ERP Software Market Overview
The global ERP software market generated a revenue of USD 38,228.3 million in 2019 and is projected to reach a valuation of USD 110.51 billion by 2030, growing at a 9.4% CAGR during the forecast period.
The global ERP software market is expected to witness substantial growth during the forecast period, primarily due to surging demand for data-driven decision-making.
Regional Analysis
The geographic analysis of the ERP software market has been conducted for North America, Europe, Asia-Pacific, the Middle East Africa, and South America.
North America accounted for the largest market share of 33.4% in 2019, with a market value of USD 12,754.2 million; the market is expected to register a CAGR of 7.6% during the forecast period. The market growth is driven by factors such as an increase in the adoption of ERP software to boost transparency and operational efficiency and surging demand for data-driven decision-making. Additionally, the growing adoption of cloud-based deployment model.
Europe was the second-largest market in 2019, valued at USD 10,734.1 million; the market is projected to exhibit a CAGR of 7.6%. The European market for ERP software was driven by the adoption of cloud computing, enabling enterprises to scale up or down their businesses more conveniently.
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Competitive Analysis
The key players of the global ERP software market are Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Infor, Sage Software plc, Epicor Software Corporation, Plex Systems Inc., NetSuite Inc, Intuit Inc, TOTVS, Unit4, Yonyou, Workday Inc, and Kingdee International Software Group (HK) Ltd.
Segmental Analysis
The global ERP software market has been segmented based on deployment, function, vertical, organization size, and region.
By deployment, the ERP software market is segmented into on-premise and cloud. The on-premises segment accounted for the larger market share of 50.4% in 2019, with a market value of USD 18,960.9 million; it is expected to register a CAGR of 5.0% during the forecast period. In 2019, the cloud segment was valued at USD 19,267.4 million; it is projected to register the higher CAGR of 10.9%.
By function, the supply chain product management segment accounted for the largest market share of 33.4% in 2019, with a market value of USD 12,757.0 million; it is expected to register a CAGR of 8.2% during the forecast period. The sales marketing segment was the second-largest market in 2019, valued at USD 10,280.9 million; it is projected to exhibit a CAGR of 7.8%. However, the accounting finance segment is expected to register the highest CAGR of 9.7%.
Based on vertical, the market is segmented into manufacturing, retail, BFSI, IT telecom, aerospace defence, education, and others. The manufacturing segment accounted for the largest market share of 22.4% in 2019, with a market value of USD 8,564.3 million; it is expected to register a CAGR of 8.7% during the forecast period. The others segment was the second-largest market in 2019, valued at USD 5,854.1 million; it is projected to exhibit a CAGR of 8.9%. However, the aerospace defense segment is expected to register the highest CAGR of 9.3%.
Based on organization size, the small and medium enterprises segment accounted for the larger market share of 53.2% in 2019, with a market value of USD 20,323.6 million; it is projected to register the higher CAGR of 8.6% during the forecast period. The large enterprises segment was valued at USD 17,904.6 million; it is projected to exhibit a CAGR of 7.8%.
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