ERP (enterprise resource planning) software is the management software for businesses which integrate various business applications, such as production, development, supply chain, accounting, marketing, and sales, to manage the business effectively by controlling all processes from one place and in real-time.
How big is the global ERP (enterprise resource planning) software market?
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Shomiya Mari
The global ERP software size was around $ 34 billion in 2019. The market is expected to see some growth due to rising use of IT in the business sector, rise in trend of automation of business processes, a trend of bringing efficiency to business processes, increase in data-driven decisions, increase in the use of cloud and mobile phones in business, and increase in trend of real-time data analysis.
The global ERP software market is set to rise by 4% in 2020, reaching $ 35.3 billion. Although the most significant share in market value is of the manufacturing industry and most of the companies in the manufacturing industry are closed, due to pandemic of COVID-19, and supply chain is also disrupted. The market growth is supported by the healthcare sector to fight against COVID-19.
The market is also increased due to work from home by various financial, and IT companies, which compel companies to remotely manage and develop ERP software to decrease the effect of COVID-19 on its business.
Some of the top players in the ERP software market include NetSuite, IBM, Oracle, Microsoft, Epicor, Deskera, SAP, Sage, Infor, and SYSPRO.
Nazy Ahyb
The rising use of information technology in the business sector increases the opportunities for ERP software to manage all processes efficiently in organizations.
ERP software is used in both large and small organizations. Large companies usually have specific team to control and manage the ERP software while small companies have lightweight ERP software and use one or two modules of ERP software for business, such as using just for sales and marketing.
Some of the recent trends in ERP software is the use of ERP software through cloud, integrating social media to ERP software, use of ERP software through mobile phones, and use of two-tier ERP software systems.
ERP is used in industries such as manufacturing, finance, health, automotive industry, IT and telecom, and construction.
As from the marketing side, the manufacturing industry has the biggest share due to a large number of operations involved and having large warehouses to manage.