Enterprise Resource Planning (ERP) software market is anticipated to grow at a considerable CAGR of 8.4% during the forecast period (2024-2031). Key factors driving the market growth are the high adoption of ERP software owing to their offered benefits, the growing demand for operational efficiency and transparency, the increase in demand for data-driven decisions, and the rise in mobile and cloud applications adoption. However, market growth can be hindered due to factors such as the growing availability of open-source applications and higher initial investment and maintenance costs. However, the ever-evolving demand to streamline the resources of a business will further boost the market growth.
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The Growing Market of Enterprise Resource Planning (ERP) Software
- Global brands are utilizing ERP technology and solutions from different brands to strengthen their existing platforms are driving the market growth for the ERP market. For instance, in November 2023, Protera, an enterprise digital transformation authority announced achieving service authorizations for SAP S/4HANA Cloud, private edition, SAP S/4HANA, and SAP Business Technology Platform (SAP BTP). SAP S/4HANA Cloud, the private edition is a key component of RISE with SAP, a complete offering of cloud solutions, infrastructure, and services that help migrate businesses’ SAP ERP and empower them to thrive in the cloud.
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- Global market leaders are expanding their reach to developing and developed nations to increase their market share fueling the market growth. For instance, in November 2023, SecurityBridge, a leading global provider of SAP security solutions, announced the expansion of its North American support team. The increase in US-based personnel is in response to the company’s significant growth and its SAP Cybersecurity Platform adoption throughout the region.
- Market players are launching new technological updates to increase safety and security in existing ERP software is supporting the market growth. For instance, in November 2023, Logpoint announced the release of the Vulnerability Monitoring Analyzer, bringing new capabilities to its Business-Critical Security (BCS) solutions by enabling organizations to automate the assessment of SAP patches and ease how these are prioritized.
- The launch of different software to increase the seamless user experience while managing the resources of an enterprise is also driving the market growth for ERP software. For instance, in November 2023, Acumatica, an industry-leading business solutions provider, announced that with its latest product update, it is the first ERP solution to integrate with Shopify’s B2B commerce capabilities – providing businesses with a single tool to manage the full omnichannel sales experience.
- Investments and expansions have been the key trends in the market supporting market growth. For instance, in September 2023, Wiise, an Australian cloud enterprise resource planning (ERP) platform for small-to-medium size enterprises, used an A $16.0 million investment from KPMG Australia to expand into New Zealand. New Zealand will be its first international market and expansion plans include fulfilling the growing demand for ERP software in the financial services, manufacturing, and warehousing sectors specifically.
The major companies serving the Enterprise Resource Planning (ERP) Software market include Infor, Microsoft Corp., Oracle Corp., SAP SE, and Workday Inc. among others. The market players are considerably contributing to the market growth by adopting various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2023, PowerSchool acquired Neverskip. This synergistic acquisition seamlessly integrates Neverskip's robust ERP capabilities with PowerSchool's comprehensive solutions, establishing a unified technology platform for Indian schools. This powerful combination empowers schools to optimize operations, elevate student and staff success, and foster deeper family engagement. With this acquisition, PowerSchool immediately expands its reach to over 900 schools and 1.2 million students in India, laying a solid foundation for continued growth in the vast Indian education landscape.
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