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Enterprise resource planning (ERP) is designed to integrate the key operative areas of an enterprise’s business processes into a unified system. It entails core software components called modules that focus on areas like human resources, supply chain management, customer relationship management (CRM), etc.
The adoption of cloud-based ERP systems is on the rise.They provide the benefits of low costs and simplicity compared to the traditional on-premise and hosted solutions.
The other major benefits include fast and increased scalability and innovation. One of the key factors of the rapid adoption of cloud-based ERP is the increasing adoption of the cloud across several end-user industries.
Further, cloud integration led to significant ROI improvements over on-premise ERP systems, along with an 8% improvement in operational costs and profitability.In addition, enterprise resource management (ERM) and customer relationship management (CRM) are increasingly prioritized for application-based Software as a Service (SaaS) expenditures.
Such aspects propel the global ERP market growth. However, the market growth is hindered by high costs and vulnerabilities associated with ERP applications.
The global enterprise resource planning (ERP) market growth evaluation includes the geographical analysis of North America, Europe, Asia-Pacific, and Rest of World. Asia-Pacific is the fastest-growing region in the global market, with a growing number of ERP vendors expanding their services across the region.
The competitive rivalry is high, defined by established market leaders, start-ups, and niche players. Infor Inc, International Business Machines Corporation (IBM), Epicor Software Corporation, etc., are among the leading players in the market.
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