic and Epicor Prophet 21 that enables citizen integrators to smoothly connect informative data and mechanize workflows both within their Epicor solutions as well as with over 1,000 applications and databases.

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https://www.fortunebusinessinsights.com/enterprise-resource-planning-erp-software-market-102498

Drivers and Restraints:

Increasing Implementation of Progressive Technologies to Create Lucrative Opportunities in Market

The augmenting implementation of AI-based and cloud computing-based ERP software and rise in capitalizations by the pioneering players to accept these technologies for mechanizing the business processes assist the Enterprise Resource Planning software market growth. Prime players in this market make hefty investments in progressive software technologies such as Artificial Intelligence (AI), cloud computing, Machine Learning (ML), and others.

Establishments have dynamically commenced the incorporation of cloud enterprise resource planning solutions and services. Nevertheless, corporations still experience considerable problems amalgamating these solutions with their prevailing systems owing to installation costs and system difficulty.

Competitive Landscape:

Vital Business-related Declarations by Chief Players to Sway Market Dynamics

Fundamental companies in the market often make crucial announcements regarding some business moves, which, in turn, affect the market either positively or negatively. Players acquire companies, launch new products, engage in partnership deals, sign contracts with government organizations, and so on.

Notable Industry Development:

• February 2022: IBM Corporation and SAP SE declared a hybrid cloud collaboration to relocate their enterprise's resource planning to the cloud. IBM’s contribution is to provide SAP’s consumers SAP S/4HANA on the IBM cloud. SAP S/4HANA is an ERP service for prime organizations.

List of Key Players Mentioned in the Report:

• 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.)


• IFS Global (Sweden)


• Epicor (U.S.)

Further Report Findings

Based on business function, the market of ERP software is segmented into financial management, human capital management, supply chain management, customer management, inventory and work order management, and others. The financial management segment captured maximum market share and is expected to maintain its dominance over the forecast period.

North America captured the largest Enterprise Resource Planning software market share due to the rising need to automate business functionalities through digital methods, boosting the market growth in North America.

Table of Segmentation